Here at EquityPandit.com we will discuss complete tax saving plan. But before proceeding further about Tax saving, lets see how much tax you will have to pay !

There are 5 types of relief available:

§         Section 80 C

§         Section 80 CCC

§         Section 80 CCD

§         Section 80 D

§         Section 80 E

Section 80 C:

• Cannot exceed Rs.1,00,000
• Sum may be paid or deposited at any time during the year
• No limits for various items specified u/s. 80C. Therefore, an assessee may opt to invest even in only one item say insurance premium
• Premium or other payment made on insurance policy not in excess of 20% of actual capital sum assured
• Tuition Fee for any two children of the assessee
• Principal repayment on loan borrowed for acquiring commercial property is not eligible
• Residential property under construction for which principal has been repaid does not qualify for deduction
• Repayment of principal on loan borrowed for residential house (whether let-out or self occupied) only is entitled for deduction.
• Where the loan is availed for any addition, alteration, repair or renovation no deduction can be claimed for principal repayment
• Repayment of loan borrowed for housing from relatives, friends, non-specified employer / institution are not eligible for deduction.
• However, any interest paid on such loan borrowed is deductible under section 24, while computing income under the head “House Property”
• Fixed Deposit in Banks must be for 5 years
• Five year time deposit in an account under Post Office Time Deposit Rules, 1981.
• Deposit in an account under the Senior Citizens Savings Scheme Rules, 2004

Section 80c popular choices:

§         Mutual Funds

§         Insurance

§         ULIP

§         Principal repayment of Housing Loan

§         Tuition fee – paid for children (own, adopted, step) for full time education in India.

                               [Note: Tuition fee paid for grandchildren is eligible for deduction for the HUF]

§         Fixed Deposits in Banks (5 years)

§         NSC – National Savings Certificate

§         PF – Provident Fund [SPF, PPF, RPF]

§         10 year Post Office Savings Bank (CTD)

§         Stamp Duty and Registration Charges

Section 80CCC and Section 80CCD - Pension-No Tension!

80CCC-Contribution to pension scheme

• Rs.1,00,000 (outer limit)
• Disallowance on cancellation or lapse
• All withdrawals are taxable on surrender / maturity

80CCD-Contribution to CG pension scheme

• 10% of Salary (Basic + DA)
• All withdrawals are taxable on surrender / maturity

Section 80D - Health is wealth (literally)!

80 D – Contribution to Medical Insurance Schemes

• Rs: 15,000
• Self + Spouse + Dependent Children + Dependent Parents
• Rs: 20,000 for senior citizens
• Now, an additional deduction of Rs: 15,000 (Rs: 20,000 if parents are senior citizens) is available to an individual for payment of medical insurance premium for parents.

Section 80E - It’s good to study!

80 E – Repayment of Education Loans

• Only Interest is eligible for deduction
• No Limit
• Deduction eligible for initial year and immediately succeeding seven years
• Deduction eligible for repayment of education loans made for spouse or children

Its always good to consult with an accountant with a traditional or online accounting degree if you have questions about filing your taxes.

Third Quarterly results for December 2008 have been disclosed for few companies on Friday, January 30, 2009. The list of all companies that have disclosed their third quarterly results today are displayed below. 

Aban Offshore:

Aban Offshore has declared Qtr Ending December 2008-2009 results. The company’s consolidated net profit has rose 255% at Rs 256 crores as compared to Rs 62 crores. Its consolidated other income was at Rs 162.3 crores Compared to Rs 31.8 crores.

Adani Enterprises:

Adani Enterprises has announced its Qtr Ending December 2008-2009 results. Its Q3 consolidated net profit rose 8.1% at Rs 131.32 crores as compared to Rs 121.72 crores (Year over Year).

Allied Digital Services:

Allied Digital Services has announced Qtr Ending December 2008-2009 results. The company’s net sales were at Rs 96.3 crores  compared to Rs 79.3 crores. Its net profit was at Rs 18.6 crores compared to Rs 12.1 crores.

Apollo Hospital:

Apollo Hospital has come out withQtr Ending December 2008-2009 results. Its Q3 standalone net profit went up 12.16% at Rs 29.5 crores from Rs 26.3 crores (Year over Year).

