As your income is bigger so the tax have to be paid.Of course it can't be zero but you can minimise it by investing in the items mentioned in sec 80C , the maximum deduction you can claim is 100000/-
Now you are income is 306500
If you don't invest anywhere and no other income except the above then your tax payable including surcharge and education cess is 42789/-
If you invest in accordance to Sec 80C then maximum deduction will be 1lac, so that your net income will be reduced by 1lac and it will be 206500.
Tax payable for AY 2006-07 on 206500 including sc and ec is 16626/-
Following are the different items where you can invest to get a maximum deduction of 1 lac u/s 80 C
1.LIC insurance premium (including payment made by govt employees to the central govt employees' insurance scheme and payment made by a person under children 's defered endowment assurance policy){subject to a maximum of 20% of sum assured}
2.Amount deposited as term deposit for a period of5 years or more accordance with a scheme framed by the govt (applicable from Assessment year 2007-2008)
3.Payment in respect of non-commutableDeffered annuity plan
4.Any amount paid as tuition fee (not including any payment towards development fees/donation/payment of similar nature) whether at the time of admission or otherwise to any university/college/educational institutions in india for full time education
5.Salary deducted by employer (incase of Govt employee)6.contribution to Statutory provident fund and RPF.
7.contribution towards 15yrs PPF
8.contribution towards approved superannuation fund.
9.Subscription to National Savings Certificate VIII issue.
10.contribution for participating in the ULIP of UTI
11.contribution for participating in the ULIP of LIC mutual fund
12.Payment for notified annuity plan of LIC or any other insurer.
13.Subscription towards notified units of Mutual Fund or UTI
14.contribution to notified pension fund set up by Mutual fund or UTI (i.e retirement benefit pension fund of UTI)
15.Any sum paid including accrued interest as subscription to home loan account scheme of the National Housing Bank or contribution to any notified pension fund set uo by the national housing Bank.
16.Any sum paid as subscription to any scheme ofa> public sector company engaged in providing long term finance for purchase/construction of residential house in India.b> housing board constituted in India for the purpose of planning, development or improvement of cities/towns.
17.Any amount towards the cost of purchase/construction of aresidential property (including repayment of loan taken from Govt. bank, cooperative bank,LIC,National Housing Bank,assessee's employer where such an employer is a public company/public sector company/university/co-operativ... society)
18.amount invested in approved debentures of, and equity shares in, a public company engaged in infrastructure including power sector or units of amutual fund proceeds of which are utilised for the developing, maaintaining,etc of a new infrastructure facility
2007-03-25 18:46:55
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answer #1
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answered by Anonymous
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Computation of Total Income and Tax Thereon Your Total Income Rs.250000 You can invest upto Rs.100000 to get the benefit of sec.80C (if invested) Rs.100000 Taxable income Rs.150000 Tax upto Rs.100000 NIL Next Rs.50000 Rs. 5000 Total Tax Rs. 5000 Add: Education cess @2% Rs. 100 Total Tax Liability Rs. 5100 Note: If you have taken any housing loan then the Interest on that borrowed capital would be treated as loss from house property and your income will come down to the extent of interst amount (maximum Rs.150000) and therefore your tax may be reduced.
2016-03-29 03:50:46
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answer #2
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answered by Anonymous
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Just think of it.
If only every citizen thinks like you
what will happen to the exchequer
no tax revenue
country will become poor
you become rich at the cost of the nation
is this patriotism
save reasonably
and
pay the tax reasonably
this is what the Govt. wants from every responsible citizen
I will very strongly advise you to save only up to the 1 lakh under 88 C
and pay the tax for the rest of the income
& take a Pan No.
have a clear conscience and be a proud Indian
this is what I do.
If you still want to save to make you tax zero,
there are umpteen no of CAs waiting for people like you
.
2007-03-25 06:24:15
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answer #3
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answered by surez 3
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With the current tax structure, income tax above certain amount can not be zero, since maximum benefit allowed is on 100000 investmet only. If you have firther investment it will not be counted.
Cosidering your income and investmet of 100000, in 80 CC ( public provident fund, LIC, infrastructure bonds etc ) your tax liability is 64058.00
2007-03-25 18:07:45
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answer #4
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answered by Shemit 6
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For detailed info, please visit http://incometaxindia.gov.in/ or http://incometaxindia.gov.in/taxation/taxation_index.asp
Or you can find tax calculator tools from following links,
http://incometaxindia.gov.in/sampark/sampark2006.asp
http://www.taxmann.com/taxmanndit/xtras/taxcalc.aspx
If you are self-employed, you can claim depreciation on your assets. So consult a proper tax consultant, who can guide you properly.
2007-03-25 19:11:01
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answer #5
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answered by mobile 4
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sell your properties all,give the money to Anil ambhani. you have nothing to worry about taxes at all.
2007-03-25 04:51:23
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answer #6
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answered by dpkdrj 5
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sir ask this question to a lawwyer .He will give you the correct information.
2007-03-25 04:14:10
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answer #7
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answered by Ammy 2
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