not much of an tax savvy, however representing my data for you all to guide regarding the same.
payband+gradepay+basicpay+da+hra+cca = Total
this total is equilaent to amount =
314532
Less Epf that is : 9360
314532 - 9360 = 305172 Less as for female sister : 200000 105172 now education cess 316
total = 10900 hope its clear and correct ::
Now question is to save this much amount of 10900. what one need to do for the same, I am confused what i precieve as per my understandings that i only need to invest this much only in either of following FFD, mutual fund.
Friends suggest you need to invest 1 laks in any form
Please Guide in this respect... how one can ascertain returns on Mutual fund. to save 10% as per 200000 band limit.
Total limit for 80C is 1Lac which include PF contribution.
For list of instruments in which you can invest, pl refer to : https://www.caclubindia.com/forum/deductions-under-chapter-via-of-income-tax-act-231661.asp
Also you can claim HRA if you are not staying in owned property, its helps in major to tax saving.
Mediclaim premium paid u/s80D can give you benefit of 15K to 40K.
Investment in Mutual Fund is Subject to Market Risk so its not advisable, you can go for secured scripts if you are opting for MF or balanced one can be good.
sir, please clear the base question, to save 10900 do i have to invest the figure achieved that is 105172... simple and clear i do understand limit upto 1 lakhs only...
29 December 2012
@Vaibhav :: quite clear, Apparently one more thing as an question what do u mean by saying :: Balance 14532 to be invested with other instruments, kindly provide link, thanks for helping a slow guy like me... hope not disturbing... if you caould elaborate other instruments?