how to save income tax or benefits from recent budget

[solankimk]

dear all Jat landers specially CA or finance guys tell us tax benefits in different slabs

upto 5 lacks PA, 10 lacks , 12

including home loan/ construction loan exemption , tution fees and other investments

[shweta123]

Well lets talk about salaried employees :

Resident woman below 65 years of age:

Income in Rupees Income Tax Rates

Upto 1,45,000 - Nil

1,45,000 to 1,50,000 ___________:10% of (Total Income - 1,45,000)

1,50,000 to 2,50,000 ___________: Rs. 500 + 20% of (Total Income - 1,50,000)

2,50,000 to 10,00,000 __________ : Rs. 20,500 + 30% of (Total Income - 2,50,000)

Rs. 10 Lacs & above ___________: Rs. 2,45,500 + 30% of (Total
Income - 10,00,000)

[shweta123]

Resident Senior Citizen (Above 65 years of age)


Upto Rs. 1,95,000 ________ Nil

Rs. 1,95,000 to Rs. 2,50,000 ________ 20% of (Total Income- Rs. 1,95,000)
Rs. 2,50,000 to Rs. 10,00,000 ________ Rs. 11,000 + 30% of (Total Income- Rs. 2,50,000)
Above Rs. 10,00,000 ________ Rs2,36,000 + 30% of (Total Income- Rs. 10,00,000)

[shweta123]

For all other individual, except those mentioned above:

Upto Rs. 1,10,000 ________ Nil

Rs. 1,10,000 to Rs. 1,50,000 ________ 10% of (Total Income- Rs. 1,10,000)

Rs. 1,50,000 to Rs. 2,50,000 ________ Rs. 4,000 + 20% of (Total Income- Rs. 1,50,000)

Rs. 2,50,000 to Rs. 10,00,000 _______ Rs. 24,000 + 30% of (Total Income-
Rs. 2,50,000)

Above Rs. 10,00,000 _______ Rs2,49,000 + 30% of (Total Income- Rs. 10,00,000)

[Nishantrathi82]

For all other individual, except those mentioned above:

Upto Rs. 1,10,000 ________ Nil

Rs. 1,10,000 to Rs. 1,50,000 ________ 10% of (Total Income- Rs. 1,10,000)

Rs. 1,50,000 to Rs. 2,50,000 ________ Rs. 4,000 + 20% of (Total Income- Rs. 1,50,000)

Rs. 2,50,000 to Rs. 10,00,000 _______ Rs. 24,000 + 30% of (Total Income-
Rs. 2,50,000)

Above Rs. 10,00,000 _______ Rs2,49,000 + 30% of (Total Income- Rs. 10,00,000)



Shweta g can we save tax on more than Rs. 1,00,000, if yes then how much can we save and in which type of investments?

[ssgoyat]

Dear SD..

Kindly throw in some more light rearding the tax saving matter...

@nishant rathi

U can use ur HRA slips , LIC as tax saving instuments..

I personaly think SIP (systematic Investment Plan) of ULIP'S is better...

or SD would suggest some more better plan

"risk should be average and returns should be maximum"

[Nishantrathi82]

Dear SD..

Kindly throw in some more light rearding the tax saving matter...

@nishant rathi

U can use ur HRA slips , LIC as tax saving instuments..

I personaly think SIP (systematic Investment Plan) of ULIP'S is better...

or SD would suggest some more better plan

"risk should be average and returns should be maximum"

Even Goyat bhai i think PPF account is also a good option but still the problem is these all options works under the limit of Rs. 1,00,000 ,If u want to save tax on more than the amount of Rs. 1,00,000 U have to go for Home loans as the interest rates are tax free on this. But apart from Home loans is their any other tax saving instrument available that i want to know?

[shweta123]

Shweta g can we save tax on more than Rs. 1,00,000, if yes then how much can we save and in which type of investments?

Well, Interest on borrowed capital for the purpose of purchase, constrution, repair, renewal or reconstruction of a housing property upto Rs. 1,50,000 is allowable as deduction from Income under section 24(b).

[Nishantrathi82]

Well, Interest on borrowed capital for the purpose of purchase, constrution, repair, renewal or reconstruction of a housing property upto Rs. 1,50,000 is allowable as deduction from Income under section 24(b).

Thanks SD but apart from the Property line is there any other source where we can invest for saving tax. I am not sure but i think there are some Infrastructure bonds available which can provide us some tax benefit, Or if u know any other source pls let us know.
Thanks

[solankimk]

shweta

is it as per recent budget (2008-09). if not than put light on tax saving according to recent finacial year




Well lets talk about salaried employees :

Resident woman below 65 years of age:

Income in Rupees Income Tax Rates

Upto 1,45,000 - Nil

1,45,000 to 1,50,000 ___________:10% of (Total Income - 1,45,000)

1,50,000 to 2,50,000 ___________: Rs. 500 + 20% of (Total Income - 1,50,000)

2,50,000 to 10,00,000 __________ : Rs. 20,500 + 30% of (Total Income - 2,50,000)

Rs. 10 Lacs & above ___________: Rs. 2,45,500 + 30% of (Total
Income - 10,00,000)

[shweta123]

shweta

is it as per recent budget (2008-09). if not than put light on tax saving according to recent finacial year
Yes its as per recent budget but the Income Tax return of the year ended 31st March 2008 will be filed as per earlier rates. These rates are applicable for current financial year which has started on 1st April 2008.

[shweta123]

Thanks SD but apart from the Property line is there any other source where we can invest for saving tax. I am not sure but i think there are some Infrastructure bonds available which can provide us some tax benefit, Or if u know any other source pls let us know.
Thanks

These infrastructure Bonds form part of that 1 Lac Rupees limit of rebate under section 80C, which includes Life Insurance Premium, NSC, tution fees of children etc.

[shweta123]

Thanks SD but apart from the Property line is there any other source where we can invest for saving tax. I am not sure but i think there are some Infrastructure bonds available which can provide us some tax benefit, Or if u know any other source pls let us know.
Thanks

Apart from this deduction on purchase of house property there are some deductions like :
Section 80 D

Deduction in respect of medical insurance premia of self, spouse, dependent children or dependent parents.

Upto Rs. 15,000 an year (20,000 for senior citizen)

Payment must not be in cash.


To be Contd.......