Earning an Income of Rs 10 Lacs? The Simple Tax Planning can save your Taxes and Build your Portfolio of Investments, Risk coverage and Savings. Keep in Mind following Points.
- Basic Exemption is taken as Rs 2.5 Lacs. It can be more in case of Senior Citizen
- 80 C Deduction can provide with many opportunity to save tax and make long term investment. In this manner you can build an ideal portfolio as per your age and family requirement. In 80D medical Insurance you can avail exemption for self and parents.
- Investment in NPS can help you not only save tax but also build retirement portfolio. Option to Invest in Equity is ideal for retirement planning of more than 25 years.
- Employer can modify their salary structure and put allocation to NPS which will give additional benefit to employees. Also They can Claim Full Transport allowance, Medical Reimbursement, LTA, Travel and Fuel expenses, Phone and Communication, Meal Coupoun and News paper
- If you have availed loan for Housing you can claim interest paid to Bank or Friends or relative as deduction uptoRs 2 Lacs form Income. If you do not have Home Loan and leaving on Rent or at parents place (you can pay rent) and claim rental benefit as HRA. In some case you can claim both HRA and Housing Loan Benefit if your resident and place of work are in two different cities.
In the above manner you can earn Tax Free Income of Rs 10 Lacs and Also have balance portfolio of investment and Make your life secure and risk free
For any query you can write to Chirag@cachauhan.in . Before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on.