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Hi friends, I want to know on how the tax for income of 3 lakhs/annum is calculated(detailed calculations i.e how much amount is 100% taxable).and also suggestions how to save tax pay.what are the different sources so tat i can reduce my tax pay.
Dear Divya,
I'll appeciate if u could provide me the breakup for ur salary.
Usually salary consist of Basic,DA,HRA, Conv. allowance, Medical reimbursement, Tel. reimbursement, Travelling allowance, uniform allowance, etc.
Being a lady, income upto 1.35 lac is exempt from tax. U can claim exemption on HRA by producing rent receipt, Travelling allowance upto R.800 p.m. is exempt from tax, similarly by producing fuel bill/ tel. bill u can claim exemption on conveyance / tel.allowance etc.
Then u can invest in tax saving scheme to get away from tax.
Regards
Ram
I'll appeciate if u could provide me the breakup for ur salary.
Usually salary consist of Basic,DA,HRA, Conv. allowance, Medical reimbursement, Tel. reimbursement, Travelling allowance, uniform allowance, etc.
Being a lady, income upto 1.35 lac is exempt from tax. U can claim exemption on HRA by producing rent receipt, Travelling allowance upto R.800 p.m. is exempt from tax, similarly by producing fuel bill/ tel. bill u can claim exemption on conveyance / tel.allowance etc.
Then u can invest in tax saving scheme to get away from tax.
Regards
Ram
Thank u for the reply.
after deducting all those hra,travel allowance ,telephone bills etc there will be a amount of 40k remaining other than 1,35,000.i wanted 2 know what kind of investments is safe to go furthur.
after deducting all those hra,travel allowance ,telephone bills etc there will be a amount of 40k remaining other than 1,35,000.i wanted 2 know what kind of investments is safe to go furthur.
hi divya,
according to you Rs.40k left over and above exemption limit for a lady of Rs.135k. that means your taxable income is Rs.175000. the tax slab for you would be as follows
upto 1.35 lakh - Nil
from 1.35 lakh onwards upto 1.5 lakh - 10%
from 1.5 lakh onwards upto 2.5 lakh - 20%
from 2.5 lakh onwards - 30%
hence your tax liability would be,
10% on Rs.15000 (150000 less 135000) - Rs.1500
20% on Rs.25000 (175000 less 150000) - Rs.5000
total tax Rs.6500
add - educational cess @ 2% Rs. 130
total tax payable Rs.6630
now you can invest in (i) National Savings Certificate (NSC)
(ii) Public Provident Fund (PPF)
(iii) Employee contribution to Provident Fund
(iv) Repayment of any house loan taken for self occupied purpose
(v) Investment in tax free mutual fund schemes
(vi) Premium paid to L.I.C
(vii) Purchase of Infrastructure bonds
etc.
if u can invest Rs. 40000 in above mentioned ways then your tax liability would be NIL.
any further queries are also welcome at
regards,
jaiprakash
according to you Rs.40k left over and above exemption limit for a lady of Rs.135k. that means your taxable income is Rs.175000. the tax slab for you would be as follows
upto 1.35 lakh - Nil
from 1.35 lakh onwards upto 1.5 lakh - 10%
from 1.5 lakh onwards upto 2.5 lakh - 20%
from 2.5 lakh onwards - 30%
hence your tax liability would be,
10% on Rs.15000 (150000 less 135000) - Rs.1500
20% on Rs.25000 (175000 less 150000) - Rs.5000
total tax Rs.6500
add - educational cess @ 2% Rs. 130
total tax payable Rs.6630
now you can invest in (i) National Savings Certificate (NSC)
(ii) Public Provident Fund (PPF)
(iii) Employee contribution to Provident Fund
(iv) Repayment of any house loan taken for self occupied purpose
(v) Investment in tax free mutual fund schemes
(vi) Premium paid to L.I.C
(vii) Purchase of Infrastructure bonds
etc.
if u can invest Rs. 40000 in above mentioned ways then your tax liability would be NIL.
any further queries are also welcome at
regards,
jaiprakash
Hi, I would suggest you to go in for PPF. Here min. Inv. is Rs.500 & Max. Limit is Rs.70000/- per annum. Regards Ram
Hi, I would suggest you to go in for PPF. Here min. deposit reqd to keep it alive is Rs.500 & Max. Limit is Rs.70000/- per annum. Regards Ram
Hi Divya,
Wud u like to invest in Birla Sun Life Insurance.Then Kindly send me ur birthdate and the amount u wud like to invest in life insurance. Ill send u very good plans and u can then decide if u wanna invest or not accordingly.
