Income Tax Saving Tips for 2014

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Income Tax Saving Options for 2014

In India, there are various tax slabs for the male and female and as per the annual salary, the tax deduction takes place. If a male individual earns (in Rs) 200,001 to 500,000, the tax would be 10% if it exceeds from 500,000 to 1,000,000 the tax would be 20% if it exceeds from 1,000,000 the tax would be 30%. including Female assessee also. Tax slabs for the Sr. Citizen is different from the male individual, the tax limit for the female start from 250,001. For 250,001 up to 500,000 the tax is 10%, from 500,000 to 1,000,000 tax is 20% whereas for above 1,000,000 tax would be 30%.

 

To get the tax benefit, it is important to show the investment proof. Tax waiver is applicable if the investment has done in the following:

 

Mutual funds – There are several government and private mutual funds available in the market such as State Bank of India mutual funds, Franklin Templeton, Kotak Mahindra and ICICI. Investor has to take care that tax waiver is available only on those mutual funds that have a locking period; a fund without a locking period is not eligible for the income tax benefit.

 

Home Loan – If an individual has purchased any property on loan, a tax waiver is applicable on it.

 

House Rent – House rent is another mode to save the income tax. While filing for income tax, tax receipt should be attached.

 

Insurance Policy- Government has given tax benefit on different type of insurance policies such as life insurance policy and health Care. This should be noted that no tax benefit is given for the General insurance like motor insurance etc.

 

While filing for the income tax it is useful to attach the receipt of the documents as per the above list.

 

Optimal tax planning with section 80C: Eligible schemes under section 80C for 2012-2013

 

1. Life Insurance Premiums

2. Contributions to Employees Provident Fund

3. Public Provident Fund

4. NSC (National Savings Certificates)

5. Unit Linked Insurance Plan (ULIP)

6. Repayment of Housing Loan (Principal)

7. Equity Linked Savings Scheme (ELSS) of Mutual Funds

8. Tuition Fees including admission fees or college fees paid for full-time education of any two children of the tax payer.

9. Infrastructure Bonds issued by Institutions/ Banks such as IDBI, ICICI, REC

10. 5-Year fixed deposits with banks and Post Office Savings Schemes

11. Senior Citizens Savings Scheme (SCSS)

 

 

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