How To Save Tax?
It's not simple to save a tax. But you can do it, but structurally. But calculation must be good and perfect. For a person who's earning about 4 Lakhs can do lot of savings for the year 2013 - 2014, if taxes are provided in advance.
Total Income Rs. 400,000
Tax net 10% after 2 Lakhs
Balance in tax net 200,000 x 10/100 = Rs. 20,000
Tax Credit Rs,. 2000 [ 10%]
Balance Rs.18,000
Educational Cess 3% of 18,000 - Rs. 540
Total to pay to Govt Rs. 18,540
Normal person will be paying Rs. 18,540 to the Government as Income Tax.
But for a person who's having the same salary, financial consult will be doing like this:-
Total tax income to pay from the-
same income Rs. 200,000
Saving as Insurance, PF. others Rs. 100,000
Health Insurance Rs, 20,000
Interest on Educational Loans Rs. 20,000
Balance to pay as tax Rs. 60,000 and 10% of it will be Rs. 6000 as tax to the Govt
3% of 6000 Rs. 180
Total Tax paid Rs. 6180
A person can save from financial consultant will be Rs. 12,360. Okay you can pay at least Rs. 1000 for a good financial consultant. Still you're at profit.
Total Income Rs. 400,000
Tax net 10% after 2 Lakhs
Balance in tax net 200,000 x 10/100 = Rs. 20,000
Tax Credit Rs,. 2000 [ 10%]
Balance Rs.18,000
Educational Cess 3% of 18,000 - Rs. 540
Total to pay to Govt Rs. 18,540
Normal person will be paying Rs. 18,540 to the Government as Income Tax.
But for a person who's having the same salary, financial consult will be doing like this:-
Total tax income to pay from the-
same income Rs. 200,000
Saving as Insurance, PF. others Rs. 100,000
Health Insurance Rs, 20,000
Interest on Educational Loans Rs. 20,000
Balance to pay as tax Rs. 60,000 and 10% of it will be Rs. 6000 as tax to the Govt
3% of 6000 Rs. 180
Total Tax paid Rs. 6180
A person can save from financial consultant will be Rs. 12,360. Okay you can pay at least Rs. 1000 for a good financial consultant. Still you're at profit.
