PDF How to Save Income Tax through Tax Planning (FY 2016-17)

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Income Tax Deductions 2016-17 for tax planning

No notes for slide. The 'market-linked returns' category is primarily the equity-asset class. The returns are not assured but linked to the performance of the underlying assets such as equity or debt. They have the potential to generate higher inflation adjusted return in the long run to the extent they are based on the equity asset class.

Some like life insurance require annual payments to be made for a longer duration. Taxability of income Another important factor to consider is the post-tax return of the tax-saving investment. For instance, most fixed and assured returns products such as NSC provide you with Section 80C benefits, but the returns, currently 8 per cent five-year annually, are taxable.

This makes the effective post-tax return equal to 5. Considering the annual inflation of six per cent, the real return is almost zero! Making the right choice Firstly, identify your medium and long term goals arising at different stages of your life. A market-linked equity-backed tax-saving instrument is good for long term goals as equities need time to perform. And, before considering a taxable investment, see the tax rate that applies to you and consider the post-tax return.

A low post-tax return after adjusting for inflation will not help you in achieving your goals in the long run. Inflation erodes the purchasing power of money, especially over long term. Conclusion Tax planning should ideally begin at the start of every financial year. Remember, the risks of planning tax-saving in a hurry later are manifold. There is, for instance, a high probability of picking up an unsuitable product. Also, there isn't any one instrument that can help you save tax and at the same time also provide safe, assured and highest return. Your final choice should ideally be based on a gamut of factors rather than solely being driven by returns from the financial product.

Planning to invest in stocks? Read more on tax saving. Section 80 C. Income Tax.

In a nutshell

Public Provident Fund. The point is all such savings are eligible, but if I do not reveal, how it is treated?

Tax Saving Tip:

A house is a single apartment or it can be two, say in a floor? The point is the amount specified in your RS. We are working couple, and for the past 15years, we were paying taxes, filing returns, and we still have another 12 years of work, salaries will be added, saving under all sections available, paying the annual taxes on salaries. The point is, the amount saved for the past 15 years, and the next twelve years is being simply getting added and added, getting a compounding effect.

My estimation is that it is now around Rs. The question is what is the tax treatment of this amount? Tax on accrued interest? Am I doing any mistake?


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Violating any tax laws? We do not own a house, and would continue to stay in a rented house. All tax saving tips are for the home loan and related ,but not in case you do not have one such loan Please suggest. Dear Bipin If your installments of both the loans are upto and intetest amount upto then you can claim exemption for the same. Please check about LTA exemption. Your email address will not be published.

Post Comment. Notice: It seems you have Javascript disabled in your Browser. In order to submit a comment to this post, please write this code along with your comment: adde4d38baee User Menu. Income Tax Articles Featured Trending. In other word eligibility will be least amount of the following :- 1 Rent paid minus 10 percent the adjusted total income 2 Rs 5, per month.

Opt for salary components such as reimbursement of attire expenses, books and periodicals. These can yield small but profitable results. The reimbursement of telephone expenses including a mobile phone actually incurred by you on behalf of your employer is not taxable in your hands. Corporate club membership fee paid by your employer to help you join a club is considered a tax exempt perquisite.

This facility can be used by the employee or any of his family members. The value of food coupon s issued by the employer, redeemable only at eating joints, are exempt from tax as long as the value of the food coupons does not exceed Rs 50 per meal. However wef A.

This standard deduction is allowed in lieu of transport allowance and medical reimbursement Valuation of perquisite in respect of Medical Facilities Group mediclaim — This is a common benefit offered to employees irrespective of their grade and the premium is less than half of an individual mediclaim.

Asset assistance given by your employer. For example, provision of a computer or laptop owned by the company and provided to you or any member of your household is not taxable in your hands. Other Allowances Exempt From Tax — Conveyance allowance for commuting between home and office is exempt up to Rs per month.

This standard deduction is allowed in lieu of conveyance allowance and medical reimbursement Rs.

Income Tax Planning for financial Year & Expected Slab and de…

Set off of Capital Loss Against Capital Gain While most of us know that we need to pay taxes on short term or long term capital gains, not many are aware of the fact that capital losses, if any, can be balanced off against gains. Individual can claim benefit under this section only when all the following conditions are satisfied, these are- Purchaser should be first time buyer.

Value of the house should not more than 50 lakh.


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  • Loan taken by Individual for the purpose of buy a house should not be more than 35 lakh. On the date of sanction of loan individual does not have any own residential house property. Loan for this purpose taken by individual should be from the Financial Institution or Housing Finance Company. For this purpose, loan should be sanctioned between Name : CA Sandeep Kanoi. Member Since : 27 Feb Total Posts : View Full Profile. How to extend PPF account beyond 15 years. All about Kisan Vikas Patra and its Taxation.

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