Tax planning 2014 for salaried.
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This presentation will give you an idea about the different sections of IT, using which you can save tax.
Transcript of Tax planning 2014 for salaried.
- TAX PLANNING FOR SALARIED INDIVIDUALS Ashish Ramesh Bhave CFPCM [email protected] (M) : 8862079292.
- You can save tax by Spending as well as investing. Take smart way to manage your personal finance. Ashish Ramesh Bhave CFPCM [email protected] (M) : 8862079292.
- You can save tax by spending money. Applicable sections 10(13A), 24 b ,80D,80E,80G Ashish Ramesh Bhave CFPCM (M) : 8862079292. [email protected]
- Section : 10(13A) for rent paid Rent paid against HRA. If you are staying in the rented apartment ,the rent paid gives you tax deduction Ashish Ramesh Bhave CFPCM (M) : 8862079292. [email protected]
- Section : 24 b Deduction of the interest paid against housing loan, the interest paid is allowable to be booked as loss from house property against salary This is the only loss allowable against salary. If the house is self occupied then the maximum deduction available is Rs. 1,50,000/-. If it is rented then there is no upper limit for deduction. Note : If you have your own property in different city and you are staying at rented apartment in other city you can claim for both Rental deduction as well as interest on borrowed capital. Ashish Ramesh Bhave CFPCM [email protected] (M) : 8862079292.
- Section : 80EE Deduction of the interest paid against housing loan, the interest paid is allowable to be booked as loss from house property against salary, This is on top of 24b This is the only loss allowable against salary. If the house is self occupied then the maximum deduction available is Rs. 1,00,000/-. The Loan should not be more than 25 Lac and property price should not be more than 40 Lac. Ashish Ramesh Bhave CFPCM (M) : 8862079292. [email protected]
- Section 80E The interest on loans taken for higher education for self, Spouse or children allowable deduction from your total income under Section 80E. There is no monetary ceiling on the interest you can claim as a deduction. No deduction on principle. The loan must have been taken from a financial institution or an approved educational institution. Ashish Ramesh Bhave CFPCM [email protected] (M) : 8862079292.
- Section 80D Expense against medical insurance premium paid (Not allowed if paid by cash) up to Rs 15,000/- if your parents are senior citizens then additional 20,000/- per year. So totals to max 35,000/- per year Now from this year Preventive medical checkup expenses are also included in this. (Up to 5000/-) Medical insurance policies are available as medical reimbursement as well medical benefit plan. Ashish Ramesh Bhave CFPCM [email protected] (M) : 8862079292.
- 80 G : Charity To avail tax benefits under Section 80G, donations must be made only to specified trusts and for scientific research. The tax breaks vary 50% to 100% according to the trust to which you have donated. Ashish Ramesh Bhave CFPCM (M) : 8862079292. [email protected]
- You can save tax saving by investing. Applicable sections 80C, 80CCF,80F,80TTA Ashish Ramesh Bhave CFPCM (M) : 8862079292. [email protected]
- Sec 80TTA : Savings a/c interest Deduction for interest on savings account Deduction upto Rs 10,000 proposed to be allowed in respect of interest on deposits (not being time deposit) in a savings account. Here if possible switch youre a/c to auto sweep ac which will fetch you more interest. Ashish Ramesh Bhave CFPCM (M) : 8862079292. [email protected]
- Section 80C Limit 1,00,000/- per year. Investments covered under 80C are Life insurance premium ,PF , VPF ,PPF ,ELSS ,Tax saving FD ,NSC , Registration fees for home, Childs tuition fees(Investment in your childs future), Principal payment of home loan. etc. However it is important to see one more angle in it, saving tax at the time of maturity is also important. Life insurance ,PPF ,PF and ELSS gives you tax free returns once the lock in period is over. Ashish Ramesh Bhave CFPCM [email protected] (M) : 8862079292.
- 80C : Children's fees Parents can claim a deduction for tuition fees for a maximum of two children within the overall limit of Rs 1,00,000 comes under 80C However, payment towards development fees or donations to the institution is excluded. Ashish Ramesh Bhave CFPCM (M) : 8862079292. [email protected]
- 80C :National Savings Certificates Available in Post offices . Tenure 5 years and 10 years. Interest rate changes every year for this year it is 8.5% for 5 years NSC and 8.8% for 10 years NSC. The interest is entirely taxable. Ashish Ramesh Bhave CFPCM (M) : 8862079292. [email protected]
- 80C :Equity-linked savings schemes These are mutual fund products and carry market risk. Good for long term investments. Have a lock-in period of three years. An ELSS is like any other equity fund. The returns at maturity are also tax-free. Ashish Ramesh Bhave CFPCM (M) : 8862079292. [email protected]
- 80C : Life insurance Your life cover premium is eligible for a tax deduction up to Rs 1 lakh under Section 80C. If the premium paid in any of the years is more than 20 per cent of the sum assured, then deduction will be allowed only up to 20 per cent of the sum assured. Note : section 80C will help you to protect your financial risk by taking good enough insurance protection for you. Insurance cover should be 10 times of your yearly income. Ashish Ramesh Bhave CFPCM [email protected] (M) : 8862079292.
- 80C : Pension plans If any investment is made under this section, then the qualifying amount under Section 80C stands reduced to that extent. Investment in insurance and mutual fund pension plans also comes under this section with an overall limit of Rs 1 lakh. Ashish Ramesh Bhave CFPCM (M) : 8862079292. [email protected]
- 80CCG : RGESS Rajiv Gandhi equity saving scheme. Available only if your salary is less than 10 lac per year. Available once in life time. IF you are a new investor in the equity market. Half of the investment amount is allowable as deduction. Maximum deduction is Rs.25,000/-. Ashish Ramesh Bhave CFPCM (M) : 8862079292. [email protected]
- Other deductions Sec 80DD : Treatment and maintenance of Handicapped dependent ( max. limit Rs.1,00,000/-) Sec 80U : If assesse is physically disabled. ( max. limit Rs.1,00,000/-). Sec 80DDB : For treatment of certain specified diseases and aliment. Ashish Ramesh Bhave CFPCM (M) : 8862079292. [email protected]
- Happy Tax saving Ashish Ramesh Bhave. CERTIFIED FINANCIAL PLANNERCM Cell : 8862079292 eMail : [email protected] Ashish Ramesh Bhave CFPCM [email protected] (M) : 8862079292.
- For financial planning : Ashish Ramesh Bhave. Pune, Maharashtra. CERTIFIED FINANCIAL PLANNERCM Cell : 8862079292 eMail : [email protected] Ashish Ramesh Bhave CFPCM [email protected] (M) : 8862079292.
