|
|
 Email |  Discuss | Get latest news on your desktop
Tax-saving tips to enhance your take home salary
February 17, 2009
As we approach the financial year end, it is important to evaluate tax optimisation. Even if the last day for submission of proof is over in the company you work, one check is important before the financial year end so that you don't miss out on tax saving opportunities. After the end of the financial year, one cannot effect any tax savings.
Preethi Soni, aged 27, working as a software engineer walked in to discuss her tax saving investments for the current year. Her salary stack was as mentioned in the adjacent table.
She highlighted a few pointers, before we moved further on her tax assessment and optimisation thereof:
She stayed in a rented house along with her friend, paying a total rent of Rs 5,000; they got only one receipt -- both wanted to claim the rental benefit of Rs 2,500 each.
Other allowances were telephone re-imbursements, vehicle maintenance and food coupons.
Her current investments included an LIC policy worth Rs 21,839 and a medical policy on her parents' name worth Rs 14,309.
Text: Anil Rego. The author is a CFA-PGDBA and the founder & CEO of Right Horizons, an end-to-end investment advisory and wealth management firm.
Also see: Will gold shine brighter in 2009?
|
|
|
Advertisement
