Prepare at a time 50 or 100 employees automatic Master of Form 16 Part A&B and Part B for Financial Year 2015-16 & assessment year 2016-17 with Tax Planning for Salaried Individual For FY 2015-16

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

Click here to Download the Automatic 100 employees Form 16 Part B for financial year 2015-16 [ This Excel Utilty can prepare at a time 100 employees Form 16 Part B]


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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

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