Tax Planing

Can Sum body tell me a person get 700000 PA through Salary how to we plan this tax liability 

how he may plan his salary ?

 

Replies (5)

under 80c= 1lak

80D= 15k

 

Take benefit of HRA by calculating the rent paid by him. Donate some amount which is exempted u/s 80G. Invest amount of Rs. 100000/- for deduction u/s 80C. If he is having child, then children education allowance can also be claimed. Claim upto Rs.15000/- PM for medical reimbursement. Take the benfits of LTA.

Dude,

 

You can also invest some of salary amount in Investments which have 'EEE' status (i.e. Exempt - Exempt - Exempt) like PPF (Public Provident Fund) or PF (Provident Fund).

 

If you don't have any plan to premature your savings, then go for NSC (National Savings Scheme) where only accumulation is taxable.

 

This will help you to claim deduction plus provision for your future.

 

 

Under 80c deposi in PPF,NSC and housing loan will be batter option for salaried person.The principle amt of repayment of loan will consider in 80c and the deduction of interest will be separate cosider u/s 24(Income From House Property).Thats All i Know.

Thanx. 

Under Section 10,   he can claim medical bill /LTA bill / HRA(rent)

For self occupied property housing loan can claim ie interest upto 1.5 lakh and 1 lakh under section 80C.   Or 80 C can be availed by investing under LIC, PPF,  NSC etc.  Under 80 D - max upto 40000/- can be claimed if both asessee and dependent(both should be senior citizen) mediclaim  insurance policy is paid by him. If dependent is SC and assessee is not a SC,  then max upto 35000/- can be availed.  80 E- education loan interest  is also eligible for tax benefit. 

 

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