Which are best tax saving options under section 80C of income tax act. What are various tax saving options .Which investments are allowed for 80C deduction ELSS, FD, Term Insurance, Medical Insurance, PPF, Tax Saving Schemes, Saving taxes,
Traditionally, this is the time at which we recommend you take stock of tax and finance for you, your family and your business. A strategic review before the end of the tax year on 5 April 2021 may suggest ways to structure your affairs more efficiently and make the most of your tax position. Some planning points this year reflect the impact of the pandemic.
lease be assured that we are always on hand to advise and keep you up to date with tax and finance measures as they unfold. Throughout this publication, the term spouse includes a registered civil partner. We have used the rates and allowances for 2020/21.
Personal Finance Pyramid and Tax Deduction_Exemption FY2016_17Reena Somaiya
This deck talks about how to get a strong foundation for your personal finance using the personal finance pyramid and the individual income tax section applicable for FY 16 - 17 for tax deduction / exemption. We close with some way to optimize your tax out go.
Which are best tax saving options under section 80C of income tax act. What are various tax saving options .Which investments are allowed for 80C deduction ELSS, FD, Term Insurance, Medical Insurance, PPF, Tax Saving Schemes, Saving taxes,
Traditionally, this is the time at which we recommend you take stock of tax and finance for you, your family and your business. A strategic review before the end of the tax year on 5 April 2021 may suggest ways to structure your affairs more efficiently and make the most of your tax position. Some planning points this year reflect the impact of the pandemic.
lease be assured that we are always on hand to advise and keep you up to date with tax and finance measures as they unfold. Throughout this publication, the term spouse includes a registered civil partner. We have used the rates and allowances for 2020/21.
Personal Finance Pyramid and Tax Deduction_Exemption FY2016_17Reena Somaiya
This deck talks about how to get a strong foundation for your personal finance using the personal finance pyramid and the individual income tax section applicable for FY 16 - 17 for tax deduction / exemption. We close with some way to optimize your tax out go.
Tax Saving Guide for FY 2015-16 (AY 2016-17)Apnaplan.com
eBook on Tax Planning for FY 2015-16. Covers all tax exemptions available to tax payers in India. Updated according to Budget 2015 with latest Tax Calculator.
I came across general queries on Income taxation issues from employees and I tried to help them to understand basic taxation rules and better financial plan for middle level salaried employees.
A list of provisions provided for planning savings and investments as part of your Income Tax planning. This is a beginner's guide to introduce yourself to several possible provisions.
For any tax paying individual, to have a working knowledge of how income tax is calculated can only make life simpler. Learn how to calculate Income Tax based upon income tax slabs in India for the financial year 2015-16 on It’s All About Money.
Tax Planning for an individual with the help of deductions in Income Tax Act. I have provided the basic deductions which will be applicable to a common individual.
January 2021 Tax Tips Newsletter
Harman CPA PDF Of Jan 2021 Newsletter Content
JANUARY 2021 NEWSLETTER CONTENT WHICH
APPEARED ON OUR WEBSITE
John Harman, CPA PLLC
1402 S. Custer Rd, S-102
McKinney, TX 75070
info@mckinneytax.com
Phone: (469) 742-0283
https://www.mckinneytax.com/
YouTube videos here: https://www.youtube.com/user/mckinneytax
John Harman, CPA PLLC, January 2021 Tax Tips Newsletter, mckinneytax, JANUARY 2021 NEWSLETTER
Tax Saving Guide for FY 2015-16 (AY 2016-17)Apnaplan.com
eBook on Tax Planning for FY 2015-16. Covers all tax exemptions available to tax payers in India. Updated according to Budget 2015 with latest Tax Calculator.
I came across general queries on Income taxation issues from employees and I tried to help them to understand basic taxation rules and better financial plan for middle level salaried employees.
A list of provisions provided for planning savings and investments as part of your Income Tax planning. This is a beginner's guide to introduce yourself to several possible provisions.
For any tax paying individual, to have a working knowledge of how income tax is calculated can only make life simpler. Learn how to calculate Income Tax based upon income tax slabs in India for the financial year 2015-16 on It’s All About Money.
Tax Planning for an individual with the help of deductions in Income Tax Act. I have provided the basic deductions which will be applicable to a common individual.
