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I want to save tax on my income.. I'm a salaried employee...I'm investing in PPF (150000) and planning to invest in NPS (both parts). I'm really not sure how beneficial it is to invest in NPS.. Can you please help me understand how much it will be helpful in investing in NPS.. If I post my salary details will it be public.. apart from this how many other ways I can save tax.. plz guide me..
Hi I want to save tax on my income.. I'm a salaried employee...I'm investing in PPF (150000) and planning to invest in NPS (both parts). I'm really not sure how beneficial it is to invest in NPS.. Can you please help me understand how much it will be helpful in investing in NPS.. If I post my salary details will it be public.. apart from this how many other ways I can save tax.. plz guide me..
without salary details structure it very difficult to guide the tax structure. Generally under section 80CCD(1) an additional deduction of Rs 50,000 is eligible in addition to deduction of Rs 1,50,000.
Feel free to contact in case you require further clarification
you can contribute upto Rs. 50000 in NPS as you are already investing in PPF 1.5 Lakhs, yes its beneficial
other ways to save tax
Health insurance if you dont have right now
Home loan if you are planning to buy a house
other will can suggest as per you salary details
no your salary details will share with professional listed on TaxFull not to public thus feel free to share the same
Your company can contribute a maximum 10% of your basic salary towards NPS and there will be no taxes on this portion. Eg if your Basic is 10 lakhs per annum, the company can invest 1 lakh in NPS and you will not have to pay 30% on this i.e. a saving of 30000 ( assuming you are in 30% bracket).
Additionally you can invest 50000 from your side and that will be taxfree as well. You can decide the proportion in which you want to invest the amount in Equities, Government and corporate bonds. So it is market linked as well.
However one of the drawbacks of NPS is the long holding period(till retirement) and taxability at maturity.
Hope this clarifies.
Regards,
Nikhil.
Dear Sir,
For salaried employees, investment avenues are very limited. Taxable income will depend on the components in your salary structure. There are allowances which are fully exempt, fully taxable and partly exempt and partly taxable. It would be better if you share you salary slips or CTC breakup for more analysis.
As you already exhausted the limit of 1.50 lacs. You can opt for NPS contribution which is 10% of your salary and you can additionally contribute Rs.50,000 in NPS under different clause.
- Health insurance is available for spouse,parents
You can share you salary structure on .com or call me on 7060029944
With regards to NPS ,there in additional deduction of Rs 50000 in income tax .
You can keep your question private here at taxfull.
Hello,
The only option left is buying a medical insurance. Section 80D which you can use.
I did not understand as to what are you looking for in NPS. The tax implication or the financial return benefit ?
Trust this clarifies your query.
Feel free to call / get back in case of further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, FCA, LLB, CERT. FAFP