Top 5 Ways to save taxes for salaried Individuals

"Full salary is spent on taxes I bills, no saving for my retirementel higher TAXES ASPIRIN studies of children Top 5 ways to save Taxes ist Way-80C(use 80C to the maximum Rs.1 lakh) If you are a Salaried individual then you should use 8oc to the maximum limit of Rs. 1 lakh by investing in these options: v Provident fund(PF)/Voluntary Provident fund(VPF) v Public Provident fund(PPF) V Life Insurance Premium v Equity Linked Savings Sceme(ELSS) v Home Loan Principal Repayment v Stamp Duty & Registration Charges for a Home v Unit Linked Insurance Plan(ULIP) v Unit Trust of India(UTI) v Tution Fees Maximum for 2 Children v Bank Fixed Deposits or Term Deposits v Post Office Time Deposits v National Savings Certificate(NSC) Some Money Saved 45a poss41 भीय जब 024 101 10 दस रुपये 450 90384 2nd Way : Other than 80C 1. Claim HRA or Deduction u/s 80GG More Money Saved If paying rent for accommodation, save taxes in either of the two options - - If recieving HRA, claim exemption of the same u/s 10(13A) v Otherwise, claim for rent paid u/s 80GG 2. Investment in 80CCD Contribution by employer & employee to Pension Scheme would be eligible for deduction subject to maximum of 10% of Salary.In case of self-employed individual,the contribution limit is restricted to 10% of Gross Total Income. For Employee- Deductions shall be allowed within the aggregate ceiling limit of Rs.ılakh taking into a/c deductions u/s 80C,80CCC & 80CCD. v For Employer- from A.Y. 2012-13(F.Y. 2011-12)Employers contribution shall not be counted for computing overall limit of Rs.ilakh. 3.Deductions of Medical Insurance Premium-80D Deduction of medical insurance premium will be allowable as follows- v if age of an individual < 60 years then the amount of deduction will be Amount of premium or Rs.15000-whichever is lower v if age of an individual > 60 years then the amount of deduction will be Amount of premium or Rs.20000-whichever is lower 3rd way- Home loan benefits 1.Home loan can save your taxes in 2 ways- v Can claim deduction for principal amount u/s 80C Can claim deduction for interest amount u/s 24(b) 2.In case of Self Occupied interest limit is as follows - v Rs. 1, 50,000 - If loan is taken for acquisition or constructing purpose. v Rs. 30,000 Lots of Money Saved रिजर्व RESERVE B If loan is taken for re-constructing, renewal or repairing 500 पाँच सौ रुपूये purpose. P68595 v In case of Let out – No limit In this way the total amount of home loan can be claimed. The Whole Money Saved ath way- Maintain separate income tax file in the name of HUF- v HUF gets exemption of Rs 1,80,000 for individual income and another Rs. 1,80,000 for HUF income. elek v HUF can get exemption for maximum Rs. 100000 u/s 8oC v Deduction can be claimed by investing Rs. 20000 in infrastructure bonds. v HUF can receive free gifts up to Rs 50000. 5th way Here are the few ways of restructuring your salary- v Dearness pay and dearness allowances should form part of your salary. Restructure your salary You should go for exempt perks like medical reimbursement, telephone expenses etc., rather than going for taxable allowances like medical allowances, telephone allowances. v Employer's contribution towards PF is exempted up to 12% of Salary, employer may get the extra benefits to the employee by raising their contribution to 12% of salary without increasing tax liability. With above Tax Savings, my Future is Secured " Taxmantra- / Experience Excellence Website : www.taxmantra.com Call us : +91 923 0033 070 E-mail us : [email protected] भारतीय रिजर्व बैंक 4০N৫180 RESZBYE BANK Or एक सौ रुपये । ro81 NOr "Full salary is spent on taxes I bills, no saving for my retirementel higher TAXES ASPIRIN studies of children Top 5 ways to save Taxes ist Way-80C(use 80C to the maximum Rs.1 lakh) If you are a Salaried individual then you should use 8oc to the maximum limit of Rs. 1 lakh by investing in these options: v Provident fund(PF)/Voluntary Provident fund(VPF) v Public Provident fund(PPF) V Life Insurance Premium v Equity Linked Savings Sceme(ELSS) v Home Loan Principal Repayment v Stamp Duty & Registration Charges for a Home v Unit Linked Insurance Plan(ULIP) v Unit Trust of India(UTI) v Tution Fees Maximum for 2 Children v Bank Fixed Deposits or Term