Hi,
I have exhausted my complete Limit of 1,50,000 in PF/PPF etc and also 50,00 in NPS.
After that my Taxable Income becomes around 15,00,000
Need to know:
1) How much can i invest in VPF if my Basic is say 60,000
2) Also, If i invest 1,50,000 in VPF, will my Taxable income reduce to : 13,50,000.
Ashish
From India
I have exhausted my complete Limit of 1,50,000 in PF/PPF etc and also 50,00 in NPS.
After that my Taxable Income becomes around 15,00,000
Need to know:
1) How much can i invest in VPF if my Basic is say 60,000
2) Also, If i invest 1,50,000 in VPF, will my Taxable income reduce to : 13,50,000.
Ashish
From India
PROFESSIONALS AND BUSINESSES PARTICIPATING IN DISCUSSION
Hi Ashish,
Since you have already reached maximum of Rs.1,50,000/- your VPF will not be helpful to save tax for the FY 2018-19. Beyond certain limits available under various sections of IT there is no room to completely save tax. However if you plan for some more savings as provided in IT act there is a possibility of saving the tax over and above Rs.1.50 L. You can go thru' the notes attached for info.
From India, Bangalore
1063Since you have already reached maximum of Rs.1,50,000/- your VPF will not be helpful to save tax for the FY 2018-19. Beyond certain limits available under various sections of IT there is no room to completely save tax. However if you plan for some more savings as provided in IT act there is a possibility of saving the tax over and above Rs.1.50 L. You can go thru' the notes attached for info.
From India, Bangalore
ESI contribution rates lowering.pdf
SC Judgment-No obligation to excess contribution than Statutory Limit.docx