Topic: Income tax saving (2010-2011) example - Tune this investment by leaving your comments on this...

This message was edited 2 times. Last update was at 04/05/2010 18:23:29

Hi All,

Greetings!!!

I am working in a MNC. MY CTC is 5L / yr
Now I have done some investment... hence I require your suggession...

Investment details :
--------------------------
LIC -- 82198.00 / yr -- on my name
LIC -- 6200.00 / yr -- on my wife's name
Kishan Bikash Patra -- 5000.00 --- did one time investment
PF -- 19000.00 / yr
Medical -- 15000.00 / yr
Travel Allowance -- 9600.00 / yr
Principal paid on Housing loan -- 15000.00 / yr
Interest paid on houng loan -- 45000.00 / yr

Now As I know at 1st 1,50,000.00 will be deducted from 5,00,000.00 .

So now remains 3,50,000.00 which is taxable income.

So I fall under 10% slab. Please correct me if I am wrong.

Now

Under 80/c deduction : (LIC + Kishan Bikash Patra + PF + Principal paid on Housing loan )
= (82198.00 + 6200.00 + 5000.00 +19000.00 + 15000.00)
= 127398.00

But as 80/c is 1.2 L (0.2 is IB)

so , after deduction it comes 3,50,000.00-1,00,000.00= 2,50,000.00

Now 2,50,000.00 - (Interest paid on houng loan + Travel Allowance + Medical)
= 2,50,000.00 - (45,000.00 + 9,600.00 + 15,000.00)
= 2,50,000.00 - 69,600.00
= 1,80,400.00

So this 1,80,400.00 is my actual taxable income if I am not worng or if the above explanation is correct .

Now my question is that what I can do more to save tax for this 1.8 L.

Thanks in advance for your advice... it will be great help if you can reply tomy gmail id mentioned below as am very fewer time visit this site.

Note : I could have invest little less in LIC.. my mistake

Regards,

S.D
Kolkata
advance.db2.udb.dba.on.aix@gmail.com

No response yet... strange !!!!!

db2 udb dba wrote:Hi All,

Greetings!!!

I am working in a MNC. MY CTC is 5L / yr
Now I have done some investment... hence I require your suggession...

Investment details :
--------------------------
LIC -- 82198.00 / yr -- on my name
LIC -- 6200.00 / yr -- on my wife's name
Kishan Bikash Patra -- 5000.00 --- did one time investment
PF -- 19000.00 / yr
Medical -- 15000.00 / yr
Travel Allowance -- 9600.00 / yr
Principal paid on Housing loan -- 15000.00 / yr
Interest paid on houng loan -- 45000.00 / yr

Now As I know at 1st 1,50,000.00 will be deducted from 5,00,000.00 .

So now remains 3,50,000.00 which is taxable income.

So I fall under 10% slab. Please correct me if I am wrong.

Now

Under 80/c deduction : (LIC + Kishan Bikash Patra + PF + Principal paid on Housing loan )
= (82198.00 + 6200.00 + 5000.00 +19000.00 + 15000.00)
= 127398.00

But as 80/c is 1.2 L (0.2 is IB)

so , after deduction it comes 3,50,000.00-1,00,000.00= 2,50,000.00

Now 2,50,000.00 - (Interest paid on houng loan + Travel Allowance + Medical)
= 2,50,000.00 - (45,000.00 + 9,600.00 + 15,000.00)
= 2,50,000.00 - 69,600.00
= 1,80,400.00

So this 1,80,400.00 is my actual taxable income if I am not worng or if the above explanation is correct .

Now my question is that what I can do more to save tax for this 1.8 L.

Thanks in advance for your advice... it will be great help if you can reply tomy gmail id mentioned below as am very fewer time visit this site.

Note : I could have invest little less in LIC.. my mistake

Regards,

S.D
Kolkata
advance.db2.udb.dba.on.aix@gmail.com

You are in a complex situation before investment we have to plane and analysis about many things like weather your investment is giving u tax benefit or note what kind of investment should you do for tax saving. I would recommend you to take a professional help which will take you out from this mistakes.

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@db2 udb dba
I think you will need to concern with export. It is really a complex situation. You have to make a perfect plan for investment with the consideration of all your expenditures. Any expert financial advisor will definitely get to out from this situation.

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