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SalarySurvey.in Comments on the Mahesh Bhupathi Tax Scandal

The case between ace tennis player Mahesh Bhupathi, his father and the Income Tax Department has cast light on the world of tax avoidance. Yet, tax optimisation solutions exist even for the man on the street.

 
PRLog - Sep. 20, 2010 - India - Stephane Bottine, Managing Director of SalarySurvey.in comments: "Every year, millions of Indians forget that they are eligible for income tax deductions. Income tax deductions help reduce your taxable income, and ultimately save you money. Try the SalarySurvey.in income tax calculator to see how much you could save."

You could reduce your income tax by deducting the following expenses from your taxable income. The following deductions are permitted by the Income-Tax Department:
* Payment of tuition fees;
* Repayment of principal amount of housing loans;
* Contributions to a provident fund or schemes for deferred annuities;
*Life insurance premia and other qualifying investments.

If your taxable income were to fall below a certain level, you could avoid income tax altogether. Income tax thresholds for individuals start from Rs. 1,60,000 per annum in the financial year 2009 - 10. The thresholds for women below the age of 65, and senior citizens aged 65 and above are higher at 1,90,000 and 2,40,000 respectively.

The SalarySurvey.in income tax calculator (http://www.salarysurvey.in/income-tax/) helps you determine your tax liability. Enter your taxable income before and after deductions to see how much you could save. The income tax calculator is available across 10 tax assessment years, from 2011-12 to 2002-03. It adjusts to your personal circumstances, whether you are a man, woman, aged above or below 65 years.

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SalarySurvey.in is India's leading source of compensation data and intelligence. We offer a free online income tax calculator and a salary comparison service. Job seekers, employers and HR professionals turn to us for the latest salary intelligence.

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Source:SalarySurvey.in
Country:India
Industry:Business, Consumer, Finance
Tags:income tax, tax avoidance, tax evasion, tax optimisation, tax optimization, mahesh, bhupathi
Shortcut:prlog.org/10942996
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