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Padmavati Wealth Advisors<br />Tax Planning Module<br />
Tax 2009-2010 – The slabs!<br />2<br /><ul><li>An Individual Tax Payer < 65 Years of age or an HUF
 The surcharge on the tax for income above Rs 10 lacs is removed.</li></ul>Padmavati Wealth Advisors<br />
Tax 2009-2010 – The slabs!<br /><ul><li>Women < 65 Years</li></ul>3<br /><ul><li> The surcharge on the tax for income abov...
Tax 2009-2010 – The slabs!<br /><ul><li>Senior Citizen</li></ul>4<br /><ul><li> The surcharge on the tax for income above ...
Tax, Tax and more tax!!<br />5<br />30%<br />20%<br />10%<br />Padmavati Wealth Advisors<br />
Relief(s) Available!<br />6<br /><ul><li>Section 80 C
 Section 80 CCC
 Section 80 CCD
 Section 80 D
 Section 80 E</li></ul>Padmavati Wealth Advisors<br />
80C - Conditions Apply!<br /><ul><li>Cannot exceed Rs.1,00,000
Sum may be paid or deposited at any time during the year
No limits for various items specified u/s. 80C. Therefore, an assessee may opt to invest even in only one item say insuran...
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Tax Planning

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Why to pay Tax???

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Transcript of "Tax Planning"

  1. 1. Padmavati Wealth Advisors<br />Tax Planning Module<br />
  2. 2. Tax 2009-2010 – The slabs!<br />2<br /><ul><li>An Individual Tax Payer < 65 Years of age or an HUF
  3. 3. The surcharge on the tax for income above Rs 10 lacs is removed.</li></ul>Padmavati Wealth Advisors<br />
  4. 4. Tax 2009-2010 – The slabs!<br /><ul><li>Women < 65 Years</li></ul>3<br /><ul><li> The surcharge on the tax for income above Rs 10 lacs is removed.</li></ul>Padmavati Wealth Advisors<br />
  5. 5. Tax 2009-2010 – The slabs!<br /><ul><li>Senior Citizen</li></ul>4<br /><ul><li> The surcharge on the tax for income above Rs 10 lacs is removed.</li></ul>Padmavati Wealth Advisors<br />
  6. 6. Tax, Tax and more tax!!<br />5<br />30%<br />20%<br />10%<br />Padmavati Wealth Advisors<br />
  7. 7. Relief(s) Available!<br />6<br /><ul><li>Section 80 C
  8. 8. Section 80 CCC
  9. 9. Section 80 CCD
  10. 10. Section 80 D
  11. 11. Section 80 E</li></ul>Padmavati Wealth Advisors<br />
  12. 12. 80C - Conditions Apply!<br /><ul><li>Cannot exceed Rs.1,00,000
  13. 13. Sum may be paid or deposited at any time during the year
  14. 14. No limits for various items specified u/s. 80C. Therefore, an assessee may opt to invest even in only one item say insurance premium
  15. 15. Premium or other payment made on insurance policy not in excess of 20% of actual capital sum assured
  16. 16. Tuition Fee for any two children of the assessee
  17. 17. Principal repayment on loan borrowed for acquiring commercial property is not eligible
  18. 18. Residential property under construction for which principal has been repaid does not qualify for deduction</li></ul>7<br />Padmavati Wealth Advisors<br />
  19. 19. 80C– More Conditions Apply!<br /><ul><li>Repayment of principal on loan borrowed for residential house (whether let-out or self occupied) only is entitled for deduction.
  20. 20. Where the loan is availed for any addition, alteration, repair or renovation no deduction can be claimed for principal repayment
  21. 21. Repayment of loan borrowed for housing from relatives, friends, non-specified employer / institution are not eligible for deduction.
  22. 22. However, any interest paid on such loan borrowed is deductible under section 24, while computing income under the head “House Property”
  23. 23. Fixed Deposit in Banks must be for 5 years</li></ul>8<br />Padmavati Wealth Advisors<br />
  24. 24. 80C– Additional Options!<br /><ul><li>Five year time deposit in an account under Post Office Time Deposit Rules, 1981.
  25. 25. Deposit in an account under the Senior Citizens Savings Scheme Rules, 2004</li></ul>9<br />Padmavati Wealth Advisors<br />
  26. 26. 80C - Popular Choices!<br /><ul><li>Mutual Funds
  27. 27. Insurance
  28. 28. ULIP
  29. 29. Principal repayment of Housing Loan
  30. 30. Fixed Deposits in Banks (5 years)
  31. 31. NSC – National Savings Certificate
  32. 32. PF – Provident Fund [SPF, PPF, RPF]
  33. 33. 10 year Post Office Savings Bank (CTD)</li></ul>10<br />Padmavati Wealth Advisors<br />
  34. 34. 80CCC & 80CCD –Pension-No Tension!<br />80CCC-Contribution to pension scheme<br /><ul><li>Rs.1,00,000 (outer limit)
  35. 35. Disallowance on cancellation or lapse
  36. 36. All withdrawals are taxable on surrender / maturity</li></ul>80CCD-Contribution to CG pension scheme<br /><ul><li>10% of Salary (Basic + DA)
  37. 37. All withdrawals are taxable on surrender / maturity</li></ul>11<br />Padmavati Wealth Advisors<br />
  38. 38. 80D – Health is wealth (literally)!<br />80 D – Contribution to Medical Insurance Schemes<br /><ul><li>Rs: 15,000
  39. 39. Self + Spouse + Dependent Children + Dependent Parents
  40. 40. Rs: 20,000 for senior citizens
  41. 41. Now, an additional deduction of Rs: 15,000 (Rs: 20,000 if parents are senior citizens) is available to an individual for payment of medical insurance premium for parents. </li></ul>12<br />Padmavati Wealth Advisors<br />
  42. 42. 80E – It’s good to study!<br />80 E – Repayment of Education Loans<br /><ul><li>Only Interest is eligible for deduction
  43. 43. No Limit
  44. 44. Deduction eligible for initial year and immediately succeeding seven years
  45. 45. Deduction eligible for repayment of education loans made for spouse or children</li></ul>13<br />Padmavati Wealth Advisors<br />
  46. 46. 14<br />Plan Ahead!Have A Non ‘Tax’ing Year!!<br />Padmavati Wealth Advisors<br />Padmavati Wealth Advisors<br />Kunal Doshi<br />+91 98334 67999 | O. 91-22-28081677 padmavatiwealth@yahoo.in<br />
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