Tax Planning for Salaried Individual For FY 2015-16. This article help in tax planning for salaried person. Check 5 Tax Saving Strategies. In this article you an find complete details for how to Planning for Tax Savaing for Salaried Employees like – 5 Tax Planning Strategies, Tax Planning U/s. 80C, U/s. 80CCC and U/s. 80 CCD, Tax Planning Sec 80D – Mediclaim, Tax Savings on Home Loan, Tax Planning through 80CCG – RGESS etc. Now you can scroll down below n check more details for Tax Planning for Salaried Individual For FY 2015-16
Tax Planning for Salaried Individual For FY 2015-16
Tax Planning for Salaried Individual
- There are no. of ways being within the purview of the Indian income tax act for salaried individual to save taxes.
- Lets discuss few of the most popular strategies for FY 2015-16 to save taxes
5 Tax Planning Strategies
- Save Tax u/s. 80C, u/s. 80CCC and u/s. 80CCD
- Save Tax u/s. 80D – Mediclaim Policy
- Save Tax u/s. 80DD and u/s. 80DDB
- Tax Planning through Home Loan
- Tax Planning through RGESS: u/s. 80CCG
Tax Planning U/s. 80C, U/s. 80CCC and U/s. 80 CCD
- An individual can invest in an instrument as specified U/s. 80C, U/s. 80CCC and U/s. 80 CCD
- Maximum Combined deduction allowed under these section is Rs.150000
- An additional investment of Rs.50000 over and above this limit is allowed, if an individual invest in NPS
- In total, an individual can claim Rs.200000 under these 3 section
- Most popular investment choices u/s. 80C is
- Equity Linked Savings Scheme (ELSS)
- Life Insurance Policies
- Public Provident Fund
- 5 year tax saving Bank FD
- National Savings Scheme (NSC)
- u/s 80CCC one can invest in a pension policy of an insurance company
- u/s 80CCD an individual can invest in National Pension Scheme (NPS)
Tax Planning Sec 80D – Mediclaim
- u/s. 80D, An individual is allowed claim deduction on expenditure if a premium is paid towards mediclaim policy for self & family and mediclaim policy for parents.
| Policy for | Age | Deduction allowed | Total deduction allowed |
| Self and Family | < 60 | 25000 | 50000 |
| Parents | <60 | 25000 | |
| Self and Family | < 60 | 25000 | 55000 |
| Parents | >60 | 25000 | |
| Self and Family | > 60 | 25000 | 60000 |
| Parents | >60 | 25000 | |
| Self and Family | > 60 | 30000 | 30000 |
| Self and Family | < 60 | 25000 | 25000 |
Must Read –
- Deduction For Donation Under Section 80G
- New Deduction 80C Sukanya Samriddhi Savings Account
- Deduction For Medical Insurance Premium U/Sec 80d
- Deduction for School Fees Paid u/s 80c
- Deduction for Rent Paid u/s 80GG
- Deduction in Respect of Various Loans
Sec 80 DD and Sec 80 DDB
u/s. 80DD Deduction is available on
- Expenditure incurred on medical treatment, training and rehabilitation of handicapped dependent relative
- Payment or deposit to specified scheme for maintenance of dependent handicapped relative.
u/s. 80DD medical expenditure can be claimed
- Where disability is 40% or more but less than 80% – fixed deduction of Rs 75,000
- Where there is severe disability (disability is 80% or more) – fixed deduction of Rs 1,25,000.
u/s. 80DDB Deduction is available on
- Expenditure actually incurred by individual on himself or dependent relative for medical treatment of specified disease or ailment
u/s. 80DD Amount of deduction will be lower of amount actually paid on medical treatment or
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- Individual <60 of Age – Rs.40000
- Individual >60 but <80 Age – Rs.60000
- Individual >80 Age – Rs.80000
Tax Savings on Home Loan
- Indian income tax law gives opportunity to individual investor to build wealth in the form of residential house
- An individual can leverages tax while building his own home
- Buying House property on a home loan could cut down your tax bill significantly
- As per Indian tax law, an individual is allowed to claim maximum deduction of Rs.
- 2,00,000 p.a. against interest component of your Housing loan
- 1,50,000 p.a. of principle paid for the housing loan against u/s. 80C
Tax Planning through 80CCG – RGESS
- Under Rajiv Gandhi Equity Saving Scheme (RGESS) you are allowed to invest in direct equity share or eligible MF scheme.
- Investors whose gross total income is less than Rs. 12 lakhs p.a. can invest in this scheme
- For first time investor in the equity market
- Deduction is lower of
- 50% of amount invested in equity shares or
- Rs 25,000