Individual Tax Planning 80C/CCC- Limit Rs 1 lac -Life Insurance premium -Contribution to PF - Contribution to PPF.

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Presentation transcript:

Individual Tax Planning 80C/CCC- Limit Rs 1 lac -Life Insurance premium -Contribution to PF - Contribution to PPF

80C contd… -10 yr/ 15 yr Post Office Deposits -NSCs -ELSS in Mutual Fund -Repayment of principal amount under housing loan -5 year deposits in banks

80D Up to Rs on medical insurance premium

80E Up to Rs towards repayment of loan together with interest for higher studies

80G 100% for donations to Central Govt Funds and 50% for other approved funds. For other funds total donations would be restricted to 10% of GTI

Some tools for tax planning under salaries Sodexo coupons- Rs 36,000 Education allowance- Rs 2400 Transport allowance-Rs 9,600 Medical Reimbursement- Rs 15,000 Newspaper Reimbursement Mobile/ telephone reimbursement Provision of vehicle by employer

Income under House Property In addition to Rs 1 lac under 80C for principal repayment, deduction up to Rs 1.5 lac is available towards interest on loan in case of self occupied property or up to full extent in case of let out property.

Capital Gains Short term & Long term gains Long Term is more than 36 months except for shares/mutual funds where it is more than 12 months Shares/MFs- tax rate for short term- 15% and for long term- Nil All other capital assets- tax rate for short term is usual slabs and for long term it is 20% All computations are after cost inflation index (CII)

TAX RATE Up to Rs / / Nil Above basic exemption limit to Rs % to % Above % Education cess 3% on tax amount.