Tax Planning for Salaried Individual For FY 2015-16 This short article aid in tax preparation for salaried person. Examine 5 Tax Conserving Methods. In this post you a discover complete information for how to Preparation for Tax Savaing for Salaried Staff members like– 5 Tax Planning Techniques, Tax Preparation U/s. 80 C, U/s. 80 CCC and U/s. 80 CCD, Tax Planning Sec 80 D– Mediclaim, Tax Cost Savings on Home Mortgage, Tax Preparation through 80 CCG– RGESS etc. Now you can scroll down below n check more information for Tax Planning for Salaried Person For FY 2015-16
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Tax Preparation for Salaried Individual For FY 2015-16
Tax Preparation for Salaried Individual
- — There are no. of ways being within the province of the Indian earnings tax act for salaried individual to conserve taxes.
- — Lets talk about few of the most popular strategies for FY 2015-16 to save taxes
5 Tax Planning Techniques
- — Conserve Tax u/s. 80 C, u/s. 80 CCC and u/s. 80 CCD
- — Save Tax u/s. 80 D– Mediclaim Policy
- — Conserve Tax u/s. 80 DD and u/s. 80 DDB
- — Tax Preparation through Mortgage
- — Tax Preparation through RGESS: u/s. 80 CCG
80 C, U/s. 80 CCC and U/s.
80 C, U/s. 80 CCC and U/s. 80 C is.
- — Equity Linked Savings Plan (ELSS)
- — Life Insurance Policies
- — Public Provident Fund
- 5 year tax saving Bank FD
- National Savings Scheme(NSC)
Tax Planning Sec 80 D– Mediclaim
- — u/s. 80 D, An individual is allowed claim reduction on expenditure if a premium is paid towards mediclaim policy for self & family and mediclaim policy for parents.
| Policy for | Age | Reduction permitted | Total reduction allowed |
| Self and Household | < 60 | 25000 | 50000 |
| Moms And Dads | 60 | 25000 | |
| Self and Household | > 60 | 25000 | 60000 |
| Parents | >60 | 25000 | |
| Self and Family | > 60 | 30000 | 30000 |
| Self and Family | < 60 | 25000 | 25000 |
Should Check Out–
- Reduction For Donation Under Area 80 G
- New Deduction 80 C Sukanya Samriddhi Savings Account
- Deduction For Medical Insurance Coverage Premium U/Sec 80 d
- Deduction for School Charges Paid u/s 80 c
- Deduction for Lease Paid u/s 80 GG
- Deduction in Respect of Numerous Loans
Sec 80 DD and Sec 80 DDB
— u/s. 80 DD Reduction is available on
- — Expense sustained on medical treatment, training and rehabilitation of handicapped dependent relative
- — Payment or deposit to defined scheme for upkeep of reliant disabled relative.
— u/s. 80 DD medical expense can be declared
- — Where impairment is 40% or more but less than 80%– set reduction of Rs 75,000
- — Where there is serious disability (special needs is 80% or more)– fixed reduction of Rs 1,25,000
— u/s. 80 DDB Deduction is readily available on
- — Expense actually incurred by individual on himself or reliant relative for medical treatment of defined disease or disorder
— u/s. 80 DD Quantity of reduction will be lower of quantity in fact paid on medical treatment or
- — Private <60 of Age – Rs.40000
- Individual >60 but 80Age– Rs.80000
Tax Cost Savings on Home Mortgage
- — Indian earnings tax law offers chance to specific financier to build wealth in the type of property house
- — An individual can leverages tax while building his own home
- — Purchasing Home residential or commercial property on a mortgage could lower your tax bill substantially
- — As per Indian tax law, an individual is allowed to declare optimum reduction of Rs.
- — 2,00, 000 p.a. against interest element of your Housing loan
- — 1,50,000 p.a. of concept paid for the housing loan against u/s.80 C
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Tax Preparation through80 CCG– RGESS
- — Under Rajiv Gandhi Equity Saving Scheme (RGESS) you are permitted to purchase direct equity share or qualified MF scheme.
- — Investors whose gross overall income is less than Rs. 12 lakhs p.a. can buy this scheme
- — For first time investor in the equity market
- — Deduction is lower of.
- –50% of amount invested in equity shares or
- — Rs 25,000
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