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Tax Planning & Help
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I invest 100000 with a real estate developer. He promises to give 3000 per month for 60 months. What is the tax implication?...
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Calculate the balance amount by deducting your contribution towards PF for the whole year (APRIL 2008 -MARCH 2009) from 1 lakh. Invest 50% in PPF with nearest branch of SBI. Invest 50% in DWS TAX SAVING FUND in 3 or 4 weekly or fortnightly instalments so that you are able to submit the proof of investment in January to your office. ELSS has a lock in period of 3 years from the date the units are allotted. For next financial year start SIP from April to October in 6 monthly instalments for ELSS and invest lumpsum before 5th April in PPF so that you can get interest for the whole year. The PPF a/c is for 15 years or more. It is a good pension fund. Start immediately. ...
In reply to:
taxsaving procedure
Posted by :
Guest
Sir,I am Ishwar Kumar.I have to pay about Rs 11000 as a income tax. I want to know how can I save these amounts.For this how much amount will be invested by me in which mutual fund and for how many years. 
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In continuation of what Ashal has advised - you can invest the balance amount (1 lakh - your pf contribution (for the whole financial year April to March) which is deducted at source by your office in your salary slip) in ELSS & PPF a/c with nearest SBI branch.
Usually you have to show the proof of investment by January. So invest 50% in DWS TAX SAVING FUND preferably in 3 or 4 weekly or fortnightly instalments and 50% in PPF in December (preferably before 5th). For the next financial year start investing via SIP in ELSS from April itself and invest lumpsum in PPF before 5th April. By investing in these avenues you are not only saving upto 20% tax - you will get good tax free returns and appreciation in the long run. ...
In reply to:
tips for saving tax.
Posted by : Guest
Sir,I am Paulami Das.I am an airhostess in Jet Airways.My monthly income is Rs.30000.I want to know what amount I will be paid for income tax and what are procedures to save these taxable amount.
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Dear Paulami Das, As u said u r Airhostess in Jet, I assume ur age between 20-30 & possibly u r unmarried also. I also assume that all the salary components r taxable. So here is the Tax calculation for u first & then the instruments available for u to save tax.
A. Gross Taxable annual Income = 30000*12 = 360000
B. Zero Taxable income for women tax payer in current FY (2008-2009) = 180000
C. Tax payable in 10% slab = (300000-180000)*10% = 120000*.10 = 12000
D. Tax payable in 20% slab = (360000-300000)*20% = 60000*.20 = 12000
E. Total tax payable = C + D = 24000
F. Edu. cess & higher cess @ 3% of E = 24000*.03 = 720
G. Net Tax payable = E+F = 24720 Rs.
From ur income of 360000 Rs. if u invest 1L rs. in following Tax saving instruments, ur tax liability `ll come down from 24720 to 8240 Rs.
1. Employer PF (its already there in ur salary most probably)
2. PPF
3. NSC
4. ELSS (Tax saving MFs)
5. Life Ins. Policies
6. Pension Plans of Life Ins. cos. & MFs
7. Tax saver Bank FDs
etc.
U may also save more tax against ur mediclaim policy prem. of 15K max. for urself
& for ur parents also u may get more benefit for next 15K (20K in case one of ur parent is a Sr. citizen) so total 30K or 35K.
Thanks
Ashal...
In reply to:
tips for saving tax.
Posted by : Guest
Sir,I am Paulami Das.I am an airhostess in Jet Airways.My monthly income is Rs.30000.I want to know what amount I will be paid for income tax and what are procedures to save these taxable amount.
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Dear Ishwar Kumar, had u posted more details about ur income, ur age profile, ur risk tolerance level, a better answer could be prepared. Any way as per the little info provided by U, it seems in current year ur taxable income is 260000 Rs. (as u r telling a tax liability of 11000 Rs.).
A. Total Taxable income = 260000
B. Zero Tax income = 150000 (here i assume u r below 65 age)
C. Taxable income = A-B = 110000
D. Tax on C = 10% of C = 11000
E. Edu. cess on D = 3% of D = 330
F. Total Tax to be paid = 11330 Rs.
To save this tax liability, u may invest in following instruments as per ur comfort level upto 1L in Sec. 80C.