Deposits v Post Office Time Deposits v National Savings Certificate(NSC) Some Money Saved 45a poss41 024 101 10 दस रुपये 450 90384 2nd Way : Other than 80C 1. Claim HRA or Deduction u/s 80GG More Money Saved If paying rent for accommodation, save taxes in either of the two options - - If recieving HRA, claim exemption of the same u/s 10(13A) v Otherwise, claim for rent paid u/s 80GG 2. Investment in 80CCD Contribution by employer & employee to Pension Scheme would be eligible for deduction subject to maximum of 10% of Salary.In case of self-employed individual,the contribution limit is restricted to 10% of Gross Total Income. For Employee- Deductions shall be allowed within the aggregate ceiling limit of Rs.ılakh taking into a/c deductions u/s 80C,80CCC & 80CCD. v For Employer- from A.Y. 2012-13(F.Y. 2011-12)Employers contribution shall not be counted for computing overall limit of Rs.ilakh. 3.Deductions of Medical Insurance Premium-80D Deduction of medical insurance premium will be allowable as follows- v if age of an individual < 60 years then the amount of deduction will be Amount of premium or Rs.15000-whichever is lower v if age of an individual > 60 years then the amount of deduction will be Amount of premium or Rs.20000-whichever is lower 3rd way- Home loan benefits 1.Home loan can save your taxes in 2 ways- v Can claim deduction for principal amount u/s 80C Can claim deduction for interest amount u/s 24(b) 2.In case of Self Occupied interest limit is as follows - v Rs. 1, 50,000 - If loan is taken for acquisition or constructing purpose. v Rs. 30,000 Lots of Money Saved रिजर्व RESERVE B If loan is taken for re-constructing, renewal or repairing 500 पाँच सौ रुपूये purpose. v In case of Let out – No limit In this way the total amount of home loan can be claimed. The Whole Money Saved ath way- Maintain separate income tax file in the name of HUF- v HUF gets exemption of Rs 1,80,000 for individual income and another Rs. 1,80,000 for HUF income. elek v HUF can get exemption for maximum Rs. 100000 u/s 8oC v Deduction can be claimed by investing Rs. 20000 in infrastructure bonds. v HUF can receive free gifts up to Rs 50000. 5th way Here are the few ways of restructuring your salary- v Dearness pay and dearness allowances should form part of your salary. Restructure your salary You should go for exempt perks like medical reimbursement, telephone expenses etc., rather than going for taxable allowances like medical allowances, telephone allowances. v Employer's contribution towards PF is exempted up to 12% of Salary, employer may get the extra benefits to the employee by raising their contribution to 12% of salary without increasing tax liability. With above Tax Savings, my Future is Secured " Таxmantra. / Experience Excellence Website : www.taxmantra.com Call us : +91 923 0033 070 E-mail us : [email protected] भारतीय रिजर्व बैंक 4০N৫180 RESZBYE BANK Or एक सौ रुपये । 臨 "Full salary is spent on taxes I bills, no saving for my retirementel higher TAXES ASPIRIN studies of children Top 5 ways to save Taxes ist Way-80C(use 80C to the maximum Rs.1 lakh) If you are a Salaried individual then you should use 8oc to the maximum limit of Rs. 1 lakh by investing in these options: v Provident fund(PF)/Voluntary Provident fund(VPF) v Public Provident fund(PPF) V Life Insurance Premium v Equity Linked Savings Sceme(ELSS) v Home Loan Principal Repayment v Stamp Duty & Registration Charges for a Home v Unit Linked Insurance Plan(ULIP) v Unit Trust of India(UTI) v Tution Fees Maximum for 2 Children v Bank Fixed Deposits or Term Deposits v Post Office Time Deposits v National Savings Certificate(NSC) Some Money Saved 45a poss41 024 101 10 दस रुपये 450 90384 2nd Way : Other than 80C 1. Claim HRA or Deduction u/s 80GG More Money Saved If paying rent for accommodation, save taxes in either of the two options - - If recieving HRA, claim exemption of the same u/s 10(13A) v Otherwise, claim for rent paid u/s 80GG 2. Investment in 80CCD Contribution by employer & employee to Pension Scheme would be eligible for deduction subject to maximum of 10% of Salary.In case of self-employed individual,the contribution limit is restricted to 10% of Gross Total Income. For Employee- Deductions shall be allowed within the aggregate ceiling limit of Rs.