January 2021 Tax Tips Newsletter
Harman CPA PDF Of Jan 2021 Newsletter Content
JANUARY 2021 NEWSLETTER CONTENT WHICH
APPEARED ON OUR WEBSITE
John Harman, CPA PLLC
1402 S. Custer Rd, S-102
McKinney, TX 75070
info@mckinneytax.com
Phone: (469) 742-0283
https://www.mckinneytax.com/
YouTube videos here: https://www.youtube.com/user/mckinneytax
John Harman, CPA PLLC, January 2021 Tax Tips Newsletter, mckinneytax, JANUARY 2021 NEWSLETTER
Rely on yourself ! How retirement goal can help an investor to maintain their lifestyle without depending on other. It was worked out based on the current monthly expenses and assumed inflation.
This PPT has in detail the ways how one can do efficient tax planning. For more information visit https://www.financialhospital.in/tax-planning-seminar.php
How to save taxes - An Infographic depicting the many means of saving taxes. A sneak peak on the new tax regulations according to the budget for FY 2014-2015.
Most of the Income Tax payee try to save tax by saving under Section 80/C of the Income Tax Act. However, it is important to know the this Section in to detail that one can make best use of the options available for exemption under income tax Act.
One important point to note here is that one can not only save tax by undertaking the specified investments, but some expenditure which you normally incur can also give you the tax exemptions. Here are some tips for you:
Happy Reading..Happy Investing.
Mehul Bheda
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
Acetabularia Information For Class 9 .docxvaibhavrinwa19
Acetabularia acetabulum is a single-celled green alga that in its vegetative state is morphologically differentiated into a basal rhizoid and an axially elongated stalk, which bears whorls of branching hairs. The single diploid nucleus resides in the rhizoid.
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
A Strategic Approach: GenAI in EducationPeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Palestine last event orientationfvgnh .pptxRaedMohamed3
An EFL lesson about the current events in Palestine. It is intended to be for intermediate students who wish to increase their listening skills through a short lesson in power point.
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
Embracing GenAI - A Strategic ImperativePeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
Instructions for Submissions thorugh G- Classroom.pptxJheel Barad
This presentation provides a briefing on how to upload submissions and documents in Google Classroom. It was prepared as part of an orientation for new Sainik School in-service teacher trainees. As a training officer, my goal is to ensure that you are comfortable and proficient with this essential tool for managing assignments and fostering student engagement.
9. Salaries
Income from House Property
Profit and Gains from Business or Profession
Capital Gains
Other Sources
Income that are Taxable…
Taxes
10. House Rent Allowance (HRA)
Transport Allowance
Professional Tax
Loss from House property
Chapter VI A Deductions
Expenses that are Exempted…
Taxes
12. ∞ Transport allowance is exempt up-to ₹ 1,600/- per month provided the person is in
India during the month.
∞ For people having permanent physical disability, the exemption is ₹ 3,200/- per month
Sec 10 (14)
Taxes Exemptions
14. There is no limit on Interest Deduction if the house is rented out, but the rent (less 30%
of rent as standard deduction and municipal taxes) needs to be declared as income
during the Financial year.
Interest deduction on House Property
Maximum Interest that can be
claimed as deduction
Rs.30,000
Rs.2,00,000
Period of availing Housing Loan
Prior to 1st April 1999
After 1st April 1999
Taxes Exemptions
15. Sec 80 TTA
Interest from Savings bank account is exempt up to
₹ 10,000/- per year
Sec 17(2)
Medical reimbursement are exempt for self and dependent
family,up-to ₹ 25,000/- per annum
ExemptionsTaxes
16. Sec 87A
Taxable income less than ₹ 5,00,000 (before VI A deductions)
Government allows ₹2,000 deductions of taxes
Taxes Exemptions
18. Home Loan Principal Repayment & Prepayment
In-case of joint home loan account,both spouses can claim
Home Loan
Under Chapter VI A - 80 CTaxes Expenditure
19. Parents can claim a deduction for tuition fees for a maximum of two children.
Tuition fee for Full-Time Education only
However,payment towards development fees or donations to the institution are
not eligible for exemptions.
It also can be shared equally between the spouses.
Tuition Fees
Under Chapter VI A - 80 CTaxes Expenditure
20. To avail tax benefits under Section 80G, donations must be made only to specified
trusts.
One can donate 10% of Gross Total Income per annum.
The tax breaks vary according to the trust to which you have donated.
Sec 80G Donations
Under Chapter VI A - 80 CTaxes Expenditure
21. ∞ Life Insurance ∞ Unit Linked Insurance Plans
Under Chapter VI A - 80 CTaxes Insurance
22. Deductions
25,000
25,000
30,000
Preventive Health Check up charges Rs.5000 can be claimed with in the
overall limit.
