Income Tax Calculator for salaried individuals for the Financial Year (FY) 2010-11--Assessment Year (AY) 2011-12 is available in Nithyanand Yeswant's website.
It is very useful for calculating Income Tax, Interest (u/s 234 A,B,C) to be paid if the tax amount for a FY is not paid before Mar 31 of that FY. I have been using his calculator for 4 years. You can fill in the maximum amount you can invest and find out how much tax you can save and what is the net tax liability. In most of the companies the last date for submitting proof of investment is Jan 31 or at most Feb 15. Consult with your financial planner / tax consultant and plan your investments.
You can invest upto Rs.20,000 in "Notified Infrastructure Bonds" and claim tax benefit u/s Sec 80 CCF. It is advisable NOT to invest more than Rs.20,000 in these bonds because there is no tax benefit for any amount beyond that. There are better investment options available for any amount over and above Rs.20,000.
After investing Rs.1,00,000 u/s 80C, Rs.20,000 u/s 80CCF, availing tax exemption for home loan interest upto Rs.1,50,000, mediclaim premium u/s 80D, interest for higher education loan u/s 80E, donations u/s 80G and u/s 80DD, 80DDB, 80U and you still want to invest and save tax, call me for an interesting opportunity given by Income Tax Dept to reduce the tax burden but mostly neglected by people due to lack of awareness.
Please do feel free to call / sms me @ 9840846029 for making a financial plan for your family, Human Life Value calculation, Need Analysis, Net Worth calculation, protecting your family through Insurance, services related to Insurance(any company), Mutual Fund investments, servicing & portfolio review / rebalancing, Home/Fire/Motor Vehicle/Personal Accident/Mediclaim Insurance, Tax calculation, IT return filing and IT refund processing.
