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How to save income tax for the year 2013-2014?

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  • How to save income tax for the year 2013-2014?


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Answer #1 | 01/01 2014 00:39
Take NSC (National Saving Certificate) for tax saving. Its best option for tax saving.
Positive: 100 %
Answer #2 | 31/12 2013 08:29
You have not told what was your salary before July 2013. So I am treating that you do not have any income during April,May,June & July 2013. The calculations are just for 8 months from 30th July 2013 to March 2014. Tax calculation for 8 months only. (4 months no income & with 8 months salary) 2,28,000 is your 8 months salary (Out of 12 months Rs.342000) 0,36,400 Less: HRA ------------ 1,91,200 0,10,944 Less: PF Deduction for 8 months @1368 (Deduction u/s 80C) ------------ 1,80,576 0,01,600 Less: 8 months professional tax@ Rs.200 per month ------------ 1,78,976 0,24,020 Less: Your LIC Premium (Deduction u/s 80c) ------------ 1,54,956 Net income less than 2 lakhs and no tax for this year. (on 8 months Salary) ======= ************************* Calculation for full 12 months taking the income as per your question: 342000 Less HRA (4560x12) 54720 less PF Deduction (1368x12) Rs.16416 less Professionl Tax (200*12) 2400 less LIC primium Rs.24020= Net taxable salary Rs.2,44,444 On Rs.2,44,444 you have to pay a tax of Rs. 2,517 (Including education cess). To avoid tax Rs.2,548 you have to further invest Rs.24,440 in any tax savings scheme like NSC, Tax savings Bank FD or on tuition fee to children etc., But this will not apply for you since your salary is for 8 months and 1 day only.
Positive: 50 %
Answer #3 | 31/12 2013 05:15
you have not mentioned bank interest you earned on savings account.
Positive: 50 %

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