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| *Ostroff, Fair and Company>>>India Taxes |
How to take maximimum benifit of tax deduction? for INDIA only? |
I m a Software Professional and want to take full advantage of Tax Deduction, plz let me know the details how to save the tax? Invest in NSC, PPF, FDs, KVP. Invest in LIC premiums Take home loans, if you want and pay interest on that, you'll get the deduction. Claim HRA exemption in your salary by showing the rent paid. Claim exemption of Travelling allowance in your salary. Buy an expesive house on loan. hey...to have full benefit in tax deductiondo some social help work n get it published in any of ur newspapers os media...then u will get a certificate published from the govt of india automatically...which will help u save tax about 10% of what u give...more information u can get from any advocate u trust... You can save substantial amount of Tax on following counts: (1) Up to and over-all limit of Rs. 1,00,000/- by deduction from your income, combinedly or individually through investments in National Savings Certificates VII issue, or Life Insurance Plans, or Mutual Funds, or Public Provident Fund, or any other recognized Provident Fund, or through repayment of Home Loan installments, etc. With effect from 1.4.2006, even your investment in Fixed Deposit for 5 Years or more may also save income tax within this over-all limit of Rs. 1,00,000/- under Sec. 80C. (2) Up to Rs. 1,50,000/- on account of interest on Home Loan can be deducted from salary, as a loss from house property under Sec. 24. The list of such deductions is quite exhaustive. I would suggest you to read "INCOME TAX FOR EMPLOYEES 2006-07" written by Mr. P.S. DHINGRA, Director P&T Accounts & Finance (Retd). The book is priced at Rs. 95/- and can be had from reputed booksellers throughout india, or you may place order with "M/s Career book World, I-4/31 (Tp Floor, Sector-16, Rohini, Delhi-110085" This is valuable book and you can get plenty of information about how to save income tax on salaries. |
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