My monthly income is 20,000 which I get from my house property. I have a endowment policy with the LIC for Rs.200000/ for which I pay an annual premium of Rs.4,000/-. I have policy with the Bajaj Allainze group which is called UnitGain Plus policy for which I pay an amount of Rs.10,000/- annually. I dont know whether mutual fund investments are deductible under 80 C. Kindly clarify. Pls specify other deductions applicable. Clarify
1. Your Gender.
2. Your age.
3.Residential Status
4.Income for which Assessment year
In your case
Total income from House property is 240000
less muncipal taxes {MT}(if any paid by the owner)
less Deduction u/s 24 is 30% of 240000-MT
less interest on borrowed capital
equals to NAV i.e 168000
Calculate tax acoording to the tax rate and according to your status which is given below.
Tax will be based on your gender age and residential status and year of assessment.
If you don't have any other income except the above then following will be the tax.
Gross Total income 168000
less deduction u/s 80c 14000
Net income is 154000
For individuals resident woman {not being a senior citizen (who is of 65 years or more at anytime during the previous year)}
Tax for AY 2006-07 will be 2346
Tax for AY 2005-06 will be 20604
For resident senior citizen (who is of 65 years or more at anytime during the previous year)
Tax for AY 2005-06 will be 20604
Tax for AY 2006-07 will be Nil
For any other individual, every HUF/AOP/BOI/Artificial juridical person
Tax for AY 2005-06 will be 20604
Tax for AY 2006-07 will be 5916
Following is the Tax rate.
For individuals resident woman {not being a senior citizen (who is of 65 years or more at anytime during the previous year)}
Net income range income tax rate
Upto 135000 nil
135000 to 150000 10% of (TI-135000) + 2% education cess
150000 to 250000 1500+20% of (TI-150000) +2% education cess
250000 to 1000000 21500+30% of (TI- 250000) +2% education
cess
above 1000000 246500+30%of (TI-1000000) +10% of income tax Surcharge + 2% of income tax and surcharge
For resident senior citizen (who is of 65 years or more at anytime during the previous year)
upto 185000 nil
185001 to 250000 20% of (TI-185000)+2% edu cess
250001 to 1000000 13000+30% of (TI- 250000)+2% edu cess
above 1000000 238000+30% of (TI- 1000000)+10% sc
+2% edu cess
For any other individual, every HUF/AOP/BOI/Artificial juridical person
upto 100000 nil
100000 to 150000 10%of (TI- 100000)+2% ec
150001 to 250000 5000+20% of (TI-150000)+2% ec
250001 to 1000000 25000+30% of(TI- 250000)+2%ec
above 1000000 250000+30% of (TI-1000000)+10% sc+2%ec
Invest in any of the 18 places given by the IT dept u/s 80C.The maximum deduction will be upto 1 lac.out of 18 these are some of them
1.LIC insurance premium (including payment made by govt employees to the central govt employees' insurance scheme and payment made by a person under children 's defered endowment assurance policy){subject to a maximum of 20% of sum assured}
2.Amount deposited as term deposit for a period of5 years or more accordance with a scheme framed by the govt (applicable from Assessment year 2007-2008)
3.Payment in respect of non-commutableDeffered annuity plan
4.Any amount paid as tuition fee (not including any payment towards development fees/donation/payment of similar nature) whether at the time of admission or otherwise to any university/college/educational institutions in india for full time education
5.Salary deducted by employer (incase of Govt employee)6.contribution to Statutory provident fund and RPF.
7.contribution towards 15yrs PPF
8.contribution towards approved superannuation fund.
9.Subscription to National Savings Certificate VIII issue.
10.contribution for participating in the ULIP of UTI
11.contribution for participating in the ULIP of LIC mutual fund
12.Payment for notified annuity plan of LIC or any other insurer.
13.Subscription towards notified units of Mutual Fund or UTI
14.contribution to notified pension fund set up by Mutual fund or UTI (i.e retirement benefit pension fund of UTI)
15.Any sum paid including accrued interest as subscription to home loan account scheme of the National Housing Bank or contribution to any notified pension fund set uo by the national housing Bank.
16.Any sum paid as subscription to any scheme ofa> public sector company engaged in providing long term finance for purchase/construction of residential house in India.b> housing board constituted in India for the purpose of planning, development or improvement of cities/towns.
17.Any amount towards the cost of purchase/construction of aresidential property (including repayment of loan taken from Govt. bank, cooperative bank,LIC,National Housing Bank,assessee's employer where such an employer is a public company/public sector company/university/co-operativ... society)18.amount invested in approved debentures of, and equity shares in, a public company engaged in infrastructure including power sector or units of amutual fund proceeds of which are utilised for the developing, maaintaining,etc of a new infrastructure facility IF HP
ANNUAL VALU=240000
LESS U S 24 = 72000
------------
168000
DEDUCTION
LIC=4000
TOTAL INCOME =168000
TAX LIABILITY=5000+3600=8600 |
