Tax Planning for Salaried Individual For FY
2015-16. This article help in tax planning for salaried person. Check 5
Tax Saving Strategies. In this article you an find complete details for how to
Planning for Tax Savaing for Salaried Employees like – 5 Tax Planning
Strategies, Tax Planning U/s. 80C, U/s. 80CCC and U/s. 80 CCD, Tax
Planning Sec 80D – Mediclaim, Tax Savings on Home Loan, Tax Planning
through 80CCG – RGESS etc. Now you can scroll down below n check more details
for Tax Planning for Salaried Individual For FY 2015-16
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Tax Planning U/s. 80C, U/s. 80CCC and U/s. 80
CCD
· An individual can invest in an instrument as specified U/s. 80C,
U/s. 80CCC and U/s. 80 CCD
·
—Maximum Combined deduction allowed under these section is
Rs.150000
· An additional investment of Rs.50000 over and above this limit is
allowed, if an individual invest in NPS
·
—In total, an individual can claim Rs.200000 under these 3 section
·
—Most popular investment choices u/s. 80C is
o
—Equity Linked Savings Scheme (ELSS)
o
—Life Insurance Policies
o
—Public Provident Fund
o
5 year tax saving Bank FD
o
National Savings Scheme (NSC)
· U/s 80CCC one can invest in a pension policy of an insurance
company
· u/s 80CCD an individual can invest in National Pension Scheme (NPS)
Tax Planning
Sec 80D – Mediclaim
· u/s. 80D, An individual is allowed claim deduction on expenditure
if a premium is paid towards mediclaim policy for self & family and mediclaim
policy for parents.
|
Policy for
|
Age
|
Deduction allowed
|
Total deduction allowed
|
Self and Family
|
< 60
|
25000
|
50000
|
Parents
|
<60
|
25000
|
|
Self and Family
|
< 60
|
25000
|
55000
|
Parents
|
>60
|
25000
|
|
Self and Family
|
> 60
|
25000
|
60000
|
Parents
|
>60
|
25000
|
|
Self and Family
|
> 60
|
30000
|
30000
|
Self and Family
|
< 60
|
25000
|
25000
|
Sec 80 DD and Sec 80 DDB
U/s. 80DD Deduction is available on
·
—Expenditure incurred on medical treatment, training and
rehabilitation of handicapped dependent relative
·
—Payment or deposit to specified scheme for maintenance of
dependent handicapped relative.
—u/s. 80DD medical expenditure can be claimed
·
—Where disability is 40% or more but less than 80% – fixed
deduction of Rs 75,000
·
—Where there is severe disability (disability is 80% or more) –
fixed deduction of Rs 1,25,000.
—u/s. 80DDB Deduction is available on
·
— Expenditure actually incurred by individual on himself or
dependent relative for medical treatment of specified disease or ailment
—u/s.
80DD Amount of deduction will be lower of amount actually paid on medical
treatment or
·
—Individual <60 of Age – Rs.40000
·
—Individual >60 but <80 Age – Rs.60000
·
—Individual >80 Age – Rs.80000
Tax Savings on Home Loan
· —Indian income tax law gives opportunity to individual investor to
build wealth in the form of residential house
·
—An individual can leverages tax while building his own home
·
—Buying House property on a home loan could cut down your tax bill
significantly
·
—As per Indian tax law, an individual is allowed to claim maximum
deduction of Rs.
o
—2,00,000 p.a. against interest component of your Housing loan
o
—1,50,000 p.a. of principle paid for the housing loan against u/s.
80C
