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How to save taxes FY 2014-15

HOW TO SAVE TAXES DIT CARD BILL SHOPPING LOAN INSURANCE VAT TAX TAX MAN DEBT IT LOSS 0-1 IT BENEFITS Amith Karan Total Income P.A 5,00,000 Total Income P.A 35,00,000 Investment Taxable Income 2,50,000 Taxable Income Investment 32,50.000 Tax rebate is 2,000 for <35,00,000 annual Income - Nil- -Life Insurance Tax Paid 23,000 Tax Paid 28,000 -Fixed Deposit -Public provident Fund -Equity Linked Savings Scheme General Category 10% General Category 10% Income Range Up to Rs. 2,50,000 Tax Rates(General Category) -Nil- 2,50,001 to 5,00,000 75,00,001 to ? 10,00,000 Above 10,00,000 10% 20% 30% IMPACT OF PROPOSED BUDGET ON YOUR SALARY FY (2014-15) FOR TOTAL INCOME - 710,00,000 EXEMPT INCOME EXISTING PROPOSED DEDUCTIONS EXISTING PROPOSED HRA 71,53,400 71,53,400 Tax on Employment 2,400 72,400 Medical Allowance 15,000 715,000 Section 80C Deductions 71,00,000 1,50,000 Transport Allowance 79,600 79,600 Section 80TTA Deductions 10,000 10,000 Total Exempt Income 71,78,000 71,78,000 Interest Paid on Home Loans 1,50,000 2,00,000 Gross Total Income 78,22,000 78,22,000 Total Deductions 2,62,400 33,62,400 EXISTING PROPOSED Net Taxable Income 75,59,600 74,59,600 Tax on Total Income 743,178 721,589 *In the above calculation, HRA value is assumed and subject to changes for different individuals. Savings 721,589 HOW TO REDUCE YOUR BURDEN WITH RIGHT CHOICES AND INVESTMENTS? Utilize Section 80C Section 80C offers a maximum deduction of 1,50,000 /- Investing options - SAVINGS Public Provident Fund 5-9% RETURNS Life Insurance Premium National Savings Certificate Equity Linked Savings Scheme Five year fixed deposits with Bank and Post office Beyond 80C If you exceed your limit of 1,50,000 /- under section 80C Section 80D offers you more options like - 15,000/- deduction for medical insurance of self, spouse and dependent children's and 20,000 for medical insurance of parents above 60 years. Donations to charitable institutes and specified funds. 80C 80D Home Loans Principle component of home loan is included under section 80C Deductions Up to 71,50,000/- Interest offers deduction up to 2,00,000/- separately under section 24 EMPLOYER Tax on Bonus Bonus you receive from the employer is taxable. Request your employer for the following benefits If you predict that tax rates would be reduced or modified for slabs, try to push the bonus payment to the subsequent year. Prepare the investment detail in advance to prevent your employer from deducting tax on bonus before submission. Disclaimer: This computation is for the general category and tax slabs, tax savings options correspond to the regulations for the FY 2014-15 (Proposed Budget). Resources: Tax-Slabs-Rates.htm Tricon Infotech Partner ing with Success in /company/tricon-infotech-pvt.-td /triconinfotech

How to save taxes FY 2014-15

shared by TriconInfotech on Jul 22
To end-up your queries on taxes. Here is an infographic on 'how to save taxes'.


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