ılakh taking into a/c deductions u/s 80C,80CCC & 80CCD. v For Employer- from A.Y. 2012-13(F.Y. 2011-12)Employers contribution shall not be counted for computing overall limit of Rs.ilakh. 3.Deductions of Medical Insurance Premium-80D Deduction of medical insurance premium will be allowable as follows- v if age of an individual < 60 years then the amount of deduction will be Amount of premium or Rs.15000-whichever is lower v if age of an individual > 60 years then the amount of deduction will be Amount of premium or Rs.20000-whichever is lower 3rd way- Home loan benefits 1.Home loan can save your taxes in 2 ways- v Can claim deduction for principal amount u/s 80C Can claim deduction for interest amount u/s 24(b) 2.In case of Self Occupied interest limit is as follows - v Rs. 1, 50,000 - If loan is taken for acquisition or constructing purpose. v Rs. 30,000 Lots of Money Saved रिजर्व RESERVE B If loan is taken for re-constructing, renewal or repairing 500 पाँच सौ रुपूये purpose. v In case of Let out – No limit In this way the total amount of home loan can be claimed. The Whole Money Saved ath way- Maintain separate income tax file in the name of HUF- v HUF gets exemption of Rs 1,80,000 for individual income and another Rs. 1,80,000 for HUF income. elek v HUF can get exemption for maximum Rs. 100000 u/s 8oC v Deduction can be claimed by investing Rs. 20000 in infrastructure bonds. v HUF can receive free gifts up to Rs 50000. 5th way Here are the few ways of restructuring your salary- v Dearness pay and dearness allowances should form part of your salary. Restructure your salary You should go for exempt perks like medical reimbursement, telephone expenses etc., rather than going for taxable allowances like medical allowances, telephone allowances. v Employer's contribution towards PF is exempted up to 12% of Salary, employer may get the extra benefits to the employee by raising their contribution to 12% of salary without increasing tax liability. With above Tax Savings, my Future is Secured " Таxmantra. / Experience Excellence Website : www.taxmantra.com Call us : +91 923 0033 070 E-mail us : [email protected] भारतीय रिजर्व बैंक 4০N৫180 RESZBYE BANK Or एक सौ रुपये । 臨 "Full salary is spent on taxes I bills, no saving for my retirementel higher TAXES ASPIRIN studies of children Top 5 ways to save Taxes ist Way-80C(use 80C to the maximum Rs.1 lakh) If you are a Salaried individual then you should use 8oc to the maximum limit of Rs. 1 lakh by investing in these options: v Provident fund(PF)/Voluntary Provident fund(VPF) v Public Provident fund(PPF) V Life Insurance Premium v Equity Linked Savings Sceme(ELSS) v Home Loan Principal Repayment v Stamp Duty & Registration Charges for a Home v Unit Linked Insurance Plan(ULIP) v Unit Trust of India(UTI) v Tution Fees Maximum for 2 Children v Bank Fixed Deposits or Term Deposits v Post Office Time Deposits v National Savings Certificate(NSC) Some Money Saved 45a poss41 024 101 10 दस रुपये 450 90384 2nd Way : Other than 80C 1. Claim HRA or Deduction u/s 80GG More Money Saved If paying rent for accommodation, save taxes in either of the two options - - If recieving HRA, claim exemption of the same u/s 10(13A) v Otherwise, claim for rent paid u/s 80GG 2. Investment in 80CCD Contribution by employer & employee to Pension Scheme would be eligible for deduction subject to maximum of 10% of Salary.In case of self-employed individual,the contribution limit is restricted to 10% of Gross Total Income. For Employee- Deductions shall be allowed within the aggregate ceiling limit of Rs.ılakh taking into a/c deductions u/s 80C,80CCC & 80CCD. v For Employer- from A.Y. 2012-13(F.Y. 2011-12)Employers contribution shall not be counted for computing overall limit of Rs.ilakh. 