Deduction can be claimed for both Self and Parents.
For parents above 80 years,not covered by health insurance,deduction of
₹30,000 towards expenditure on medical treatment.
Note :Parents need not be Financially dependent on the Taxpayer to claim this deduction.
Category
Self, Spouse & Children
Parents – Age Below 60 years
Parents – Age Above 60 years
Under Chapter VI A - 80 CTaxes Insurance
Sec 80D Medical Insurance Premium Deduction
23. Term deposits in a scheduled bank with a minimum period of five years gives you a
fixed and assured return (around 8.75 % ),with tax advantage.
Term deposits are a one-time investment and there is no commitment to pay in the
future.
The entire interest income from such deposits are taxable.
Under Chapter VI A - 80 CTaxes Investment
Bank Deposit
24. This is a forced saving for employees and helps them save for retirement.
Every month,12 % of basic salary is deducted and put into a kitty
maintained either by the government or your company's trust.
Under Chapter VI A - 80 CTaxes Investment
Employee Provident Fund
25. This is a self-directed investment option. It is essentially a 15-year investment that
gives a tax-free return of 8.70 % as of now.
Investments of Rs 500-150,000 qualify for a tax deduction under Section 80C.
The rate is subject to change.
Under Chapter VI A - 80 CTaxes Investment
Public Provident Fund
26. ∞ This government-backed security is available at post offices and gives an
interest rate of 8.40%,compounded half-yearly as of now.
∞ The interest is Tax Exempted but for the interest in the 5th year of deposit.
∞ NSC is good for Low Tax slab individuals
Under Chapter VI A - 80 CTaxes Investment
National Saving Certificate
27. ∞ The Government has launched a new deposit scheme,which can be opened by
the natural (biological) or legal guardian of the girl child aged below 10 years.
∞ The Interest earned shall be added in the income of the guardian and a
deduction of Rs.1,500 shall be available.
∞ Premature withdrawal up to 50% is allowed for the purpose of higher education
and marriage only when the account holder girl child attains the age of 18 years.
Under Chapter VI A - 80 CTaxes Investment
Sukanya Samriddhi for Minor Girl Child
28. ELSS is a diversified equity fund having 80% of the investment in
equity.
ELSS is an optimal way to save tax and enjoy benefits of long term
equity investment ( greater return )
Has a lock in period of 3 years
Under Chapter VI A - 80 CTaxes Investment
Equity Linked Saving Scheme
29. How much you can save with Chapter VI A
Under Sec 80D
Under Sec 80C
Under Sec 80G - One can donate 10% of Gross Total Income per annum
Below 2,50,000
N A
2,50,001 – 5,00,000
15,450
5,00,001 – 10,00,000
30,900
Above 10,00,000
46,350
2,50,001 – 5,00,000
3090 *
5,00,001 – 10,00,000
6180 *
Above 10,00,000
9,270 *
* - One can save more if parent is above 65 yrs old
30. Tenure
10/15/20/25 Yrs
Till 58 Yrs
5 Yrs
15 Yrs
Till 58 Yrs
5 Yrs
5 -30 Yrs
21 yrs **
Till 58 Yrs
Till 58 Yrs
3 Yrs
80C Investment Avenue - Comparison
* Market Linked
** from Date of opening ac / girl completes 21 yrs & gets married
Returns
0 - 5 %
4 -6 %
8.40 %
8.70 %
8.75 %
8.75 %
8-10 %
9.1 %
10-12 %
10 -12 %
15 - 18 %
Investments
Life Insurance – Traditional
Pension Plan - Insurance Co.,
National Savings Certificate
Public Provident Fund
Employee Provident Fund
Bank 5 year FD
Unit Linked Insurance Plan
Sukanya Samriddhi
National Pension Scheme
Pension Fund ( Mutual )
Equity Linked Savings Schemes
*
*
*
*
Under Chapter VI A - 80 CTaxes
31. Dividend is tax free Nil Capital gain tax
Under Chapter VI A - 80 CTaxes
ELSS Scheme – Double Benefit
32. 51 ELSS schemes are available for investment
Top performing ELSS scheme has more than returned 30% annualized
basis for 3 year period
Most of the schemes have offered returns of 20% and above on
annualized basis for 3 year period
Under Chapter VI A - 80 CTaxes
ELSS Returns
33. Fund G – NSC results with interest return of 8.6% – 9%
34. Mr Dingle is working in a reputed Software company in Chennai for the past 5
years and his salary details are as given below.
