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Dhiraj B
I want suggestion for tax saving. I am an individual with dual income sources. 1 Job(Deducts TDS). 2 Consulting fees(foreign remittances wired) (Dont deduct TDS).
My overall income from job and consulting is approx 40 lakhs. I can claim deductions in 80C(1.5L), 80CCD(50k), Interest from house load (2L), standard deduction (50K).
What are the other options which I can use to save taxes?
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Dear Dhiraj,
Yes you eligible to claim all the deductions as mentioned in you query. Apart from this other popular deductions like Mediclaim Premium U/s 80D, Donation U/s 80G,etc. you can claim.
As apart from salary you have Income from business & Profession tax planning can be done & tax can be saved.
Applicability of GST needs to be discussed in your case as you are providing services out of India in that case GST is Mandatory irrespective of Turnover.
For Further Consultation you can reach me on ca.rahuldwivedi@gmail.com or 9004485377
Some other benefits of Donation u/s 80G, salary structure restructuring all these can be done for saving taxes.
For a detailed discussion, you can connect with us at ca.pujasharma@outlook.com
G
Gajanan
Is it possible to modify the ratio of tax deduction amount in case of joint home loan? Say 80:20, 60:40 or 75:25?
Dear Gajanan,
Your query requires detail discussion & after understanding the facts of the case will be able to guide you as per provision of the Income Tax Act.
For Further Consultation you can reach me on ca.rahuldwivedi@gmail.com or 9004485377
Yes it will depend upon the share of ownership.
T&C applyG
Gajanan
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Divya Prakash
I work for a company and along with that I have business also. In that business I have incurred some losses. Can I get some tax relaxation over my income tax liability of amount loss I have incurred? If yes then how much relaxed I can avail? Thanks.
Hello,
You can declare and claim loss from business and it will set off from your other sources income(other than salary) in the current year or can be carried forward for set off from future business or other sources income.
I hope that this answer satisfies your requirements. For any query, please feel free to contact us at badlaniassociates at Gmail.
Regards,
CA Hunny Badlani
Badlani & Associates
https://goo.gl/maps/CHA32shfXavRgdLr5
Dear Divya,
Please not Business loss can't be set of against salary income. It means you have to pay Tax on salary income as per slab. However you can carry forwards your business loss & It can be adjusted (Set off) against business income in future.
For Further Consultation you can reach me on ca.rahuldwivedi@gmail.com or 9004485377
Divya ji you can take the benefit of the business loss in future assessment years to be set off with your business profits. However in the current year you can only set off the business loss with other sources. No such set-off is allowed with salary income.
T&C applyB
B M
I am a non resident indian. I have received compensation for land acquisition from NHAI in my NRO account. Can i transfer the funds received to my NRE account.
