Tax Planning for Salaried Individual For FY
2015-16. This article help in tax planning for salaried person. Check 5
Tax Saving Strategies. In this article you an find complete details for how to
Planning for Tax Savaing for Salaried Employees like – 5 Tax Planning
Strategies, Tax Planning U/s. 80C, U/s. 80CCC and U/s. 80 CCD, Tax
Planning Sec 80D – Mediclaim, Tax Savings on Home Loan, Tax Planning
through 80CCG – RGESS etc. Now you can scroll down below n check more details
for Tax Planning for Salaried Individual For FY 2015-16
DownloadAll in One TDS on Salary for Non-Govt employees for Financial Year 2016-17& Assessment Year 2017-18 [ This Excel Utility can prepare at a time Tax
Compute Sheet + Individual Salary Structure + Individual Salary Sheet +
Automatic H.R.A. Exemption Calculation + Automated Form 16 Part A&B and
Part B as amended by the Finance Budget 2016-17]
Tax Planning for Salaried Individual
· There are no. of ways being within the purview of the Indian
income tax act for salaried individual to save taxes.
·
—Lets discuss few of the most popular strategies for FY 2015-16 to
save taxes
5 Tax Planning Strategies
·
—Save Tax u/s. 80C, u/s. 80CCC and u/s. 80CCD & U/s 80CCE(1B)
·
—Save Tax u/s. 80D –
Mediclaim Policy Max Rs.25000/-
·
—Save Tax u/s. 80DD and u/s. 80DDB
·
—Tax Planning through Home Loan U/s 24B & U/s 80EE
·
—Tax Planning through RGESS: u/s. 80CCG
Tax Planning
U/s. 80C, U/s. 80CCC and U/s. 80 CCD
·
—An individual can invest in an instrument as specified U/s. 80C,
U/s. 80CCC and U/s. 80 CCD
·
—Maximum Combined deduction allowed under these section is
Rs.150000
·
—An additional investment of Rs.50000 over and above this limit is
allowed, if an individual invest in NPS
·
—In total, an individual can claim Rs.200000 under these 3 section
·
—Most popular investment choices u/s. 80C is
o
Equity Linked Savings Scheme (ELSS)
o
Life Insurance Policies
o
Public Provident Fund
o
5 year tax saving Bank FD
o
National Savings Scheme (NSC)
·
U/s 80CCC one can invest in a pension policy of an insurance
company
·
U/s 80CCD an individual can invest in National Pension Scheme (NPS)
·
U/s 80CCD(1B)
an Individual can invest Max Rs.50,000/- out of 80C limit of Rs. 1.5 Lakh
Tax Planning Sec 80D – Mediclaim :- Max
Rs. 25,000/- for below 60 Years and Rs. 30,000/- for above 60 Years for Sr.
Citizen.
Sec 80 DD and Sec 80 DDB :-u/s. 80DD Deduction is available on Expenditure
incurred on medical treatment, training and rehabilitation of handicapped
dependent relative Payment or deposit to specified scheme for
maintenance of dependent handicapped relative.
U/s. 80DD medical expenditure can be claimed:-
·
—Individual <60 of Age – Rs.40000
·
—Individual >60 but <80 Age – Rs.60000
·
—Individual >80 Age – Rs.80000
Tax Savings on Home Loan
·
—Indian income tax law gives opportunity to individual investor to
build wealth in the form of residential house
·
—An individual can leverages tax while building his own home
·
—Buying House property on a home loan could cut down your tax bill
significantly
·
—As per Indian tax law, an individual is allowed to claim maximum
deduction of Rs.—2,00,000 p.a. against interest component of your Housing loan
1,50,000 p.a. of principle paid for the housing loan against u/s. 80C
Tax Planning through 80CCG – RGESS
·
—Under Rajiv Gandhi Equity Saving Scheme (RGESS) you are allowed
to invest in direct equity share or eligible MF scheme.
·
—Investors whose gross total income is less than Rs. 12 lakhs p.a.
can invest in this scheme
·
—For first time investor in the equity market
·
—Deduction is lower of
o
—50% of amount invested in equity shares or —Rs 25,000
