I have a package of 2.80 Lacs. May i know what would be my taxable income for whic i would have to make inves?

I have a package of 2.80 Lacs. May i know what would be my taxable income for whic i would have to make investment to void taxes. HRA – 3000 CONVEYANCE – 1500 N PAYING RENT 5000 RUPPEES / M ALSO PLZ SUGGEST ME IF ANY GOOD INVESTMENT PLANS WHICH CAN SAVE TAX N PROVIDE GOOD RETURNS AS WELL ‘

3 Replies to “I have a package of 2.80 Lacs. May i know what would be my taxable income for whic i would have to make inves?”

  1. Clarify
    Your Gender
    Residential status

    If your income is 2.8 lacs then the net tax payable
    For AY 2006-07 for resident woman is 31110/-
    For AY 2006-07 for senior citizen 22440/-
    For AY 2006-07 for others 34680/-

    To calculate HRA one have to mention his place of stay whether its Bombay, delhi calcutta or madras or rest of India.

    For Conveyance
    Is it Conveyance Allowance
    If yes then Actual allowance received or amount utilised for the purpose whichever is lower is allowed as exemption u/s 10(14)

    Try to invest in any items mentioned below to claim deduction u/s 80C upto 1,00,000/-

    1.LIC insurance premium (including payment made by govt employees to the central govt employees’ insurance scheme and payment made by a person under children ‘s defered endowment assurance policy){subject to a maximum of 20% of sum assured}

    2.Amount deposited as term deposit for a period of5 years or more accordance with a scheme framed by the govt (applicable from Assessment year 2007-2008)

    3.Payment in respect of non-commutableDeffered annuity plan

    4.Any amount paid as tuition fee (not including any payment towards development fees/donation/payment of similar nature) whether at the time of admission or otherwise to any university/college/educational institutions in india for full time education

    5.Salary deducted by employer (incase of Govt employee)

    6.contribution to Statutory provident fund and RPF.

    7.contribution towards 15yrs PPF

    8.contribution towards approved superannuation fund.

    9.Subscription to National Savings Certificate VIII issue.

    10.contribution for participating in the ULIP of UTI

    11.contribution for participating in the ULIP of LIC mutual fund

    12.Payment for notified annuity plan of LIC or any other insurer.

    13.Subscription towards notified units of Mutual Fund or UTI

    14.contribution to notified pension fund set up by Mutual fund or UTI (i.e retirement benefit pension fund of UTI)

    15.Any sum paid including accrued interest as subscription to home loan account scheme of the National Housing Bank or contribution to any notified pension fund set uo by the national housing Bank.

    16.Any sum paid as subscription to any scheme ofa> public sector company engaged in providing long term finance for purchase/construction of residential house in India.b> housing board constituted in India for the purpose of planning, development or improvement of cities/towns.

    17.Any amount towards the cost of purchase/construction of aresidential property (including repayment of loan taken from Govt. bank, cooperative bank,LIC,National Housing Bank,assessee’s employer where such an employer is a public company/public sector company/university/co-operativ… society)

    18.amount invested in approved debentures of, and equity shares in, a public company engaged in infrastructure including power sector or units of amutual fund proceeds of which are utilised for the developing, maaintaining,etc of a new infrastructure facility

    YOU do not need to pay any taxes………….just make a pvt ltd company and show that you are the…….worker of your …..service provider company then ………..what you do……..is being done on the behalf of your company ………by this you and your accountant can do what ever you wish to do with your sallary………..
    you just will have to spend for one time to make company but it will save your tax for your whole life………………………….
    I have too a package of 28.35 lacks………and to your surprise i have not paid any single dime in tax even to this time …………..
    if you need any more ……plz contact

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