I've just started a new venture and am earning a salary of 90k per month. I want to know what kind of tax liabilities I will have under the 30% slab and how I can save on maximum tax liability under different chapters. My major concern here is to save as much tax as possible.
I also wish to buy a car worth 7.5 lakhs, and being an employee, I know I won't be getting a tax deduction for that. What are the options available to save on taxes?
Thank you.
From India, Ahmedabad
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I also wish to buy a car worth 7.5 lakhs, and being an employee, I know I won't be getting a tax deduction for that. What are the options available to save on taxes?
Thank you.
From India, Ahmedabad
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1.Investment upto 1.20 lacs includes children education fee, PF, LIC, NSC etc. 2.Housing loan 3. salary break up as LTA 4. Medical reimbursement 5. Mediclaim policy etc.
From India, Delhi
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18From India, Delhi
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Your income tax liability depends on the nature of your employment and your salary structure. Additionally, apart from the above, you can also make donations to trusts and political parties, which will help you qualify for deductions ranging from 50% to 100% of the donated amount.
If you are an employee, you will not receive any deduction for the car you are purchasing.
If you need any assistance with this, feel free to reach out to me.
Regards,
Nilay
From India, Ahmadabad
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If you are an employee, you will not receive any deduction for the car you are purchasing.
If you need any assistance with this, feel free to reach out to me.
Regards,
Nilay
From India, Ahmadabad
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Circular No 1-2018 Processing of income-tax returns under section 143(1) of the Income-tax Act .pdf
Income Tax Calculator.xls