Tax planning for a salried employee
Querist : Anonymous
Can you suggest some measures of tax planning for a salaried employee having salary income equal to Rs. 600000/-.
Please suggest the measures by which tax liability comes to minimal or nil tax
Thanks in Advance...
Kindly tell me your salary structre for better tax planning
Guest
Life Insurance premiums ( of self and family)
Provident Fund contributions (of self and family)
Mutual Fund contributions
Public Provident Fund (PPF)
Tuition Fees (of 2 children)
Principal portion of EMI of the Housing loan
Fixed Deposit with Banks for 5 years
Following are additional deductions which are over and above the Rs.1 lac limit as mentioned above:
Health Insurance premium up to Rs.15,000/- (under section 80D)
Full Interest on Education loan u/s 80E
Donations u/s 80G
Querist : Anonymous
Amit Sir ...The salary is just Rs. 50000 per month & there is not any structure....
Neha Mam ...I want to know that whether there is any other way by which i can minimise my tax liability...Actually i dont want to make investments as u have suggested in this year...
So , Kindly tell me if there is other way out...
Querist : Anonymous
& hence in TDS Certificate the whole amount is appearing as basic...
So while Filing the ITR can i give the salary structure myself...Won't it be wrong ?
Guest
Guest
Guest
Only taxable salary( not entire CTC) needs to be shown.
However salary break up might provide you little tax savings.
Atleast from next FY your tax burden will reduce.
you will be savings Rs.25K tax on Rs.1L Loan repayment & Rs.1.5L Interest deduction under Income from HP.
In case of let out property entire amount will be allowed as deduction, in that option your tax burden will further reduce.
Querist : Anonymous
Click here to login now
Similar Resolved Queries
- Manual Rectification through AO
- IT Return filed defective u/s 139 (9)
- Fixed Deposit Claim Relinquishment by the Nominee
- Defective Return - Tds on advance
- Not a CA , can we prepare balance sheet
- TCS ON SOFTWARE SALES
- Income Type for interest from government bonds
- Adjustment at the beginning of the year
- Bifurcation of prepaid expenses
- Is income taxable or receivable or received in case of LLP and company
- TDS - Form 26QB - Installment - Final payment Query
- ITR 6 Schedule CFL and UD Issues
- Gstr 9 2023-24
- GSTR-9 HSN Summary and Credit Note without item
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
-
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
Mr.Balamurugan Ranganathan15 November 2024
CAclubindia
