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While on one hand the government taketh away, on another it gives, albeit a small amount. It has made available different Sections of the Income Tax Act under which you can save this amount that you pay to the government, the most famous of which is the 80C deductions.
Under Section 80C, you can invest Rs 1 lakh in various instruments.
Under Section 80CCF, you can invest Rs 20,000 in long term infrastructure bonds.
Under Section 80D, you can save Rs 35,000 towards health insurance premiums for yourself and your family.
So, all the taxpayers can go in for this common saving methods. If you do that, then you would have invested Rs 1.55 lakhs. And how much income tax can be saved by you after the investments ?
Use the simple logic above which shows that you would have paid 10.30%, 20.60% and 30.90% of tax – the same percentage of Rs 1.55 lakh you will stand to save. The below shows the savings in each of the three slabs.
| Tax bracket | Income Tax Saved | |||
| 10.30% | 10.30% of Rs 1.55 lakh = Rs 15,965 | |||
| 20.60% | 20.60% of Rs 1.55 lakh = Rs 31,930 | |||
| 30.90% | 30.90% of Rs 1.55 lakh = Rs 47,895 | |||
That is what you would end up saving.
It is important to note that these savings are valid for every tax payer who saves his money into the sections mentioned above. Over and above this, other sections of the income tax are applicable to you depending on which one is valid for you – for example – if you have a home loan, then the interest component can be used to save income tax. Similarly, there are other sections that can be used.
Do you think the money allowed to save as tax is a pittance compared to how much you need to invest in the instruments available ? Is it possible to increase how much income tax can be saved by all tax payers at all ?
For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call
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