3.Deductions of Medical Insurance Premium-80D Deduction of medical insurance premium will be allowable as follows- v if age of an individual < 60 years then the amount of deduction will be Amount of premium or Rs.15000-whichever is lower v if age of an individual > 60 years then the amount of deduction will be Amount of premium or Rs.20000-whichever is lower 3rd way- Home loan benefits 1.Home loan can save your taxes in 2 ways- v Can claim deduction for principal amount u/s 80C Can claim deduction for interest amount u/s 24(b) 2.In case of Self Occupied interest limit is as follows - v Rs. 1, 50,000 - If loan is taken for acquisition or constructing purpose. v Rs. 30,000 Lots of Money Saved रिजर्व RESERVE B If loan is taken for re-constructing, renewal or repairing 500 पाँच सौ रुपूये purpose. v In case of Let out – No limit In this way the total amount of home loan can be claimed. The Whole Money Saved ath way- Maintain separate income tax file in the name of HUF- v HUF gets exemption of Rs 1,80,000 for individual income and another Rs. 1,80,000 for HUF income. elek v HUF can get exemption for maximum Rs. 100000 u/s 8oC v Deduction can be claimed by investing Rs. 20000 in infrastructure bonds. v HUF can receive free gifts up to Rs 50000. 5th way Here are the few ways of restructuring your salary- v Dearness pay and dearness allowances should form part of your salary. Restructure your salary You should go for exempt perks like medical reimbursement, telephone expenses etc., rather than going for taxable allowances like medical allowances, telephone allowances. v Employer's contribution towards PF is exempted up to 12% of Salary, employer may get the extra benefits to the employee by raising their contribution to 12% of salary without increasing tax liability. With above Tax Savings, my Future is Secured " Таxmantra. / Experience Excellence Website : www.taxmantra.com Call us : +91 923 0033 070 E-mail us : [email protected] भारतीय रिजर्व बैंक 4০N৫180 RESZBYE BANK Or एक सौ रुपये । 臨 "Full salary is spent on taxes I bills, no saving for my retirementel higher TAXES ASPIRIN studies of children Top 5 ways to save Taxes ist Way-80C(use 80C to the maximum Rs.1 lakh) If you are a Salaried individual then you should use 8oc to the maximum limit of Rs. 1 lakh by investing in these options: v Provident fund(PF)/Voluntary Provident fund(VPF) v Public Provident fund(PPF) V Life Insurance Premium v Equity Linked Savings Sceme(ELSS) v Home Loan Principal Repayment v Stamp Duty & Registration Charges for a Home v Unit Linked Insurance Plan(ULIP) v Unit Trust of India(UTI) v Tution Fees Maximum for 2 Children v Bank Fixed Deposits or Term Deposits v Post Office Time Deposits v National Savings Certificate(NSC) Some Money Saved 45a poss41 024 101 10 दस रुपये 450 90384 2nd Way : Other than 80C 1. Claim HRA or Deduction u/s 80GG More Money Saved If paying rent for accommodation, save taxes in either of the two options - - If recieving HRA, claim exemption of the same u/s 10(13A) v Otherwise, claim for rent paid u/s 80GG 2. Investment in 80CCD Contribution by employer & employee to Pension Scheme would be eligible for deduction subject to maximum of 10% of Salary.In case of self-employed individual,the contribution limit is restricted to 10% of Gross Total Income. For Employee- Deductions shall be allowed within the aggregate ceiling limit of Rs.ılakh taking into a/c deductions u/s 80C,80CCC & 80CCD. v For Employer- from A.Y. 2012-13(F.Y. 2011-12)Employers contribution shall not be counted for computing overall limit of Rs.ilakh. 3.Deductions of Medical Insurance Premium-80D Deduction of medical insurance premium will be allowable as follows- v if age of an individual < 60 years then the amount of deduction will be Amount of premium or Rs.15000-whichever is lower v if age of an individual > 60 years then the amount of deduction will be Amount of premium or Rs.20000-whichever is lower 3rd way- Home loan benefits 1.Home loan can save your taxes in 2 ways- v Can claim deduction for principal amount u/s 80C Can claim deduction for interest amount u/s 24(b) 2.In case of Self Occupied interest limit is as follows - v Rs. 1, 50,000 - If loan is taken for acquisition or constructing purpose. v Rs. 30,000 Lots of Money Saved रिजर्व RESERVE B If loan is taken for re-constructing, renewal or repairing 500 पाँच सौ रुपूये purpose. v In case of Let out – No limit In this way the total amount of home loan can be claimed. The Whole Money Saved ath way- Maintain separate income tax file in the name of HUF- v HUF gets exemption of Rs 1,80,000 for individual income and another Rs. 1,80,000 for HUF income. elek v HUF can get exemption for maximum Rs. 100000 u/s 8oC v Deduction can be claimed by investing Rs. 20000 in infrastructure bonds. v HUF can receive free gifts up to Rs 50000. 