Income
Salary
Basic
HRA
Education Allowance
Conveyance
Medical Reimbursement
Other Allowance
Total
Annual Bonus
Amount
Value
14,000
5,600
200
1,600
1,250
25,000
47,650
27,989
Annual Earnings
in ₹
1,68,000
67,200
2,400
19,200
15,000
3,00,000
5,62,200
27,989
₹ 5,99,789
Back to CalculationBack to Expenses Back to Taxation
Taxes Calculation
35. His expenses are as given below,
Description
House Rent
Life Insurance
Health Insurance Family
Health Insurance Parents
Tax Saving Mutual Fund
Amount
Value in ₹
7,000 / Month
25,000 / Year
25,000 / Year
30,000 / Year
2,000 / Month
What is the amount Mr Dingle has to pay for FY 2015 – 2016 as Tax?
Back to Calculation Back to TaxationBack to Salary
Taxes Calculation
36. Mr Dingle FY 15-16
Total Salary ₹ 5,99,789
HRA actually received 67,200
Rent Paid in excess of 10 % 67,200
50 % of salary 84,000
(which ever is less) 67,200
Professional Tax 1,200
Conveyance Allowance 19,200
Gross Total Income (A-B-C-D) 497,189
Interest Payment on House Loan -
67,200
Deductions under Chapter VI-A
Provident Fund 20,160
House Loan Principal -
PPF -
ELSS Mutual Funds 24,000
LIC Premium / PPF 25,000
Mediclaim Premium - Self 17,000
Back to Salary Back to Expenses Back to Taxation
Mediclaim Premium – Parents Sr 30,000
80C
69,160
80D
All the # are in ₹
Taxable Income 497,189
CalculationTaxes
37. Taxation:
0 – 2,50,000 0
2,50,001 – 5,00,000 13,103
5,00,001 – 10,00,000 0
> 10,00,001 0
₹ 11,436
Actual Tax 13,103
0 %
10 %
20 %
30 %
Applicable 87A rebate 2,000
Nett Tax Payable
Back to CalculationBack to Salary Back to Expenses
All the # are in ₹
Tax Payable 11,103
Educational Cess 3 % 333
Taxable Income 3,73,029
Mr Dingle FY 15-16CalculationTaxes
38. Mrs Jingle is working in a reputed Health Care company in Chennai for the past 10
years and her salary details are as given below.
Income
Salary
Basic
HRA
Education Allowance
Conveyance
Medical Reimbursement
Other Allowance
Total
Annual Bonus
Amount
Value
30,000
12,000
200
1,600
1,250
42,000
86,250
72,000
Annual Earnings
in ₹
3,60,000
1,44,000
2,400
19,200
15,000
5,04,000
1,044,600
72,000
₹ 1,116,600
Back to CalculationBack to Expenses Back to Taxation
CalculationTaxes
39. Her expenses are as given below,
Description
Housing Loan
Health Insurance Self & Family
Tax Saving Mutual Fund
Amount
Value in ₹
21,250 / Month
25,000 / Year
2,500 / Month
What is the amount Mrs Jingle has to pay for FY 2015 – 2016 as Tax?
Back to Calculation Back to TaxationBack to Salary
CalculationTaxes
40. Total Salary ₹ 11,07,000
HRA actually received 1,44,000
Rent Paid in excess of 10 % -
50 % of salary 1,80,000
(which ever is less) -
Professional Tax 2,400
Conveyance Allowance 19,200
Gross Total Income (A-B-C-D) 10,80,000
Interest Payment on House Loan 1,78,500
Back to Expenses Back to TaxationBack to Salary
Net Taxable Income 9,01,500
Provident Fund 43,200
House Loan Principal 76,500
PPF -
ELSS Mutual Funds 30,000
LIC Premium / PPF -
Mediclaim Premium - Family 25,000
80C
1,50,000
80D
All the # are in ₹
Gift Earned -
Total Saving Under 80C 1,59,700
Eligible Deduction
CalculationTaxes Mrs Jingle FY 15-16
Deductions under Chapter VI-A
41. Taxation:
0 – 2,50,000 0
2,50,001 – 5,00,000 25,000
5,00,001 – 10,00,000 47,150
> 10,00,001 0
₹ 74,315
Actual Tax 72,150
0 %
10 %
20 %
30 %
Applicable 87A rebate 0
Nett Tax Payable
Back to CalculationBack to Salary Back to Expenses
All the # are in ₹
Tax Payable 72,150
Educational Cess 3 % 2,165
Taxable Income 7,21,500
CalculationTaxes Mrs Jingle FY 15-16
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