Tax Planning: How to Save Taxes for FY 2013-14 (AY 2014-15)?

Everyone wants to save taxes but don’t want to spend time to understand How they can do it! In fact saving and investing money is as important if not more than earning it.

Keeping this in mind I have prepared a 43 slides presentation covering all sections under which you can save tax for this financial year FY 2013-14 (AY 2014-15).

The focus of presentation is to give you a Quick, Simple yet Exhaustive list of tax saving sections/ options and respective investments.

This is start of the financial year and it would help you to plan your tax saving investments for the entire year in advance, saving the last minute rush and investing in products which you never wanted

Here are some sample pages:

We always worry about taxes and have questions but don’t know who to ask!

Common Thoughts About Taxes

Page 2: Common Thoughts About Taxes

The presentation lists down all the tax saving sections available for individuals. Below is just one of the pages:

Sections of Income tax you should know for Saving Tax

Page 5: Sections of Income tax you should know for Saving Tax

The list of investment options available u/s 80C, 80CCC and 80CCD. This is the most popular section for claiming exemption up to Rs 1 lakh. Look at the list and you might find some options of tax saving you might not be aware about!

80C Eligible Investment List

Page 7: 80C Eligible Investment List

PPF – One of the most popular tax saving options u/s 80C. The slides covers details of all the investment options in similar format listing a brief introduction, the pros and cons and some helpful tips!

PPF - Details - Pros & Cons - Helpful Tips

Page 9: PPF – Details – Pros & Cons – Helpful Tips

Some components of your salary are fully taxable while there are others which are partially taxable or tax free. In case you get the flexibility to design your salary, you should try to maximize the partially taxable or tax free component

Which part of Salary is taxable and What is Tax free

Page 34: Which part of Salary is taxable and What is Tax free?

Example of Tax Free part of Salary – Meal Coupons, LTA, Mobile Phone Bills. The slide lists down some rules under which these allowances are tax free.

How can you Save tax by Salary Restructring

Page 36: How can you Save tax by Salary Restructuring?

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42 thoughts on “Tax Planning: How to Save Taxes for FY 2013-14 (AY 2014-15)?

  1. I am just wondering that what is the best time to invest in PPF account. So I can show it in income tax filing FY 2013-2014.

    Should I invest amt in PPF before 31-03-2014 or 1st Jan 2013 to 31 Dec 2013?

    Please clarify

    Thanks
    Narayan

    • If you had not invested in PPF in FY 2013-14, then you cannot claim the same by investing now. But if you asking for future, you can invest anytime in a financial year to get tax benefit. To get the best returns, invest in the beginning of a financial year i.e. between April 1 – 5 every year!

      • Dear Amit,

        Many thanks for your reply

        I invested 1,00,000/- on these dates (04/06/2013 – 70,000/- & 17/12/2013 – 30,000/-).
        So I already shown it in this year filing i.e. FY 2013-2014.

        And invested 1,00,000/- on 12-04-2014. I will claim this saving in next year filing i.e. FY 2014-2015

        Thanks again
        Narayan K

  2. Tawny Goyal says:

    Dear Amit
    I have tried lot to see your presentation but not been able to see.
    So you are kindly requested to mail this If Possible to the below address :[email protected]

  3. Hey! I have deposited last 2 years premium this year since I had forgotten to pay it last year. Would the double amount come under tax exemption?

  4. Saumen Datta says:

    I am a retired person used to receive Pension around Rs.3 lacs per year and bank interest Rs.2 Lacs per year.
    My wife a housewife earned bank interest around Rs. 4.5 Lacs in the 2013-2014 FY. Please guide us for computing Income Tax and some possible ways to save tax.

  5. deepak bansal says:

    sir pls tell me how to save step by step
    my anual income rs.500000 so how to save my complete tax.And i am handicaped in earing problem.since childhood….so pls
    immediately reply , i am waiting for your reply…

  6. PLEASE SEND ME THE REGULAR UPDATES

  7. Excellent work Amit Bhai, wanted to give ur ppt to educate my friends or for college students without changing anything……tried to download, but the link seems not working. Can you share the ppt or in pdf format. Best regards – Imdad

  8. Dear Sir, First thank you for uploading such a wonderful presentation…..

    Would appreciate if you can pls send the same on my email id, my email id would be “[email protected]

  9. hi amit i am salaried govt employee i am using car for my personal use
    can i submit my maitainence cost in my tax planning i am using below 1600 cc car ,if it is true how to submit and process for this please explain it to me

  10. Is there any provision for Infra Bonds under 80CCF this year 2013-14

  11. Ankit Kuchhal says:

    I am not able to download your tax saving guide for FY 2013~2014

  12. Do I need to provide my rent agreement incase I show the income from my house which is on loan?

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