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
Click here to Download the Automatic 100 employees Form 16 Part B for financial year 2015-16 [ This Excel Utilty can prepare at a time 100 employees Form 16 Part B]
Click here to Download the Automatic 50 employees Form 16 Part B for Financial Year 2015-16 [ This Excel Utilty can prepare at a time 50 employees Form 16 Part B]
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)
Tax Planning Sec 80D – Mediclaim
· u/s. 80D, An individual is allowed claim deduction on expenditure if a premium is paid towards mediclaim policy for self & family and mediclaim policy for parents.
Policy for
|
Age
|
Deduction allowed
|
Total deduction allowed
|
Self and Family
|
< 60
|
25000
|
50000
|
Parents
|
<60
|
25000
| |
Self and Family
|
< 60
|
25000
|
55000
|
Parents
|
>60
|
25000
| |
Self and Family
|
> 60
|
25000
|
60000
|
Parents
|
>60
|
25000
| |
Self and Family
|
> 60
|
30000
|
30000
|
Self and Family
|
< 60
|
25000
|
25000
|
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
· —Where disability is 40% or more but less than 80% – fixed deduction of Rs 75,000
· —Where there is severe disability (disability is 80% or more) – fixed deduction of Rs 1,25,000.
—u/s. 80DDB Deduction is available on
· — Expenditure actually incurred by individual on himself or dependent relative for medical treatment of specified disease or ailment
—u/s. 80DD Amount of deduction will be lower of amount actually paid on medical treatment or
· —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.
o —2,00,000 p.a. against interest component of your Housing loan
o —1,50,000 p.a. of principle paid for the housing loan against u/s. 80C
