We are a small company , we generally provide employee the salary asbasic + DA _HRA , which all is taxable
What are innovative ways to reduce there tax burden ?
I was mis-sold LIC’s Jeevan Anand policy by an agent who I believed was sincere in advising me. At that time I did not even know that something known as “term insurance” exists. I thought I was doing well since the said policy would play three roles simultaneously: as life insurance, long term investment and tax saving avenue. The premium I paid was over Rs 19000 (yearly).
Now I know I am not alone, many people are cheated by such agents. I know I behaved like the stupidest person on earth, but I also feel that many people even today are not insurance-literate. I think somebody should take the responsibility of making people aware about this, specially the IRDA should take this initiative. What do you think about this issue?
I want to know how we can deduct tax from an employee who is eligible for the same.
Like, an employee is getting 50000/- in hand. Now suppose he is eligible for 2000/- tax per month. Now I know about the house rent rules. Suppose he produced a house rent bill and eligible for 1000/- concession on the same. Then he submitted an LIC paper worth monthly 5000/- premium. My questions are:
1. Should he be given full concession on LIC premium?
2. Does FD at any bank come under any exemption?
3. What are the other regular things that can help an employee to exempt the tax and how they work?
4. Do I only have to collect the documents for tax exemption and keep it? Or I have something to do with that as well?
5. I want a format of Form 16 and being an employer how to fill it up and other details about it.
6. And if an employee wants to file IT return, then is the employee or the employer responsible to do that?
I am completely puzzled about the tax details. Can someone help me out?
hello sir, i have completed B.COM(general) TALLY.ERP9,MS OFFICE CAN i get any accounts jobs im chennai salary is not a problem
i have completed b.com(general)in 2009 batch & also completed TALLY.ERP9, MS OFFICE, BUT I DIDN’T get a jobs in accounts line can i get any accounts related job i.e accountant, accountant assisstant jobs in chennai
My monthly income is 20,000 which I get from my house property. I have a endowment policy with the LIC for Rs.200000/ for which I pay an annual premium of Rs.4,000/-. I have policy with the Bajaj Allainze group which is called UnitGain Plus policy for which I pay an amount of Rs.10,000/- annually. I dont know whether mutual fund investments are deductible under 80 C. Kindly clarify. Pls specify other deductions applicable.
When an employee is suspended pending enquiry, he is being paid subsistence allowance. The question which is important is that while making payment of subsistence allowance what are the statutory deductions to be made i.e. P.F. . Prof.Tax?
I am 49 year old male working in Central Government of India in one of the A1 class city. MY salary details for the year 2010-11 are as follow.(figures represent total earnings for the year)
basic pay Rs 219060
Grade pay Rs 57600
DA Rs 115401
TA Rs 12800
DA ON TA 5440
TOTAL Rs 456591
I was saving an amount of Rs 2000 towards GPF subscription from 3/20010 to 10/2010 and from 11/10 I have to increase it according to my tax requirements.
I am paying interest for the purpose of higher studies of my son in Canada who is studying an advance diploma in electronics which is of post secondary level as per canadian standard but admission is given in this course only to those who have completed 15 years of education in India.
I am having an own house in the city which will be used by my daughter and her in laws and for this purpose I will not be charging rent.
I am staying in a rented accumulation for which I am paying rent of rs 7000/- pm.
My questions are.
What is the best way to save income tax and to what maximum extent I can save tax.
Whether I can claim HRA exemption in presence of my own house which is given to my daughter without rent and that I am residing in a own house.
My mother is a family pensioner who is drawing a Gross pension of about Rs 4700/-. Whether any amount invested for her treatment is eligible for deduction from taxable income. Is she dependent upon me and for what purposes she is dependent upon me.
What are the other ways for saving income tax from my salary.
Apart from saving in GPF what are the other ways to save to get deduction other than Rs one lakh which is elegeble under section 80C. (eg any ELSS scheme). How to select good scheme which will be useful for my son who has completed his engineering and who is in the age of 24 years.
I am a 27 year old savings of Rs25000/- pm
Since I started working 4.5 years ago following are the investments I have made –
SBI Magnum Tax Gain Dividend – 35,000/-
HDFC TaxSaver Dividend – 30,000/-
ULIP – 20,004/-
SBI Magnum Tax Gain Dividend – 42,500/-
SBI Tax Advantage Sr-1 Dividend – 15,000/-
ULIP – 20,004/-
SBI Magnum Tax Gain Growth – 8000/-
Sundaram BNP TaxSaver Growth – 5000/-
5 year FD @ 8.5% under 80C – 37,500/-
ULIP – 20,004/-
Other Investments –
Reliance Power – 25 shares – 2,399
RECL(Rural Elec) – 60 shares – 4,599
JKL Cement – 5 shares – 178
Cash in Hand (Parked in Fixed Deposits)-
2 wheeler loan –
Rs. 45000/- for 3 years starting Feb 2009 @ 2500/month
[ ULIP – Since Feb 2006 I invest Rs. 1667/month in ICICI Prudential LifeTime Growth Maximizer ULIP,
the 3 year term ends this month. Should I continue to pay 1667/month in the ULIP ? Sum Assured is 2L]
I want to save money for my marriage and for buying a house.
Please advice what portfolio should I make now.