Yes especially if one buys a high resale value car
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How to save Maximum income tax
- Thread starter deep@vie
- Start date
For the last couple of years they are already reporting NSC, KVP, SCSS. Don't know about MIS, RD as we don't have any now. It is only a matter of time till they start reporting the savings bank interest as well. Doesn't matter to us as we've been declaring it for the last 20+ years (we took care to ensure that it was always under the limit)
Savings bank interest is already reported...
I don't this will help you or not
But
There is section 80DD. Which allows you to claim 75k in the case of disability and 1.25L in the case of severe disability.
40% to 75 =75k
75 80 above = 1.25L
It can be claim if you or your dependet are physically disabled.
Actully i am disabled person woth 80% disability so i have idea about it.
List of Disabilities included under the section:
- Blindness
- Low Vision
- Leprosy cured
- Locomotive disability
- Hearing impairment
- Mentally impaired
It is. I can see an entry in my family member's AIS this year.
CARDBITRAGE
TF Ace
1. You could avail a home loan together as a joint home loan borrowing with your family members and can claim the maximum tax benefits individually. This will entail each borrower to get a tax rebate of Rs 1,50,000 for principal repayment under Section 80C and Rs 2,00,000 for interest payment under Section 24.
2. If some of your equity investments are in green and you want to cash out, you can sell your greens and reds together and buy back the reds at the sell price. The net effect is you would be able to set off your capital gains with losses and pay lesser tax. Note: Only realize your notional losses and buy back those stocks only if you believe they will perform in the long run.
3. Section 80 IAC: If your company gets incorporated as a PVT LTD or LLP and is recognized as a start-up, you could a tax holiday for three consecutive FYs. This is a slightly complicated process though.
4. Section 80E: deduction for interest on loan for higher education
2. If some of your equity investments are in green and you want to cash out, you can sell your greens and reds together and buy back the reds at the sell price. The net effect is you would be able to set off your capital gains with losses and pay lesser tax. Note: Only realize your notional losses and buy back those stocks only if you believe they will perform in the long run.
3. Section 80 IAC: If your company gets incorporated as a PVT LTD or LLP and is recognized as a start-up, you could a tax holiday for three consecutive FYs. This is a slightly complicated process though.
4. Section 80E: deduction for interest on loan for higher education
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If you have the bandwidth, speak to your company , tell them i to deduct TDS u/s 194J and you would be filing under presumptive taxation (Section 44ADA - professionals)
Under presumptive taxation tax authority has to presume that you have 50 percent expenses and only the other 50 percent will be chargeable, best part no expense proof as its presumed.
If you earn above 20lpa, get gst and take ITC for expenses( mobile, travel, ac, etc)
Save a lot of tax with this as the amount chargeable to tax will reduce by 50 percent.
Ps- if your company is not giving permission as you would be a consultant if filed under this section , then you can tell them that you would prepare an engagement letter with same terms as that of salaried peoplez just that employer-employee relationship wont be there.
Consult a good CA before proceeding further.
Under presumptive taxation tax authority has to presume that you have 50 percent expenses and only the other 50 percent will be chargeable, best part no expense proof as its presumed.
If you earn above 20lpa, get gst and take ITC for expenses( mobile, travel, ac, etc)
Save a lot of tax with this as the amount chargeable to tax will reduce by 50 percent.
Ps- if your company is not giving permission as you would be a consultant if filed under this section , then you can tell them that you would prepare an engagement letter with same terms as that of salaried peoplez just that employer-employee relationship wont be there.
Consult a good CA before proceeding further.
thegame
TF Premier
please correct me if I am wrong here -- for take home salary of above 12-13L I guess New Tax regime will save taxes than the old regime with all these exemptions and infact make your take home salary even less as in the end you have to invest it as well like 1.5L for the exemptions for old tax regime.
Only use of old tax regime is anything below 12-13L with exemptions will make total taxes payable less in old regime and help in saving taxes plus investment/savings options for future like FD/80c etc..
Only use of old tax regime is anything below 12-13L with exemptions will make total taxes payable less in old regime and help in saving taxes plus investment/savings options for future like FD/80c etc..
I think there's a cap of 7.5L but I don't think tax matters at that much salary 😜
thegame
TF Premier
yes.. from last year its available in AIS along with Post Office NSC/MIS/Savings account.. Traces (Form26AS) used to share only TDS sources of income but in AIS every source where PAN is linked is getting fetched.. only after seeing AIS I came to know I had dividend of Rs. 0.05 (marked as 0 though in AIS) 😂
These consultant option is suitable for very few people like doctors etc mentioned in a list. I have my doubts that a salaried person can get this legally and it is not a tax evasion case.https://www.bajajfinservmarkets.in/markets-insights/income-tax/articles/section-194j.html
People can also look at section 10 https://www.policybazaar.com/income...hat is Section 10 under,, gratuity, and so on.
Check this out, almost all professionals are expressively covered, others can be covered under technical consulatncy.
Its often a misconception that 44ada is for doctors and CA only.
Attachments
senasenthil
TF Premier
Any professionals getting their income in the name of 'salary' will not be covered
rockking1994
TF Premier
Become a farmer
Presumptive Taxation for Business and Profession
Know how to file tax returns for Professional, Freelance & Business Income taxes. Find about Presumptive taxation for professionals etc.
cleartax.in
This is is for specified businesses gengaged in trade of goods
can i claim my fathers parkinson in 80ddb and in fathers it file in 80u
Is this a good option?
