Can I Use My Parents' LIC for Tax Savings and What's My Tax Amount This Year?

Hi friends,

I just need clarification on LIC. Can I show my parents' LIC account for tax saving, including mine account also? Could any of you brief this to me?

My taxable income is 1,50,000. What is the tax amount for me this year?

Best regards,
K. Murugan

Hi Shiva,

Please find below the tax slab for the current financial year based on the taxable salary of Rs. 150,000:

- Up to Rs. 110,000: NIL
- Rs. 110,000 - Rs. 150,000: 10%
- Rs. 150,000 - Rs. 250,000: 20%
- More than Rs. 250,000: 30%

Additionally, there is a 3% Cess to be added to determine the final tax liability, which in this case amounts to Rs. 4,120 per annum.

Regards,
Murugan

Dear Murugan,

A simplified tax computation and investment statement is attached for your reference. See if this helps you.

Regards,
Bharathi

Dear Friends,

Can anyone email me the basics of tax computation? I'm in payroll management, but the tax computation is done by our Finance Division. I need to learn about it.

Regards,
Sumit