Thread Started by #umeshdp11

Hi, I am a private company employee with CTC of 9lakhs. every months i pay around 3.5 of tax.
To save tax i have creatd PPF account recently. also planning to buy LIC policy to save tax.
I am unmarried (planning to marry in 1 or 1.5 years). Recently invested all my saving to construct a home.
My parents are healthy (father takes few tables everyday because of angioplasty treatment).
I am planning to save as much as possible in all areas of my income.
PLEASE TELL ME WHAT ALL I CAN DO TO KEEP TAX AS LOW AS POSSIBLE ON MY CTC.
OR WHAT ALL I CAN DO TO GET MAXIMUM TAX EXEMPTIONS?
12th February 2018 From India, Hyderabad
What is your gross salary?
CTC is not relevant here?
What 3.5 of tax ?
Is it 3500 PM ?
Pl write clearly.
Open PPF a/c which you have done and save 1.5lakhs maximum for IT benefit Sec under 80C
Open a NPS a/c and save upto Rs50000 per year
Medical insurance for self and family fall in different sections of IT a/c and you can save some more money.
How much salary do you get in hand?
It would be advisable to read the basics of Income tax and sections like 80C,80d etc.
Cover your self with Term insurance of at least 50 Lakhs,though no tax benefit is there.
12th February 2018 From India, Pune
What is your gross salary? 9 lakhs per annum
What 3.5 of tax ? 3500 rupees per month
Is it 3500 PM ? yes
How much salary do you get in hand? 70000 rupees per month
Medical insurance for self and family fall in different sections of IT a/c and you can save some more money.
Please suggest any medical insurance sir? i don't have any idea.
Cover your self with Term insurance of at least 50 Lakhs,though no tax benefit is there.
i dont see any term insurance in LIC. There is only Money back policy or endowment policy. Can you tell me which policy would suit me?
Thank you very much of your guidance. I don't have any idea on these things so please guide me.
12th February 2018 From India, Hyderabad
Income and Tax Calculator
This tax calculator will help you work out your tax.
Try it out.
Insurance
Visit nearest LIC branch and speak to Manager who will help you get term insurance and other insurance as needed to cover risk.
If company is not providing Medical cover take health insurance policy by visiting New India,Tata Aig and discussing the matter with them for health insurance.You get tax exemption upto Rs15000 in this year.
If your gross income is 9lakhs, tax will be nearly 95000 per year.
But by taking Health insurance,PF,New Pension Schemes you can drastically reduce your IT payments while having safe investment.
Before taking insurance discuss with the Branch Manager of nearby LIC and clarify all doubts.
see this link
https://www.bankbazaar.com/insurance/lic-term-plan.html
Do some study your self by visiting some finance websites and learning basics of income tax and savings.
You need to save from the very day you are earning to build a corpus which can help when you need money.
12th February 2018 From India, Pune
Mr Nathrao has covered almost everything. In addition to that, your tax liability should be zero. House loan have two components ie principal and interest. principal form part of rebate under sec 80 cc like ppf/epf/insurance. You may like to invest in ELSS, Which should give you decent returns. All insurance coys, like LIC, Bajaj Allianze, HDFC ICICI PRU have Term insurance, so go for it, for 01 Cr insurance, you just have to pay premium of less than 15000 per year , if you are below 30 yrs. its better to take insurance at early age and till about 60 yrs of age. For pension and tax saving NPS is a good instrument . For health insurance go for reputed coy. You get tax rebate for taking health insurance for your parents. If you are staying in your parents house go for HRA.
Good luck
7th March 2018 From India, Gurgaon
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