2006-10-12 02:11:30 · 12 answers · asked by Ravindra S 1 in Business & Finance ➔ Taxes ➔ India
You are open a PPF a/c in Post Office of Rs.10000/- p/a and Life Insurance policy of Rs.20,000/- p/a, thereafter your Tax liability is nil.
2006-10-12 02:37:13 · answer #1 · answered by Shariq Khan 2 · 0⤊ 0⤋
U have not stated whether U R a salaried employee or a Businessman or professional.If income is from business or profession; all the expendiure incurred in running the same is allowed as deduction.
Furthter, everybody is entitled to exemption of Rs.1 lakh.Another deduction of Rs.1 lakh is allowed if investment is made in PPF(U can invest upto Rs.70000/-in PPF),insurance etc , tution fees paid on childrens fees.
Moreover, if U have taken housing loan; the repayment of housing loan is also allowed deduction subject to provisions of Income tax Act.
For complete provisions of Incoem Tax Act click on the link below
http://www.allindiantaxes.com/income-tax-income-tax-act.php
2006-10-13 02:42:20 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You can save up to Rs. 1 lac by investing / depositing in various schemes enumerated for the purpose of section 80-C and 80-CCC of the Income-tax Act, 1961. You can also claim deduction up to Rs. 10,000/- for mediclaim insurance premium paid for your family (the limit raises to Rs. 15,000/- if at least one family member insured is a senior citizen dependent).
At your income level you shall save 30.06% of the sum invested subject to limits detailed above.
2006-10-14 11:25:15 · answer #3 · answered by keyman_o 3 · 0⤊ 0⤋
well you can save all seven lac just by doing a simple thing
give the money to ME as gift and you need not pay any tax.
2006-10-12 09:38:45 · answer #4 · answered by karan_kayz 1 · 0⤊ 0⤋
Dear Ravindra'
See first thing depend upon that what kind of income u r earning.
It means that what u earn is ur Salary, by Business, by House property or any thing else.
In India we have different Laws for every type of incomes.
Plz give details, some how i can help u.
Best of Luck
2006-10-12 10:01:15 · answer #5 · answered by renuka y 2 · 0⤊ 0⤋
Sorry, don't know what that is, but if you got any extra Iac's, feel free to send a few this way! sorry, LOL!
I guess I would look in the India equivelant of yellow pages, just start calling until you find a person who you feel is knowlegeble and doesn't hang up cause you aren't a paying customer as yet. That's my system, then go with your gut.
2006-10-12 12:49:31 · answer #6 · answered by helenlane_kia 2 · 0⤊ 0⤋
The tax planning is depended on your ctc breakups.Maximum,u can save up to 33,000 on tax.Based on the existing diversified investment module,you can also get 100% tax free returns from the planned investments.
2006-10-12 09:43:07 · answer #7 · answered by satish j 1 · 0⤊ 0⤋
Taxpert's answer is right.
Besides if your Income is other than salary income then you can reduce it by setting off losses from rest of sources of Income.
Create as many assessees as you can. Divide income into many assessees, then you will get many exemption limits.
2006-10-13 14:56:14 · answer #8 · answered by raaj2757 2 · 0⤊ 0⤋
1 lac is the max. saving
-Tats
a student
2006-10-12 09:17:12 · answer #9 · answered by Tats 1 · 0⤊ 1⤋
You should see a good tax lawyer in India.
Laws change from time to time.
2006-10-12 09:15:34 · answer #10 · answered by minootoo 7 · 0⤊ 1⤋