My income comes in the taxable bracket and I need help on insurance policies, etc. that one can take to save up on some money. I have absolutely no idea about income tax and PAN card. Thanks in advance!
2006-06-18 21:45:45 · 6 answers · asked by Frank A 1 in Business & Finance ➔ Taxes ➔ India
Male/HUF Rs.1 lakh, Female Rs.1.35 lakhs & Male/Female >65 years Rs.1.85 lakhs are the Tax free limits in India for this year. You can save up to 1 lakh in LIC & Other savings like Post office NSC & PPF (Deduction u/s 80C) and can claim exemption on taxable income. Example. If you are a Male <65 years, your taxable limit is Rs.1 lakh. If your income is 2 lakhs and you have saved one lakh in the said savings, then your income will be 2 lakhs less 80C savings one lakh. That is 2-1=1 Lakh and you need not pay any tax. Remember that you can obtain only Rs.1 lakh max. exemption in 80C savings. If you have saved 2 lakhs in 80C savings, you still get only 1 lakh exemption.
I am not a income tax professional but I am in touch with Income Tax since 30 years by filing my family returns.
Regarding LIC, I feel it is waste. If you buy a polocy for 10 lakhs today, after 20 years the amount 10 lakhs will be nothing. Do not just buy LIC for the purpose of Tax savings. This is my advise.
Regarding Pan Card, it will just cost you less than Rs.100/- and easy to get it. It may take Max.15 to 20 days of time.
N.J.Reddy
neswarareddy@yahoo.com
2006-06-20 05:35:50 · answer #1 · answered by Anonymous · 6⤊ 0⤋
I live aboard as well. When I left I checked about the income tax thing. My understanding is you do not pay any taxes on your income. The only time you pay is in the year that you return. So for example if you go back in June then, the you would have to pay taxes from January to June. So even if you are in India for 3 years you should not pay anything, until the year you return. (I was from Canada, so I am basing this on their rules). I could be wrong but that is what I learned before leaving.
2006-06-19 04:56:04 · answer #2 · answered by Jade 3 · 0⤊ 0⤋
Dear Frank,
I am a Practising Accountant. I can help you in tax related issues in India. You need a professional tax advisor to calculate your tax liability in India. Please feel free to contact me at agarwalapurav@yahoo.co.in . Pan Card application costs only Rs. 100/- in India. Please avail the services of any professional tax advisor to save urself from unneccessary harrasment from Income Tax Dept. of India.
2006-06-21 07:01:39 · answer #3 · answered by apurav a 3 · 0⤊ 0⤋
We will be glad to help you as we specialkise in management of personal taxation, including getting PAN card etc.Send an email to mbuisness2006@yahoo.com and we can take it further.
2006-06-19 04:56:24 · answer #4 · answered by mbusiness2006 1 · 0⤊ 0⤋
u nned to contact any financial advisor for details or refer many books comes for guidance over Income tax ...as whole income tax system is too complex to deal with and u nned good C.A for nice and handsome advice.. ...
2006-06-19 04:56:50 · answer #5 · answered by sanjubuddy 4 · 0⤊ 0⤋
May be you can fine u Answer here www.Oemji.com
2006-06-19 04:56:36 · answer #6 · answered by peter 2 · 0⤊ 0⤋