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

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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

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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?

Download Link:

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

  1. Awesome…Great work done.
    have tweeted about it..

  2. I am paying pre-EMI of my home loan. The House is still under construction since last two years. So how can I avail IT exemption on HRA and EMI paid since last two year?

    • HRA and Home Loan Tax benefit are two different things. As far as the pre-EMI is concerned, you need to divide the total interest paid in pre_EMI in five parts and claim in five subsequent years after the possession of the house.

      In the mean time you can claim tax benefit on HRA as usual. You can read more about same here.

  3. Can I claim exemption on the HRA as well as the interest paid on housing loans at the same time?

  4. JAGANNATH MALLIK says:

    i want to take Rajib gandhi Equity fund.pl advice how ?

  5. Hello

    what are the mandatory documents to claim tax exemption on HRA & under which section of IT Act these are mentioned. The reason I am asking this is in all my previous companies, it was more than sufficient to produce a rent receipt & the rent agreement copy. But the Admin people of my current company are forcing us to produce PAN card copy of our House owner, which for very obvious reason the House owner is apprehensive in sharing. Currently I am staying in Mumbai.

    I Appreciate your response to help me out of this TAXing situation…

  6. i have joined a new company here my package is 350000/- PA . here we dont have pf deduction only tds deductions is there , i have completed 15 days out here , want to know how much tds will be deducted and whatever tds is deducted can i claim for it , if yes den plz let me know how……

    plz let me know in details …..i have not got a salary breakup till now,,,, and in investment i have a policy of 5000 per year dats it, so i was thinking of investing so dat tds will not get deducted …

    • The first thing is you need to have is salary breakup. There are few components in salary which are tax free and others which are taxable. Next you should download the tax calculator for FY 2013-14 and calculate your tax.

      As for the investment options for tax saving is concerned, download the tax saving presentation in the post above. It would help you in tax planning. In case of any further assistance please write back to us.

  7. My annual gross income is 4 Lac. What is the maximum eligibility for me to avail the tax benefit under 80c if purchase of plot comes under 80c. Please suggest some other safe investments to avail tax benefit for the next financial year and what is the maximum limit for it based on my income?

  8. Hello Amit,

    My company is not providing any food coupons. I asked HR regarding this and they said like meal cards are removed. Is there any other way (third party) to transfer some of my monthly income towards food card?

    Thank you
    Kishore

    • The food meals are still valid but this benefit can only be taken if employers provide food vouchers! i am not aware of any other method of getting this tax benefit!

  9. Hi,
    I am working in Banglaore.My CTC is 14 lakhs.I have house in Hyderabad and my parents are staying in that.The house is under loan of Rs 5500/month.I am paying insurance of 75000/year.
    My IT deductions are 120000/annum. Is there any options to save on my tax?

  10. Pooja Mahajan says:

    I am unable to download the presentation. Could you please mail it to my mail id. Thanks

  11. Hi,

    My CTC is 14 lakhs/annum.My HRA is 21000.At present I am in rented house paying rent of Rs 7000.Now I would like to buy a Flat for 15 lakhs near to my current house which also near to office.(Bangalore).Shall I purchase the flat without loan or with loan?which is the best option.

    Are there any better benefits buying with loan?Because I have already 10 lakhs cash in hand and can get 5 lakhs from my brother.My intention is why to pay interest to banks on loan.

    Regards,

    Swamy

  12. can you send me the complete tax saving guide..the link is not available.

    Sandip

  13. Dear Amit,
    Thanks for posting such a wonderful information.

    Presently I am working in Indonesia (Since Dec, 2011) and getting my salary in USD. I am remitting my full salary to india by transferring to my Axis Bank A/c . (last F/y year 2012-13 i was in India for about 40 days only – i.e. 320 days i stayed in Abroad)

    My salary from Apr, 12 to Dec, 12 is deposited in NRO Joint account (with my wife) and from Jan,13 on wards salary trasferred to my individual NRE account.

    My company told me that my salary is 100% tax free in India because they are paying tax in Indonesia. and there is some treaty between both the nations to avoid double taxation.

    I want to know (1) Is it true, if yes (2) Under which section I can claim tax relief. (3) Is bank interest received in NRO and NRE A/c is taxable.

    Note: When I asked my company to give me some documentary evidence (like Form – 16 in india) in support of paying my tax here (Indonesia), they told that till is not paid. They will give me latter. …
    Please advise… thanks

  14. Sushil Madwani says:

    Hi Amit!

    Thank you very for sharing such a valuable information.

    Can you help me when can I invest into infrastructure bond ?

    I mean to say is it a round the year affair or do we have to wait for some authorized bond issuing company for issuance of bond ?

  15. Best Explanation i ever read about personal tax planing …good work ..keep it up sir

  16. Nilaxi I. Surati says:

    I have sold HUL share to the company 2050 and gained Rs, 12,.30 lacs. Do I need to pay Capital gain Tax. The shares were gifted by my father in – law before 1981. How much Capital gain tax I have to pay? Ihave taken Rs. 3lac REC Captial gain bond? How much more do I take.

    Kindly advise.

    Regards.

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

  18. Ankit Kuchhal says:

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

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

  20. 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

  21. 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]

  22. 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

  23. PLEASE SEND ME THE REGULAR UPDATES

  24. 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…

  25. 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.

  26. 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?

  27. 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]

  28. 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

  29. I think the guide to save tax in the post above is suited for you. Download it and you would get all your answers :).

    In case of any doubt write back to us.

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