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.

 

  1. Basic Exemption is taken as Rs 2.5 Lacs. It can be more in case of Senior Citizen
  2. 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.
  3. 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.
  4. 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
  5. 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.

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article author One Roof Consultant
Posted On:  2 years ago

Why employer do not provide reimbursement


article author Daya Ram
Posted On:  2 years ago

Hw to do tax saving in case of self employed professional


article author CA Chirag Chauhan
Posted On:  2 years ago

@ one Roof - it depends upon job profile and how much employer are aware of provision of Income Tax


article author CA Chirag Chauhan
Posted On:  2 years ago

@Daya Ram In case of Self Employed Professionals there are many ways to Save Taxes. If you want to know mail me detials of income at chirag@cachauhan.in. Will review and get back to you


article author Zaheer Khan
Posted On:  2 years ago

I have invested in a house in Thane for which I have taken a housing Loan Now this is an under construction property with a possession of 2017 or 2018 but I have paid the builder full amount part through my own funds and balance 70% through accelerated disbursement so the full amount is paid to the builder so will I still not get exemption by showing housing loan interest ??? As I have been told housing loan interest for under construction property is not eligible for taking tax exemption but what if the full payment is done????


article author CA Chirag Chauhan
Posted On:  2 years ago

Zaheer You can claim interest paid during construction period once you get possession / year in which construction is over. You cna claim entire amount in five equal installments in next five years


article author Kunjan Shah
Posted On:  2 years ago

I am salaried person, How can I get benefit of my telephone / mobile / internet bills as well against newspapers and periodicals?


article author CA Chirag Chauhan
Posted On:  2 years ago

@ Kunjan - Yes you can provided your employer gives you as a part of salary


article author Kunjan Shah
Posted On:  2 years ago

Thank you sir for response. If I have not provided to employer, Can I get benefit while submitting returns.?


article author CA Chirag Chauhan
Posted On:  2 years ago

You Employer gives reimbursement of expenses then only you can claim. It will be part of Form 16. You cannot claim at the time of filing returns


article author chandrashekhar soni
Posted On:  2 years ago

i am a salaried person my salary is about 6.9 lacks how can i save tax...


article author bhprasad
Posted On:  2 years ago

Can you please let me know under which section news paper bill will be exempted


article author CA Chirag Chauhan
Posted On:  2 years ago

@ Chandrashekhar - You can see the picture and avail most of deduction. @ BH Prasad - Your employer will provide reimbursement as part of salary


article author kalyani
Posted On:  2 years ago

Sir can we save tax buy DMAT?


article author Mohit soni
Posted On:  2 years ago

My package is 6 lac per annum + incentives how can I save taxes


article author sai babu
Posted On:  2 years ago

Hi sir, Greetings tou you for your post about tax savings. Under what circumstances and sections in incomes tax act 1969, Phone & Communications expenses and News paper & Periodicals expenses are disallowed for liable to tax


article author Deepanshu Sharma
Posted On:  2 years ago

Hi sir, i wamted to know whether above mentioned Travel and fuel reimbursements upto 1 lacs, phone and newspaper 24000 and newspaper and periodicals = 12000 are these expenses are allowed for salaried class individuals and where to claim them???


article author CA Chirag Chauhan
Posted On:  2 years ago

If your employer gives reimbursement its allowed.


article author sai babu
Posted On:  2 years ago

Hi sir, Greetings tou you for your post about tax savings. Under what circumstances and sections in incomes tax act 1969, Phone & Communications expenses and News paper & Periodicals expenses are disallowed for liable to tax for govt employee


article author Deepanshu Sharma
Posted On:  2 years ago

if yes but i can take in which section?


article author Deepanshu Sharma
Posted On:  2 years ago

okay sir now i got it thankew for reply


article author vinod
Posted On:  2 years ago

hi sir in which section phone and internet bills can be deducted


article author CA Chirag Chauhan
Posted On:  2 years ago

@ Vinod - You Can Claim when employer provides as part of salary and you submit bill to him for reimbursement. It will form past of Form 16


article author asdf asdf
Posted On:  2 years ago

Hi Chirag, Do shares for a US based company (given as part of RSU/ESPP) exempted under Indian tax law (long term/short term capital gains)? Thanks Ankit Khandelwal


article author rani sinha
Posted On:  2 years ago

Hi chirag, can we claim tax benefit on big purchases like laptop?


article author K Shashidharam
Posted On:  2 years ago

I am central govt pensioner retired on 31/5/15. Office had deducted IT for 3 months of 2015. Besides I have received retirement benefits including leave encashment of 15 Lakhs. My monthly pension is 50k. Kindly advise 1. I have booked a house and paid Rs 2.25 lakhs as registration fee to govt. Is this can be deducted from taxable income? 2.I have paid Rs60K as one time fee for Central Govt Health Scheme. Is this can be deducted from taxable income. 3. Leave encashment is during retirement is taxable? 4.Monthly expenses like news paper and telephone charges are deducted from taxable income? Kindly throw light


article author CA Chirag Chauhan
Posted On:  2 years ago

@ K Shashidharam - You can claim benefit of home loan if you have availed one. Your pension income is taxable like salary income. You will get 1/3rd of the family pension or Rs 15,000, whichever of the two is lower is allowable dedctuin


article author sarfraz
Posted On:  1 year ago

sir i am salaried employed having 2.5 lacs per annum.my residents or native place is 1600 km far from my working place.can i claim for hra & ta to employer.if it is claimable please tell me the procedure to claim the hra.


article author CA Chirag Chauhan
Posted On:  1 year ago

@ SarfrazIncome up to Rs 2.5 Lacs is exempt from Income Tax


article author vikram beeravalli
Posted On:  1 year ago

sir i am salaried employee having 10 lacs per annum , i have borrowed funds from relatives of 4 lacs (approx) for constructing a residential house. How i can claim deduction. is there any neceesary documents/proofs need to submit at the time of filing return . if scrutiny on this section happens, what should be the procedure.


article author CA Chirag Chauhan
Posted On:  1 year ago

@ Vikram - You need to make proper documentation of Loan taken mail me complete detials at chirag@cachauhan.in we can help you out


article author vikram beeravalli
Posted On:  1 year ago

Thank you sir , i will mail you full details regarding above . please look at once.


article author Syam V
Posted On:  1 year ago

Hi Chirag, if my employer did not show Medical Insurance in Form 16, can I manually deduct from taxable income? Is there any proof to be submitted to Income tax department?


article author CA Chirag Chauhan
Posted On:  1 year ago

@ Syam - Medical Insurance Paid can be claimed in section 80D. Even if you have not submited proff and employer has not considered in Form 16. You can still claim at the time of filing of income tax returns


article author Rajkumar
Posted On:  1 year ago

what i should do when my Form 16B shows HRA Rs.81180 but exemption u/s 10(13A) show0s 0 (zero) amount..


article author

CA Chirag Chauhan

Tax Expert
Chartered Accountant, CA Chauhan



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