1. Employer PF (in all probability, it`s already there in ur salary)
2. PPF
3. Life Ins. Policies for self, spouse, children
4. Tax saver MF (ELSS)
5. NSC
6. Pension Plans of Ins. Cos. & MFs
7. Tax saver Bank FDs
8. Home Loan Principal Repmt.
9. Tuition fee pmt. to max. 2 children for a full time study in school or college or in prof. course.
For remaining 10K income u may take mediclaim policy for u & ur family members of this 10K prem.
Plz. note for ur specific query to ELSS (Tax saver MFs), there r several schemes out there, u may invest a minimum 500 Rs. & max. any amount of ur choice (Tax saving is limited to the limit of 1L Rs. of Sec. 80C). Some better performing funds r -
DWS Tax saver, Sund. Tax saver, Principal Tax saver, SBI Mag. Tax Gain
Thanks
Ashal...
In reply to:
taxsaving procedure
Posted by : Guest
Sir,I am Ishwar Kumar.I have to pay about Rs 11000 as a income tax. I want to know how can I save these amounts.For this how much amount will be invested by me in which mutual fund and for how many years.
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You can donate to Prime Minister relief fund- Cheers...
In reply to:
tips for saving tax.
Posted by : Guest
Sir,I am Paulami Das.I am an airhostess in Jet Airways.My monthly income is Rs.30000.I want to know what amount I will be paid for income tax and what are procedures to save these taxable amount.
Tracked by: 0 Boarder
Sir,I am Ishwar Kumar.I have to pay about Rs 11000 as a income tax. I want to know how can I save these amounts.For this how much amount will be invested by me in which mutual fund and for how many years....
Tracked by: 0 Boarder
Sir,I am Paulami Das.I am an airhostess in Jet Airways.My monthly income is Rs.30000.I want to know what amount I will be paid for income tax and what are procedures to save these taxable amount....
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Hi,
Does anybody know what is the complete list of LTA rules?
Is there any official government website which gives this info.
Thanks....
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I have a Huf file and my expected income in current year(08-09) Rs.250000. so i want to make a fixed deposit with Axis bank For Rs. 1,00,000 for more than 5 years to get the advantage deductation u/s 80c. then my income will tax free . are the process is right? subhas Anchalia , bolpur...
In reply to:
Complete guide to 80C investments
Posted by : MMB Messenger
The last few budgets have thrown open a variety of investment options to invest to save tax. The most important question is which area of investment to choose.
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The last few budgets have thrown open a variety of investment options to invest to save tax. The most important question is which area of investment to choose....
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my friend i started my career with just 200 Rupees in hand and started with a monthly salary of Rs 300/== to end till i earned nearly 2,50,000/= p/m as my last pay drawn. 33 years later....
In reply to:
Deduct your tax concerns
Posted by : ashalanshu
Dear Honeystock, Yes i know, we can`t eat that plastic.
On a serious note, I love that frugality with which our parents & grand parents lived their life. They sacrifice all their comforts of their present to make our future full with all comfort.
A more than 30% domestic saving rate is the testimony of this frugality & in my personal view, living a simple life with clear goals is a sure shot way of success & wealth creation over the long term.
Thanks
Ashal
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Dear Honeystock, Yes i know, we can`t eat that plastic.
On a serious note, I love that frugality with which our parents & grand parents lived their life. They sacrifice all their comforts of their present to make our future full with all comfort.
A more than 30% domestic saving rate is the testimony of this frugality & in my personal view, living a simple life with clear goals is a sure shot way of success & wealth creation over the long term.
Thanks
Ashal...
In reply to:
Deduct your tax concerns
Posted by :
honestytrack
when master limit gets over do you transfer to visa or viceversa..reason for the current turmoil in USA. still you can`t eat that plastic.
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when master limit gets over do you transfer to visa or viceversa..reason for the current turmoil in USA. still you can`t eat that plastic....
In reply to:
Deduct your tax concerns
Posted by : ashalanshu
Dear Honeystock, I`m 100% agree with U Money is not everything. After all there r Master & Visa.
Ha Ha Ha Ha.
Thanks
Ashal
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Dear Honeystock, I`m 100% agree with U Money is not everything. After all there r Master & Visa.
Ha Ha Ha Ha.
Thanks
Ashal...
In reply to:
Deduct your tax concerns
Posted by : honestytrack
madam in such jobs you also get pink slips faster tahn any one else.
one has to manage politicking people carefully managed. one has to keep that standard of living for self and family too. at times they get heart attacks regularly because they dont get time to rest.
the money is not worth all the trouble because they can not eat a green buck even if it is 100 dollar bill.
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