Please let me know about the tax planning on my superannuation benefits which will be received by way of PF, Gratuity, Encashment benefits and other benefits. How to invest them and any tax applicability on the investments.
RE:Tax planning on superannuation
by Amit Phatak on Jun 28, 2008 02:10 PM Permalink
on EPF I can say is you should not withdraw it ideally (till your retirement). If you withdrwaw it nonetheless after 5 years of being with the employer (or 5 years on the same PF account transferred from old to new employer) the amount is tax free. If not, you have to pay tax on it and also refund the tax benefit you gained (if you claimed it under 80C) on the EPF..
Rediff had an Outlook Money article on Gratuity 3-4 days back.. Search for it..
RE:Tax planning on superannuation
by Benny Thomas on Jul 02, 2008 12:00 PM Permalink
If you are nearing your retirement, then the best option to invest would be in a Unit Linked Plan which provides you the additional benefit of Insurance cover. Not only are your payments to such plans tax-free, but your final returns are tax free as well and you get the benefit of insurance as a bonus. Certainly the best option available. For help call 919868493843
my appointment letter says i will be paid 14000/- as HRA or in lieu i can take company lease accomodation, in which case HRA will not be given. the lease agreement shall be between the owner & my company. now will i be able to take HRA tax benefit if i go for company lease under the given circumstances.my HRD people r saying that if i go for company lease accomodation i shall not get HRA tax benefit. but my logic says that since my money ie my HRA portionj of the salary is being deducted & paid to the owner, i should be eligible for HRA tax benefit. pls provide relevant sections of income tax rules etc for me to take up this issue with my employer. there r 100s of colleagues of mine who will benefir from this.
This good one but if Government try to minimize the use / wasting of resources it will be beneficial to reduce taxes in some amount of %. Aur sabse pahele suruvat mantri logo ke travelling se kiyi jaye.. :D
RE:Tax
by Yash Vij on Jun 20, 2008 04:34 PM Permalink
What about 1. Congress failure Tax. 2. Election Tax. 3. Re election Tax. 4. Television license tax. 5. Radio license tax. 6. Number of times eating food tax. 7. Number of times bathing tax. 8. Number of vehicles tax. 9. Number of mobile connection tax. 10. so on.
How much tax we will pay? There is no loop hole where salaried person can get escape from this. a) Want to watch movie - Pay Entertainment tax. b) Going to Hotel - Pay Service Tax c) etc...
After some years one more tax will be applicable i.e. Death tax - you can't die also without paying tax.
RE:hii
by Milind Sovani on Jun 17, 2008 10:55 AM Permalink
Section 80c is benefit to a tax payer if he/she invest upto Rs. 1,00,000/- in specified scheme i.e. VPF,PPF, NSC, ELSS, Primium to LIC policy etc. In that case taxpayer's responsibility is being calculated beyond Rs 1,00,000/- Excess income . Currently as per latest budget provision for general male indian citizen basic limit is Rs1,50,000/- For ladies it is Rs. 1,80,000/- and for Sr. Citizsen (Both Male & Female) it is Rs. 2,25,000/- Hence if they invested Rs. 1,00,000/-in specified scheme as quoted above then their tax liabilities will be counted beyond income Rs. 2,50,000/-,Rs2,80,000/-and Rs3,25,000/- respectively. I hope this is enough to decide course of action
RE:RE:hii
by Nand Gupta on Jun 22, 2008 09:08 AM Permalink
To clarify more: VPF means Volunteer Provident Fund. You can ask your employer to deduct more of PF than they usually deduct. This money is tax free. PPF: Public Provident Fund. You can open a PPF account with SBI and other nationlized bank. Here also you can avail tax benefit.
NSC: National Saving Certificate ELSS: Equity Linked Saving Scheme etc.
RE:hii
by Sankar on Jun 25, 2008 03:15 PM Permalink
Hi, I'm earning salary of 5lacs/annum.If i invest for 1lac,how much tax will be deducted in the year end for me? Could you splitup & explain how tax is deducted in detail?
So for a Rs 22 liter petrol at pumps we people pay Rs 30 extra.
Govt. is thinking to impose more price hike to curtain with the current crude oil bubble in International oil crisis.
If Central Govt. wish, it can still reduce the price of petrol in the current crisis situation, but it doesn't intend to do so, instead trying to fool the people and Nation. This is the basis LEFT parties are opposing, just generating more profits for the oil marketing companies.
RE:hii
by Nand Gupta on Jun 22, 2008 09:03 AM Permalink
I think you are only the intelligent guy in the country and other economist in the country are fool. I wish you could have read some economics books before commenting here. No government will hike price because this is one of the major blow for the government. UPA government has done this even though the elections are near. That clearly means there was no options left.
mark my words: your chances to succeed will rise substantially if you do the opposite of what, these thieves-criminals-terroristic people at our center advise you...
#1. You also pay tax on supplementary allowance, LTA is taxable for two years out of four, other allowances are also taxable, The authors should not mislead general public.
The Authour could have given the section numbers so that it woule have been SPOON FEEDING to most of the Auditors who always refers to the Manual at the time of submission of IT
RE:Tax savings.
by BrotherhoodofNod on Jun 16, 2008 05:11 PM Permalink
why will he sue the author?. author is only trying to tell us how best we can save tax on salaries.. and PC also know that ppl do this ALL the time.. did u kwn that only 5-6% of indian population pays tax.. shocking bt true..
RE:Tax savings.
by manu www on Jun 16, 2008 05:56 PM Permalink
Is it? that makes us "tax payers", the minority. me wonders, if we too can get a "minority" status...........and a special exemeption and so forth... :D
RE:Tax savings.
by chandra singh on Jun 16, 2008 08:25 PM Permalink
Hi Sir, Nice to see your commnets on this site and remembered the old GOOOOOOOOOOOOOOOOOD days. Just wanted to say Hello to you Sir. CKM Singh
