Comments on: Tax Planning for 2009 – Part 2

By: krishnas

krishnas — Wed, 03 Feb 2010 02:48:59 +0000

Hello Ahmed,

The maximum contribution allowed towards VPF is 100% of your basic + dearness allowance (DA).

Thanks,
Krishna

By: krishnas

krishnas — Wed, 03 Feb 2010 02:43:04 +0000

Hello Ahmed,

Yes. Your total income is above Rs.160000, then you have to file the IT returns.

Thanks,
Krishna

By: AHMED

AHMED — Tue, 02 Feb 2010 06:39:23 +0000

Sir,
Is it necessary to file return if my taxable income(after investment under 80C) is below Rs. 1,60,000/-

By: AHMED

AHMED — Tue, 02 Feb 2010 06:30:55 +0000

Sir,
What is the maximum percentage above 12%, I (Employee) can contribute towards EPF?

By: krishnas

krishnas — Thu, 21 Jan 2010 08:46:47 +0000

You can not claim the tax benefits for the advance payments. Only for that year you can claim.

Thanks,
Krishna

By: Tajinder

Tajinder — Thu, 21 Jan 2010 06:50:50 +0000

have paid insurance premium for apri 2009 and may 2009 in advance i.e in mar 2009.can i claim tax rebate/exemption for the advance payment i.e april 09 and may 09 paid in mar 09 for fy 2009-10

By: Prashant Verma

Prashant Verma — Mon, 18 Jan 2010 10:28:07 +0000

Please contact Prashant Verma 9350203245 he is the best insurance agent for TEX Saving Plans Child plans and investment plans, short term and long term investment plans…and all related problems with minimum charges…………….

By: krishnas

krishnas — Fri, 15 Jan 2010 12:14:54 +0000

Hello Rajesh,

What you have said is correct. Do you find any wrong narrations in the above post? Can you post what is that line?

Thanks,
Krishna

By: Rajesh

Rajesh — Wed, 13 Jan 2010 11:07:55 +0000

I have a query, Mr. Krishna.

In one of the above examples, a person had a gross income of 4.31 L. He had investments of Rs 1 L. So his taxable income becomes (4.31 – 1) = 3.31 L. Out of this amount, the first 1.5L would not be taxed. So now we are left with 1.71 L. Now you say that the amount of tax would be 10% on 1.71L which means 17,100. Isnt this procedure incorrect? I mean, out of 1.71L, 1.4 L (From 1.6 L to 3 L = 1.4L – Second slab of IT) would be taxed at 10% and remaining 0.31L will be charged at 20%. So the total tax would be 14000 + 6200 = 20200. Am I wrong?

By: Ravi

Ravi — Thu, 17 Dec 2009 15:52:44 +0000

Hello Krishna,

Thank you for posting the useful information.

My question is for my dad. He is 55 yrs old, un-employed.

Recently my dad sold some property and I am suggesting him to open an FD or something like that so that he will get some standard income. Let’s say he opened an FD for 10L and gained 50000(annual). does he has to pay any tax ?

Or do you suggest any other schemes other than FD for seniors to support themselves going forward ? (ofcours I always support them…)

Appreciate your help!

Ravi

By: Masu

Masu — Thu, 17 Dec 2009 15:01:47 +0000

Hi krishnas,
How are you?
Last year my papa got retired and he is planning to invest his money in safe and secure scheme.
Actually he is thinking to invest in SSCM and some one year fixed deposits but if he invests like this way his taxable income will increase with pension.
Could you please suggest something so he can parallel invest and save income tax.

Thanks,
Masu

By: bhupati

bhupati — Thu, 17 Dec 2009 04:59:06 +0000

Hi Krishna,
The article is self explanatory and i would like to know out of total income how much % one should for Insurance and Investment. Also let me know the GOOD ELSS available in market.

Thanks

By: Tax Exemption for Tuition Fees u/s 80C

Tax Exemption for Tuition Fees u/s 80C — Tue, 01 Dec 2009 07:01:31 +0000

[...] my previous posts I have explained about the tax savings on section 80c and other useful articles on the tax planning, fixed deposit savings, etc. [...]

By: krishnas

krishnas — Fri, 13 Nov 2009 06:33:19 +0000

Hello Dhaval,

One has to file the IT return if the total income is above the taxable limit. In your case, your wife need not file the IT return till she is getting the tax slab of Rs.190000 for women. If it is above two lacs, she has to file the IT return. Don’t consider how much your are investing. That is for avoiding the tax payable.

Thanks,
Krishna

By: Dhaval

Dhaval — Fri, 13 Nov 2009 06:02:02 +0000

sir,
My wife has income of 1.7lacs. Means within tax exemption limits. Is it necessaryto file return for her at preset.
Also let me know if her income will increase to 2lakh. Then she will invest 30000 in ppf/nsc so that her tax liability will be zero. In this case income tax return will be required or not
Please light me on these issues

Thanks

By: yogesh kumar

yogesh kumar — Thu, 01 Oct 2009 06:25:02 +0000

Hi
I m living in Dubai and i have the Normal Saving Account in india can u please let me know that they will charged any Tax on my saving account income or if the interest will exceed more then 10000 then they will charged of the tax on only int amt nt on full income………

How can i fill the form of 15H or 15G i hv few deposits and they hv deduct alrady TDS from interest , kindly advise……

By: krishnas

krishnas — Mon, 28 Sep 2009 06:46:04 +0000

Hello Nilesh,

Up to 1.6 lac there is no tax. In your case your taxable income is Rs. 3.31 lac. Then remove the 1.6 lacs, your taxable income is 1.71 lacs. You have to pay 10% for the mentioned amount.

Thanks,
Krishna

By: Nilesh

Nilesh — Sat, 26 Sep 2009 12:55:20 +0000

My salary is 4.31 L & I have completed the saving 1 L under 80C till now, how much tax I have to pay this year.
please guide.

By: How to avoid TDS on Fixed Deposit?

How to avoid TDS on Fixed Deposit? — Fri, 11 Sep 2009 03:15:11 +0000

[...] Tax Saving Tips : Tax Planning for 2009 [...]

By: krishnas

krishnas — Sat, 05 Sep 2009 11:13:08 +0000

Hello Satish,

No. there is no rebate or deduction for the investment on senior citizen’s savings scheme.

Thanks,
Krishna

By: Satish

Satish — Sat, 05 Sep 2009 10:57:37 +0000

I understand that contribution of Max. Rs.100000 to Sr.Citizen’s Saving Scheme 2004 is also exempted u/s 80 of Income Tax. Is it true. Please confirm

By: krishnas

krishnas — Mon, 24 Aug 2009 13:50:08 +0000

Hello Pramod,

Can you elaborate more about your questions. What kind of exemption you are expecting?

Thanks,
Krishna

By: Pramod Shenoy

Pramod Shenoy — Mon, 24 Aug 2009 07:11:03 +0000

I want more information about a deduction allowed for the expenses incurred for the wellbeing of Senior Citizens. I believe there is a certain amount of deduction allowed under the Income Tax Act.

By: Inheritance Tax Planning UK

Inheritance Tax Planning UK — Fri, 12 Jun 2009 06:16:43 +0000

Inheritance tax UK in short means passing on a good news and a bad news in terms of financial matter to your children, family or just anyone other than your spouse or civil partner.

By: Inheritance tax Help UK

Inheritance tax Help UK — Tue, 09 Jun 2009 08:31:34 +0000

Do you think all your worries would end once you pass away from this mortal world? All our lives, we strive to attain financial freedom…for you and most especially for your family.