Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Popular Search: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: form 3cd :: empanelment :: list of goods taxed at 4% :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: cpt :: articles on VAT and GST in India
« General »
 India’s GST among most complex in world, and it is 0% tax rate that is hurting the idea
 Can’t overrule courts with retrospective amendments, says Supreme Court
 Why tax planning should be an all-year round activity
 8 financial tasks you should do in the next 30 days
 Income Tax department may defend CPC in returns fraud case
  Income tax department sends notices to investors over tax treaty gains
 Seven months after GST rollout: Time for handholding over, Centre to intensify efforts to curb tax evasion
 Individual angels may get tax relief too
 The differences between tax and cess
 Startups that raised funds from angel investors face tax scrutiny
 Tax collection assumptions in India's budget ambitious

How Shah can go from high tax to zero tax
January, 25th 2016

Utsav Shah, 32, is worried because he pays a high tax of almost Rs 6,300 every month. estimates that Shah can reduce his tax to zero by claiming some exemptions, rejigging his pay structure and investing more. Shah gets HRA, but doesn't claim exemption because he lives in his father's house. If he pays rent to his father, he can claim HRA exemption. This alone will reduce his tax by almost Rs 60,000. However, his father will be taxed for the rent from his son after a 30% standard deduction.

Shah's employer does not allow rejigging of the pay structure. If he can get certain tax-free benefits in lieu of the taxable components he currently draws, his tax comes down further. If the company deposits 10% of his basic pay in the NPS, instead of children's education allowance and ex gratia payment, his tax will be cut by almost Rs 7,500. Shah saves more than he needs to under Section 80C. He should opt for the Sukanya Samriddhi Scheme, instead of the He should also invest Rs 50,000 in the NPS to claim deduction under Section 80CCD(1b). It will cut his tax by Rs 5,000. Another Rs 4,000 can be cut by buying health cover.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Team

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions