If you have exhausted all the limit of deduction there is no option other than paying taxes for salaried employees
How do I save income tax I pay 18k income tax per month Background: Annual gross income is 25 lakhs from salary...Might expect 2-3 lakhs as annual bonus.. Have home loan upto 2 lakhs, 80C, 80D and 80 DD is full... So how do i save tax... wht instruments can help
If you have exhausted all the limit of deduction there is no option other than paying taxes for salaried employees
Thanks Vidya Jain My question is cannot I invest in agricultural land or start a business i think which will make loss in 3-4 months as revenues will be down
As an employee, your income from salary will be taxed under the head Salary. Any loss under the head : Income from house property can be set off against salary income. This is what you can do now.
Apart from the income from salary, you may be having income from other sources by way of interest on fixed deposits. You may invest in Fixed Deposits or other income generating assets in the name of your wife or children, though such income is still to be clubbed with your income. However, the income earned on reinvestment of such income will not be taxed in your hands and it will be taxed in the hands of your wife or children, as the case may be. Now what you need is financial and wealth planning and not just tax planning.
Hi,
Even if you start any business, the business loss cannot be set off against salary income.
So it will not help you.
Are you taking the beneift of LTA, mobile reimbursement, sodexo etc.
Hii
for better understanding can you please share your provisional form 16 , after that we can try our best to save your tax burden.
Hello,
Business losses cannot be set off against salary income.
There can be restructuring possible in your form 16 but for that we will have to go through your Form 16 to make sure if there is any untapped allowances.
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
Hi
If you have utilized all the deductions, there is only a possibility of saving taxes by restructuring your salary.
The business losses cannot be set-off against your salary income.
Hi,
Looks like you are claiming full benefit of home loan, sections 80C, 80D, etc. Your only option is to restructure your salary, but we will require a copy of your Form 16 for it. Alternatively, you can check with your company whether they can take you as a professional / contract basis instead of an employee. In that case, you can do more tax planning.
Also, you cannot setoff business loss against salary income.
Regards,
Keerthiga Padmanabhan
M.Com., CA, LL.B