Tax Planning
Upcoming SlideShare
Loading in...5
×
 

Tax Planning

on

  • 692 views

Why to pay Tax???

Why to pay Tax???

Statistics

Views

Total Views
692
Views on SlideShare
692
Embed Views
0

Actions

Likes
0
Downloads
20
Comments
0

0 Embeds 0

No embeds

Accessibility

Upload Details

Uploaded via as Microsoft PowerPoint

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

Tax Planning Tax Planning Presentation Transcript

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