Can any body suggest some tax planning measures for employees?
4 Replies
CA Abhash Mishra
(Chartered Accountants)
(598 Points)
Replied 12 November 2008
For tax saving purposes an employee can investment in following:
1. Lic
2. PPF
3. Mediclaim
etc.
praveen
(Chartered Accountant)
(6971 Points)
Replied 12 November 2008
- PPF Upto 70000
- LIC
- mediclaim
- Mutual funds
- NSC
- Bank Deposits FIxed
- etc...
CA Anurag jain
(Chartered Accountant)
(31 Points)
Replied 12 November 2008
They Can Struct their salary structure according to thair taxability....
Like some allowances are wholly exempt (it means upto spending amount)
They should be use these type of allowances some of the allowances are...
travelling allowance.
uniform alowance
academic allowances.
after all if they have taxable income than they should deposited
some amt in lic , pf and other govt. funds...
Shudhanshu Agrawal
(Business)
(2570 Points)
Replied 12 November 2008
1st prepare IT computation and allow exemption of Allowances like HRA, Transport Allowance etc.
Give deductions of Chepter VI (Section 80C to Section 80U)
80C - upto 1,00,000 in which PPF Rs.70,000
80D- 20,000 and Rs. 15,000 extra if medical policy is for parents
80E- Interest on Educational Loan
80G - Any donation to approved charritable society (Plz do check the % Allowed) and receipts of donations
and other sections as well
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