5th way Here are the few ways of restructuring your salary- v Dearness pay and dearness allowances should form part of your salary. Restructure your salary You should go for exempt perks like medical reimbursement, telephone expenses etc., rather than going for taxable allowances like medical allowances, telephone allowances. v Employer's contribution towards PF is exempted up to 12% of Salary, employer may get the extra benefits to the employee by raising their contribution to 12% of salary without increasing tax liability. With above Tax Savings, my Future is Secured " Таxmantra. / Experience Excellence Website : www.taxmantra.com Call us : +91 923 0033 070 E-mail us : [email protected] भारतीय रिजर्व बैंक 4০N৫180 RESZBYE BANK Or एक सौ रुपये । 臨 "Full salary is spent on taxes I bills, no saving for my retirementel higher TAXES ASPIRIN studies of children Top 5 ways to save Taxes ist Way-80C(use 80C to the maximum Rs.1 lakh) If you are a Salaried individual then you should use 8oc to the maximum limit of Rs. 1 lakh by investing in these options: v Provident fund(PF)/Voluntary Provident fund(VPF) v Public Provident fund(PPF) V Life Insurance Premium v Equity Linked Savings Sceme(ELSS) v Home Loan Principal Repayment v Stamp Duty & Registration Charges for a Home v Unit Linked Insurance Plan(ULIP) v Unit Trust of India(UTI) v Tution Fees Maximum for 2 Children v Bank Fixed Deposits or Term Deposits v Post Office Time Deposits v National Savings Certificate(NSC) Some Money Saved 45a poss41 024 101 10 दस रुपये 450 90384 2nd Way : Other than 80C 1. Claim HRA or Deduction u/s 80GG More Money Saved If paying rent for accommodation, save taxes in either of the two options - - If recieving HRA, claim exemption of the same u/s 10(13A) v Otherwise, claim for rent paid u/s 80GG 2. Investment in 80CCD Contribution by employer & employee to Pension Scheme would be eligible for deduction subject to maximum of 10% of Salary.In case of self-employed individual,the contribution limit is restricted to 10% of Gross Total Income. For Employee- Deductions shall be allowed within the aggregate ceiling limit of Rs.ılakh taking into a/c deductions u/s 80C,80CCC & 80CCD. v For Employer- from A.Y. 2012-13(F.Y. 2011-12)Employers contribution shall not be counted for computing overall limit of Rs.ilakh. 3.Deductions of Medical Insurance Premium-80D Deduction of medical insurance premium will be allowable as follows- v if age of an individual < 60 years then the amount of deduction will be Amount of premium or Rs.15000-whichever is lower v if age of an individual > 60 years then the amount of deduction will be Amount of premium or Rs.20000-whichever is lower 3rd way- Home loan benefits 1.Home loan can save your taxes in 2 ways- v Can claim deduction for principal amount u/s 80C Can claim deduction for interest amount u/s 24(b) 2.In case of Self Occupied interest limit is as follows - v Rs. 1, 50,000 - If loan is taken for acquisition or constructing purpose. v Rs. 30,000 Lots of Money Saved रिजर्व RESERVE B If loan is taken for re-constructing, renewal or repairing 500 पाँच सौ रुपूये purpose. v In case of Let out – No limit In this way the total amount of home loan can be claimed. The Whole Money Saved ath way- Maintain separate income tax file in the name of HUF- v HUF gets exemption of Rs 1,80,000 for individual income and another Rs. 1,80,000 for HUF income. elek v HUF can get exemption for maximum Rs. 100000 u/s 8oC v Deduction can be claimed by investing Rs. 20000 in infrastructure bonds. v HUF can receive free gifts up to Rs 50000. 5th way Here are the few ways of restructuring your salary- v Dearness pay and dearness allowances should form part of your salary. Restructure your salary You should go for exempt perks like medical reimbursement, telephone expenses etc., rather than going for taxable allowances like medical allowances, telephone allowances. v Employer's contribution towards PF is exempted up to 12% of Salary, employer may get the extra benefits to the employee by raising their contribution to 12% of salary without increasing tax liability. With above Tax Savings, my Future is Secured " Таxmantra. / Experience Excellence Website : www.taxmantra.com Call us : +91 923 0033 070 E-mail us : [email protected] भारतीय रिजर्व बैंक 4০N৫180 RESZBYE BANK Or एक सौ रुपये । 臨