Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

Can any one solve this problem

Drashika futureCA (Student) (98 Points)

22 November 2011

Hi friends cn anyone plz solve ths...

1) what is the tax liability...

2) how to do tax planning..ie, where to invest money to reduce my tax liability and how much to invest..

Reply
Follow
Share

4 Replies

CS,CA F,Numrologi TusharSampat (CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert) (85930 Points)
Replied 22 November 2011

Pls give in the details of exemption clamied and of chapter vi A deduction witout which it is not possible to give advise for tax savings.

1 Like

Upgrade to CAclubindia Pro. Subscribe Now!

Drashika futureCA (Student) (98 Points)
Replied 23 November 2011

Thanx Tushar actually this is the pay slip of my friend who askd me to give advise...no exemption claimed and ch VI A deduction is Rs. 1,20,000....if u cn comment based on ths information plz do thn...thanx bro.

Phalgun (Audit Manager) (327 Points)
Replied 23 November 2011

The term tax liability refers to tax payable aftere all relevant exemptions & deductions

Tax planning is to be done keeping all the sources from which income flows so that certain benefits can be availed under that head. For more precise u can cosult tax consultant

Rajagopal M S (BPO) (52 Points)
Replied 23 November 2011

Tax Liability

It is tax calculated on your income after all allowed deductions

If you are salaried, your rent paid against your house rent allowance to the extent allowed, provident fund, life insurance premium, education tuition fees etc plus interest on housing loan on self occupied property, mediclaim premium, donations etc are allowed as deductions from income.

how much to invest depends on your income. You have upto to 1 lakh investment options under Sec 80C plus 20000 infrastructure bonds.