What are the principle deduction which we can awail on income? Of Rs.1 Lac is the only exemption in income tax ? Or other exemption r also their, if so pls comment?
From India , Madras
1From India , Madras
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COMPARISON BETWEEN VARIOUS TAX SAVING OPTIONS Options Maximum amount Tax Saving Lock-in Period Returns Tax on Returns Option under section 80CCC
LIC Jeevan Suraksha Rs 10,000 10% to 33% Term of the policy 5 to 6% Applicable rate Options under section 88
Equity Linked Saving Scheme (ELSS) Rs 10,000 15% or 20% 3 Years > 10% 10% Mutual Fund Pension Plan Rs 70,000 Till the age of 58 yrs > 8% 10% Infrastructure Bonds Rs 1,00,000 3 Years 6.75 % to 7% Applicable rate Public Provident Fund (PPF) Rs 70,000 6 years minimum 8 % compunded yearly Tax Free National Saving Certificate (NSC) Rs 70,000 6 years minimum 8% compounded half yearly Applicable rate ULIP of UTI Rs 70,000 10 or 15 years > 6 % Applicable rate LIC premiums Rs 70,000 Term of the policy > 6 % Tax Free Return of Principal of Housing Loan Rs 20,000 N/A N/A N/A Maximum amount eligible for tax relief under section 88 and 80CCC. Rs 1,10,000
From India , Ahmadabad
COMPARISON BETWEEN VARIOUS TAX SAVING OPTIONS Options Maximum amount Tax Saving Lock-in Period Returns Tax on Returns Option under section 80CCC
LIC Jeevan Suraksha Rs 10,000 10% to 33% Term of the policy 5 to 6% Applicable rate Options under section 88
Equity Linked Saving Scheme (ELSS) Rs 10,000 15% or 20% 3 Years > 10% 10% Mutual Fund Pension Plan Rs 70,000 Till the age of 58 yrs > 8% 10% Infrastructure Bonds Rs 1,00,000 3 Years 6.75 % to 7% Applicable rate Public Provident Fund (PPF) Rs 70,000 6 years minimum 8 % compunded yearly Tax Free National Saving Certificate (NSC) Rs 70,000 6 years minimum 8% compounded half yearly Applicable rate ULIP of UTI Rs 70,000 10 or 15 years > 6 % Applicable rate LIC premiums Rs 70,000 Term of the policy > 6 % Tax Free Return of Principal of Housing Loan Rs 20,000 N/A N/A N/A Maximum amount eligible for tax relief under section 88 and 80CCC. Rs 1,10,000
From India , Ahmadabad
hi
there are all invested amount in insurance like life insurance are exempted according to u/s 80 , or some M/F are partionally exempted . Or in this year upto 160000 is the tax free amount for femails.
From India , Delhi
there are all invested amount in insurance like life insurance are exempted according to u/s 80 , or some M/F are partionally exempted . Or in this year upto 160000 is the tax free amount for femails.
From India , Delhi
I am 52 years of age, and I resigned from a company after working there for 29 years. We had LIC Superannuation scheme in the company. After my resignation, I received 1/3rd amount as lump sum, and balance 2/3rd amount shall be given to me in monthly equated installment, which is already started. I would like to know that if the 1/3rd lump sum amount and the monthly equated installment are taxable ?
From India , Madras
From India , Madras
Hi,
I am new member , u can find my analysis here
Mainly deductions in salary are classified to types a) Basic exemption and b) chapter VI A deductions.
Wheter you invest or not you will get a exemtion of Rs 150000 for males and 180000 for females.
Next is chapter VI A deductions, in which under section 80C +80ccc+80ccd you can avail maximum of 1,00,000 by investing in various tax saving schemes and repayment of Housing interest principal.
If you take Medical insuracne then Sec 80D is applicable , Medical insurance premium of 15000 in case if assessss and spouse, further 15000 in case of depending parent.
Theese are deductions avaible on investment. Further if u have spent for medical treatment of dependent family member , you will get a deduction of 40000 and in case of senior citizen it is 60000.
Hi,
I am new member , u can find my analysis here
Mainly deductions in salary are classified to types a) Basic exemption and b) chapter VI A deductions.
Wheter you invest or not you will get a exemtion of Rs 150000 for males and 180000 for females.
Next is chapter VI A deductions, in which under section 80C +80ccc+80ccd you can avail maximum of 1,00,000 by investing in various tax saving schemes and repayment of Housing interest principal.
If you take Medical insuracne then Sec 80D is applicable , Medical insurance premium of 15000 in case if assessss and spouse, further 15000 in case of depending parent.
Theese are deductions avaible on investment. Further if u have spent for medical treatment of dependent family member , you will get a deduction of 40000 and in case of senior citizen it is 60000.
From India , Bangalore
I am new member , u can find my analysis here
Mainly deductions in salary are classified to types a) Basic exemption and b) chapter VI A deductions.
Wheter you invest or not you will get a exemtion of Rs 150000 for males and 180000 for females.
Next is chapter VI A deductions, in which under section 80C +80ccc+80ccd you can avail maximum of 1,00,000 by investing in various tax saving schemes and repayment of Housing interest principal.
If you take Medical insuracne then Sec 80D is applicable , Medical insurance premium of 15000 in case if assessss and spouse, further 15000 in case of depending parent.
Theese are deductions avaible on investment. Further if u have spent for medical treatment of dependent family member , you will get a deduction of 40000 and in case of senior citizen it is 60000.
Hi,
I am new member , u can find my analysis here
Mainly deductions in salary are classified to types a) Basic exemption and b) chapter VI A deductions.
Wheter you invest or not you will get a exemtion of Rs 150000 for males and 180000 for females.
Next is chapter VI A deductions, in which under section 80C +80ccc+80ccd you can avail maximum of 1,00,000 by investing in various tax saving schemes and repayment of Housing interest principal.
If you take Medical insuracne then Sec 80D is applicable , Medical insurance premium of 15000 in case if assessss and spouse, further 15000 in case of depending parent.
Theese are deductions avaible on investment. Further if u have spent for medical treatment of dependent family member , you will get a deduction of 40000 and in case of senior citizen it is 60000.
From India , Bangalore
Dear friend,
Compensation system is backbone of an organization. To save human resources from income tax is exclusive responsibility of H.R.
Basic exemptions (contribution of human resource)
investements under Sec 80c,80ccc,80ccd are exempted upto 100000/- .Health insurance upto 15000 for self/spouse/children,Health insurance upto 15000 for parents is exempted. These are deductions allowed under chapter vi-a of income tax act,1961. Donations to approved funds/organizations is exempted value 50%-100% as specified in receipt. Interest component of housing loan upto 150000 is exempted.
bai,
sathish
if you send your query to my mail id
i can explain in detail in the way that you can save human resources from tax giant
From India , Hyderabad
Compensation system is backbone of an organization. To save human resources from income tax is exclusive responsibility of H.R.
Basic exemptions (contribution of human resource)
investements under Sec 80c,80ccc,80ccd are exempted upto 100000/- .Health insurance upto 15000 for self/spouse/children,Health insurance upto 15000 for parents is exempted. These are deductions allowed under chapter vi-a of income tax act,1961. Donations to approved funds/organizations is exempted value 50%-100% as specified in receipt. Interest component of housing loan upto 150000 is exempted.
bai,
sathish
if you send your query to my mail id
From India , Hyderabad
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