Course How to Save tax with Wealth Management :
How to Save tax for Finacial Year 2018-2019 ( FY 2019-20) for Salary Class
How to Calcualte your income tax for FY 2018-19 and How to save tax with investment in section 80
Tax slabs
1.1 Individual (resident or non-resident), who is of the age of less than 60 years on the last day of the relevant previous year:
Taxable income Tax Rate
Up to Rs. 2,50,000 Nil
Rs. 2,50,000 to Rs. 5,00,000 5%
Rs. 5,00,000 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
1.2 Resident senior citizen, i.e., every individual, being a resident in India, who is of the age of 60 years or more but less than 80 years at any time during the previous year:
Taxable income Tax Rate
Up to Rs. 3,00,000 Nil
Rs. 3,00,000 - Rs. 5,00,000 5%
Rs. 5,00,000 - Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
1.3 Resident super senior citizen, i.e., every individual, being a resident in India, who is of the age of 80 years or more at any time during the previous year:
Taxable income Tax Rate
Up to Rs. 5,00,000 Nil
Rs. 5,00,000 - Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
Plus:
Surcharge: 10% of tax where total income exceeds Rs. 50 lakh
15% of tax where total income exceeds Rs. 1 crore
Education cess: 4% of tax plus Heath and Education Cess
Note: A resident individual is entitled for rebate u/s 87A if his total income does not exceed Rs. 3,50,000. The amount of rebate shall be 100% of income-tax or Rs. 2,500, whichever is less.
Than Tax Calcualtion :
Net Taxable Salary 5,00,000.00 3,40,000.00 10,00,000.00 20,00,000.00 50,00,000.00
Standard Deduction for Salaried & Pensioner (Rs 40,000) Budget 2018 40,000.00 40,000.00 40,000.00 40000 40000
Gross Taxable salary 4,60,000.00 3,00,000.00 9,60,000.00 19,60,000.00 49,60,000.00
Less Deduction U/S 80
Net Taxable Salary 4,60,000.00 3,00,000.00 9,60,000.00 19,60,000.00 49,60,000.00
Tax Rebate of Rs. 2,500 (For Income of less than 3.5 lakhs) - 2,500.00 -
Net Tax
Upto 2,50,000 Nil Nil Nil
2,50,000 to 5,00,000 @5% 10,500.00 2,500.00 12,500.00 12,500.00 12,500.00
5000000 to 1000000 @20% 92,000.00 1,00,000.00 1,00,000.00
1000000 and above 30% 2,88,000.00 11,88,000.00
Edn Cess + Health Cess @ 4% 420.00 4,180.00 16,020.00 52,020.00
Tax Surcharge @ 10% (For Income of more than 50 Lakhs) (Budget 2017) 1,30,050.00
Total Tax 10,920.00 - 1,08,680.00 4,16,520.00 14,82,570.00
How to increse ROI on investment
Total Invesestment required under section 80C upto 1,50,000/-
General Concept to save Tax :
Life inssurance :
Course 2
How to save tax with wealth Management if salary is 2,50,000/- to Rs. 10,00,000/-
For Tax Saving
Net Taxable Salary 5,00,000.00 5,00,000.00 3,40,000.00
Standard Deduction for Salaried & Pensioner (Rs 40,000) Budget 2018 40,000.00 40,000.00 40,000.00
HRA 1,00,000.00
Interest paid on Home Loan
Gross Taxable salary 4,60,000.00 3,60,000.00 3,00,000.00
Less Deduction U/S 80 1,10,000.00
Medical Policy
Net Taxable Salary 4,60,000.00 2,50,000.00 3,00,000.00
Tax Rebate of Rs. 2,500 (For Income of less than 3.5 lakhs) - 2,500.00
Net Tax
Upto 2,50,000 Nil Nil Nil
2,50,000 to 5,00,000 @5% 10,500.00 Nil 2,500.00
5000000 to 1000000 @20%
1000000 and above 30%
Edn Cess + Health Cess @ 4% 420.00
Tax Surcharge @ 10% (For Income of more than 50 Lakhs) (Budget 2017)
Total Tax 10,920.00 Nil Nil
Total Tax Saving 10,920.00
For Tax Saving For Tax Saving
Net Taxable Salary 8,00,000.00 8,00,000.00 10,00,000.00 10,00,000.00
Standard Deduction for Salaried & Pensioner (Rs 40,000) Budget 2018 40,000.00 40,000.00 40,000.00 40,000.00
HRA 1,44,000.00 1,80,000.00
Interest paid on Home Loan
Gross Taxable salary 7,60,000.00 6,16,000.00 9,60,000.00 7,80,000.00
Less Deduction U/S 80 1,50,000.00 1,50,000.00
Medical Policy 25,000.00 25,000.00
Net Taxable Salary 7,60,000.00 4,66,000.00 9,60,000.00 6,30,000.00
Tax Rebate of Rs. 2,500 (For Income of less than 3.5 lakhs)
Net Tax
Upto 2,50,000
2,50,000 to 5,00,000 @5% 12,500.00 10,800.00 12,500.00 12,500.00
5000000 to 1000000 @20% 52,000.00 92,000.00 6,500.00
1000000 and above 30%
Edn Cess + Health Cess @ 4% 2,580.00 432.00 4,180.00 760.00
Tax Surcharge @ 10% (For Income of more than 50 Lakhs) (Budget 2017)
Total Tax 67,080.00 11,232.00 1,08,680.00 19,760.00
Total Tax Saving 55,848.00 88,920.00
Course 3 How save tax with better retrun of investment
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