tax planning wih salary income

Making a investment u/s 80C

There are not lot of way to escape from tax payment for salarised employees. But we can save tax

1. U/s 80C upto Rs 100000 by investing into certain specified investments, further

2. we can get LTA concession to the extent we are producing travelling bills in addition to that 

3. we can ask compnay for food coupens (Tax free 100%) instead of cash payment.

Hi Amit,

There are a number of ways for saving taxes for a salaried person. The first and primary way is to have a proper salary structure, which may include components like Conveyance allowance, HRA, LTA, Medical reimbursements and food coupons, which are tax free.

Apart from that, 80C calls for a number of deductions which can be availed as per suitability.

Agree with Abhishek Bansal and further u can also consider Housing Loan Interest, Medical Policy (Section 80D), Eductaion Loan Repayment (Section 80E), Donations (Section 80G)

Hi,

In a salary person lot of way to saving taxes. The first way is get a proper salary structure, which may include Conveyance allowance, HRA, LTA, Medical reimbursements and food coupons, which are giving for sum limit of tax exemptions.

Apart from that, section 80C is going to investment exemptions, 80D for medical premium, 80E for education loan interest repayment deduction and Donation for 80G etc.,

Hey,

In continuation to that can u guide me what would be the tax Implication in case a C.A gets the salary in the form of consultancy Fees from his employer......Further can the same employee can get the COP from the Institute and can carry on the Practice.......................................................................

Hi,

Waht is COP ?

I don't understand your sentence, becuase you are telling that salary in the form of consultancy fees from employer in this case going to be a employee and employer relationship is contiuing means no way to Sign the reports.

In ICAI qualification for CA is Chartered accountant means should not be a employee of organisation.

COP is Certificate Of Practise.

Sometimes a person works as consultant and do some savings in terms of tax. The person received monthly retainership. The company deduct TDS @ 20%++ and pay the amount. Consultant shows it as business income and claim some expenses and pay lower tax. But the person has to comply with service tax as well. 

hi

Tax Planning for Salary income differs from person to person based on his salary breakup and personal details. So if you are a salaried employee then send me your payslip to saraga @ rediffmail.com. I will send you a tax plan.

ok

Dear Sir,

I am salaried person, drawing 70000/- per month.

Please suggest me better salary break up along with tax saving plan.

Thanks & Regards

You can get deductin u/s 80D under mediclaim policy upto 15000 and also for additional Rs. 5000 for any of 2 of the dependent parents of the taxpayer who is a senior citizen and medical premium has been paid for him or her who is or above the age of 65