Tax Planning for Salaried Individual For FY 2015-16

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 Planning for Salaried Individual CAknowledge

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.

  • — u/s 80 CCC one can buy a pension policy of an insurance company
  • u/s 80 CCD a person can buy National Pension Scheme(NPS)
  • 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
    • .

      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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