2007-01-30 22:06:58 · 13 answers · asked by anirudh s 1 in Business & Finance ➔ Insurance
Havea kid or twoand take out a mortgage
2007-01-30 22:12:10 · answer #1 · answered by JOHN D 6 · 0⤊ 0⤋
As ur Income after considering all the rebates and from the free limit of Rs.1 Lacs., it is 70000/- more and u r not interested in paying taxes,
Reducing tax liability can be made under the following situations:
(A) Investing in Recognised Securities.
(B) Donating as charity for the 100 % exempt institutions.
(C) Incurring major losses in any kind of dealing may be share trading, business trading,accidental loss or other dealings which will sett off ur additional income.
(D) It is advisable to consult a Professional CA in this regard.
2007-01-31 01:43:35 · answer #2 · answered by AVANISH JI 5 · 0⤊ 0⤋
Sounds strange that you do not want to invest anywhere. It is better to invest in some good scheme rather than giving it to govt for "nothing". You should save tax rather than paying it especially when Govt itself gives you chance to do so ! But respecting your decision I suggest the below
Your taxable income comes around 70000 so I assume that you have deducted PF, Professional tax etc from it. One thing which can reduce it further is tution fee for childrens you are paying. If you have taken house loan then under u/s 54 of IT Act 1961, you can avail the tax benefit for principal and interest. (There are plenty of options under 80C which can eventually make the tax to minimum but then you will have invest in some schemes).
2007-01-30 22:18:55 · answer #3 · answered by Harshad D 1 · 0⤊ 0⤋
extremely user-friendly gentleman. You practice finished actual potential and gives you up the arrival taxable income round 63000/-. Ghanchakkar! positioned a proper question to get the right and severe answer. continuously income is earned or received regardless of the indisputable fact that it not in any respect comes as coming on your case. no man or woman asks as a thanks to steer away from taxable income yet all (for the era of international) opt to steer away from income Tax on income. as well to 63000/- is Rs. in the different case.
2016-12-03 06:46:36 · answer #4 · answered by ? 4 · 0⤊ 0⤋
You can put money into a tax defered retirement account to reduce your taxable income.
2007-01-30 22:22:55 · answer #5 · answered by Feeling Mutual 7 · 0⤊ 0⤋
If you don't have children they are a tax deduction, but not a good reason to bring a child into this world.
retirement accounts are tax write offs.
Then of course there is start your own business. Where you can show a loss for 3 years.
2007-01-30 22:13:46 · answer #6 · answered by Shelly t 6 · 0⤊ 0⤋
You are not liable for tax and what for you wish to reduce your taxable income.
2007-01-30 22:58:00 · answer #7 · answered by cvrk3 4 · 0⤊ 0⤋
increase 401k contribution
open IRA & shave off $4000
donate to charity
ask for less $ at work
2007-01-31 03:17:35 · answer #8 · answered by ricks 5 · 0⤊ 0⤋
Basically you are taxed for income above Rs. 1,00,000/-.
But if you want to further reduce your income you can DONATE ,
GET YOURSELF INSURED FOR LIFE as well as MEDICLAIM,EXPORT PROFIT,DEPOSIT IN FD @ 8 to 8.5% returns IN BANKS.
2007-01-30 22:20:04 · answer #9 · answered by DEEPS 1 · 0⤊ 0⤋
Donate to charity.
2007-01-30 22:16:46 · answer #10 · answered by Anonymous · 0⤊ 0⤋