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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.
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/
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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.