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Home » Education » Indian Income Tax Calculator and Tax Saving.

Indian Income Tax Calculator and Tax Saving.

Indian Income Tax Calculator and Tax Saving.

This is a document which gives you maximum information about Indian Income Tax declaration. What you have to do, just find the attached document and enter you salary structure to this document and it will automatically calculate the taxable amount.

This is the document which will helps our IT employees and developers to give maximum information about Indian IT Tax system and its saving schemes.

Union Budget of
India – Income Tax (Feb, 06)

Income Tax
  • No changes in the rates of personal income tax or corporate income tax.

  • No new taxes are imposed.

  • Abolishment of one by six scheme for filing of income tax returns.

  • 25% across-the-board increase in securities transaction tax

  • Exemption from taxes to cooperative lending banks and rural development banks under Section 80(B).

  • Fixed deposits in scheduled commercial banks with at least five year maturity will get tax exemption for savings under section 80C of Income Tax Act.

  • The Rs 10,000 exemption limit for investment in pension funds under Section 80CCC has been removed but these investments would be brought under Sec 80C subject to a ceiling of Rs 1,00,000.

  • Donations to only relgious institutions will be exempted from tax.

  • Minimum alternative tax on corporates increased from 7.5 per cent to 10 per cent.

  • Constituency allowances of MLAs to be treated as constituency allowances of MPs for income tax purposes.

  • Fringe Benefit Tax modified. Threshhold limits raised, but FBT will remain as it is justified for ensuring horizontal equity.

  • To check tax evasion more items would come under annual information return reporting.

The Primary Tips For Vehicles To Save Tax are:

 

  • Any Mediclaim or Life Insurance policies.

  • Public Provident Fund (PPF) or National Savings Certificate (NSC) (PPF account can be opened in SBI, NSC from Post Office)

  • House Rent declaration (Better declare on the higher side – more than 50% of your basic)

  • Mutual Funds ( Not all MF, only ELSS – Equity Linked Saving Schemes). Five good ones, with the minimum amount to be invested are:

    •         SBI Magnum Tax Gain Scheme    –   Rs.500

    •         HDFC Long Term Advantage Fund (D) – Rs.500   

    •         HDFC Tax Saver (G)      – Rs.500

    •         Pru ICICI Tax Plan (G)  – Rs.500

    •         ING Vysya Tax Saving Fund (G) – Rs.2000

  • Donations to PM’s Relief Fund or similar. But Wipro doesn’t take these into account while calculating the tax. You will have to

  • declare these when you file your Tax returns and get the refund from IT department which might take 6 months to 3 years.

  • But as far as I know, for these there is 100% Tax exemption. Means the total amount donated is subtracted from your Tax.

 To Know Details Click Here Indian Tax Calculator

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