Benefits of investing in Birla Sun life insurance
- Amount that u invest is tax free upto a limit of 1,00,000 rs p.a. so, you can invest ur entire tax liability of rs. 40,000 in life insurance
- Amount that u withdraw on maturity is ur income but is tax free
- In case of Flexi life policy of Birla, u can withdraw any amt. at any time as per ur requirement from ur maturity benefit amt. but after the initial period of 3 years which is the lock in period. This amt that u withdraw is also tax free.
- In case u cannot pay the premium amount, u get a grace period of 2months and if still u cannot pay ur policy will not lapse, u will be given 2yrs.period to pay the premium.Only u have to renew ur policy by payin an amt which is as low as 100 rs.
- When u invest in life insurance, u can show the receipt of premium paid p.a. and claim a refund of the Tax deducted at source (TDS).
- As compared to other investment options, in life insurance apart from tax benefits u also get a life cover
If u have any queries let me know
Contact :
SHAILESH SONI
Financial Advisor
Birla Sun Life Insurance
Mob : 9869775658
email :
OR ELSE U CAN ALSO GET IN TOUCH WITH ME AT MY EMAIL
my email id :
Wud u like to invest in Birla Sun Life Insurance.Then Kindly send me ur birthdate and the amount u wud like to invest in life insurance. Ill send u very good plans and u can then decide if u wanna invest or not accordingly.
Benefits of investing in Birla Sun life insurance
- Amount that u invest is tax free upto a limit of 1,00,000 rs p.a. so, you can invest ur entire tax liability of rs. 40,000 in life insurance
- Amount that u withdraw on maturity is ur income but is tax free
- In case of Flexi life policy of Birla, u can withdraw any amt. at any time as per ur requirement from ur maturity benefit amt. but after the initial period of 3 years which is the lock in period. This amt that u withdraw is also tax free.
- In case u cannot pay the premium amount, u get a grace period of 2months and if still u cannot pay ur policy will not lapse, u will be given 2yrs.period to pay the premium.Only u have to renew ur policy by payin an amt which is as low as 100 rs.
- When u invest in life insurance, u can show the receipt of premium paid p.a. and claim a refund of the Tax deducted at source (TDS).
- As compared to other investment options, in life insurance apart from tax benefits u also get a life cover
If u have any queries let me know
Contact :
SHAILESH SONI
Financial Advisor
Birla Sun Life Insurance
Mob : 9869775658
email :
OR ELSE U CAN ALSO GET IN TOUCH WITH ME AT MY EMAIL
my email id :
FOR TAX SAVE INVEST IN PPF UPTO MAXIMUM 70000/-PER ANNUM OR LIC INSURANCE OR IDBI ICICI TAX SAVING BONDS. U INVEST 100000 MAXIMUM. THIS AMOUNT REDUCE UR INCOME BY 100000/- THANKS
Hi friends I find this site is realy good and people are helpful, please suggest me on my sallary Basic 15000 + HRA 8000 + Others 2000 = Total 25000 which is the best place to invest
Hi Divya ...
U may invest in Equity Linked Insurance plans .... they give you Life coverage as well as the scope of reaping benefits with the market. How much interest would you gain by investing these sums in traditional plans. rather you should invest in these ..... it gives you higher returns as well as life coverage..... go ahead....
best of luck. In case u need any personal help u may get in touch with me on my email :
Regards & best wishes
Sundeep
U may invest in Equity Linked Insurance plans .... they give you Life coverage as well as the scope of reaping benefits with the market. How much interest would you gain by investing these sums in traditional plans. rather you should invest in these ..... it gives you higher returns as well as life coverage..... go ahead....
best of luck. In case u need any personal help u may get in touch with me on my email :
Regards & best wishes
Sundeep
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