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Simple just deduct your salary’s major part in EPF or PF to save tax, if your official allow. Actually government department don’t mind this but private companies not allow because on behalf of your saving they have to deposit as per your money. Or if you are non-goverment employee then talk to your HR Manager or Boss that they pay you half salary on paper and half under the table.
The average exchange rate from 2006 for the rupee was 45.19, meaning you earned around £4514.27, however recently the exchange rate has shifted significantly, and by Yahoo finances estimates, that figure would only be £2489 today.. Is this monthly?
It’d take an expert on Indian tax laws for this question, something you wont find here!
In the UK we are entitled to tax free thresholds, around £5000 for a typical 20 something.
We also have investment vehicles called Individual Savings Accounts (ISA) that entitle us to shelter up to £7000 of investments from the tax man. There are various other schemes that are now out of dates (notable PEPs – personal equity plans).
The other alternative is to move to a tax haven and declare yourself as resident of that country, whilst still working in India. Difficult to do unless you are very very wealthy.
submit rent receipt to your hr department and you can get exempted from tax
Open a PPF account in a State Bank of India or Post office where you can deposit Rs 70,000 in a financial yr, some part you can deposit in PF account, thirdly deposit some amount as LIC premium; so that all these three becomes Rs 1,00,000 which will get deducted straight from Ur salary, so you will have to pay negligible tax on the Rs 1,04,000. Remember the interest you earn on the deposit in PPF account is not taxable in subsequent yrs.
You have got following exemptions as a salaried individual:
1. HRA exemption under Section 10
2. Leave Travel Allownace exemption under Section 10
3. Medical Bills exemption under Section 10
4. Conveyance exemption under Section 10
5. Exemptions under section 80C, which include invesment in LIC, PPF, NSC, ELSS, Principal payment on a home loan etc.
6. Loss on house property which include interest paid on a home loan
7. Under section 80D, Mediclaim insurance
I m Mukesh Kumar a Company Secretary residing in Delhi.
you can invest in Insurance sector or you can invest in mutual funds. In addition you can contribute to GPF. There are many ways. To tax plan an expert require the structure of your salary and pereferance of your investment.
For further details you can contact on 09818858867.
just invest rupees one lakh in ULIPs or mutual fund plans or send me your address to contact you to give a door step advice.
better consult a local tax consultanat , who can understand your needs and then advise you accordingly.
currently any income above 1,10,000 is taxable . you have to invest considerably to save tax.
PRIMARY EXEMPTION IS1,10, 000 /-remaining is 94000- provisional tax and hfl inerest etc, un can avail upto 1 lakh for 80 c of it act(lic premium, nsc, pf etc)
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