Balrampur Chini:

Balrampur Chini has announced its first quarter numbers. It has announced Q1 standalone net profit of Rs 51.3 crores compared to net loss of Rs 6 lakh in same period of last year.

BEML:

BEML has announced its Qtr Ending December 2008-2009 results. Its Q3 standalone net profit went down at Rs 58.74 crores Compared to Rs 59.24 crores (Year over Year).

Bhansali Engineering Polymers:

Bhansali Engineering Polymers has announced its Qtr Ending December 2008-2009 results. Its Q3 net sales were at Rs 33.84 crores Compared to Rs 57.9 crores.

Binani Cement:

Binani Cement has announced its Qtr Ending December 2008-2009 results. Its Q3 net sales were at Rs 362.4 crores compared to Rs 233.3 crores.

BL Kashyap & Sons:

BL Kashyap & Sons has announced its Qtr Ending December 2008-2009 results. Its Q3 net sales were at Rs 357.5 crores compared to Rs 405.8 crores.

C and C Constructions:

C and C Constuctions has come out withQtr Ending December 2008-2009 results. It has announced Q3 net profit of Rs 8.45 crores.

Ceat:

Ceat has announced its Qtr Ending December 2008-2009 results. It has announced Q3 net loss of Rs 21.6 crores.

Deccan Chronicle Holdings:

Deccan Chronicle Holdings has announced Qtr Ending December 2008-2009 results. The company’s Q3 net profit went down by 75%  at Rs 25.7 crores Compared to Rs 103 crores.

Dwarikesh  Sugar:

Dwarikesh Sugar has come out withQtr Ending December 2008-2009 results. It has announced Q3 net profit of Rs 4.6 crores on the back of net sales of Rs 122 crores.

GE Shipping:

GE Shipping has announced Qtr Ending December 2008-2009 results. The Q3 standalone net sales were up at Rs 728.77 crores compared to Rs 653.32 crores, YoY.

GMR infrastructure:

GMR Infrastructure has announced its Qtr Ending December 2008-2009 results. It’s Q3 net profit declined by 34% at Rs 40.8 crores as compared to Rs 64.1 crores last year.

Hindalco:

Hindalco has declared Qtr Ending December 2008-2009 results. The company’s Q3 net profit was at Rs 544.8 crores Compared to 542.7 crores, YoY.

Indiabulls Real Estate:

Indiabulls Real has announced Qtr Ending December 2008-2009 results. The company’s Q3 consolidated net sales were up at Rs 38.95 crores compared to Rs 81.56 crores, Quarter over Quarter.

IOB:

IOB has declared Qtr Ending December 2008-2009 results. The company’s Q3 other income was at Rs 551 crores compared to Rs 219 crores.

IOC:

IOC has announced Qtr Ending December 2008-2009 results. The company’s Q3 standalone net profit rose by 41.1% at Rs 2958.59 crores Compared to Rs 2090.69 crores, YoY.

Ispat:

Ispat has announced Qtr Ending December 2008-2009 results. The company’s Q3 standalone net loss at Rs 651.7 crores Compared to net loss of Rs 26.7 crores, Quarter over Quarter.

IVRCL Infrastructures:

IVRCL Infrastructure has announced its Qtr Ending December 2008-2009 results. Its Q3 net profit went down at Rs 46.5 crores from Rs 64.1 crores.

Kitply Ind:

Kitply Ind has announced its Qtr Ending December 2008-2009 results. Its Q3 net sales were at Rs 20.5 crores compared to Rs 8.4 crores.

Lanco Infratech:

Lanco Infratech has announced Qtr Ending December 2008-2009 results. The company’s Q3 consolidated net sales were up at Rs 1,300.11 crores compared to Rs 778.15 crores, YoY.

Larsen and Toubro:

Larsen and Toubro has declared Qtr Ending December 2008-2009 results. The company’s profit after tax, PAT (excluding extraordinary) was up at Rs 604.1 crores compared to Rs 481 crores. Its profit before tax stood at Rs 911 crores.

LT Foods:

LT Foods has declared Qtr Ending December 2008-2009 results. The company’s net sales were at Rs 276.4 crores compared to Rs 257.4 crores. Its net profit was at Rs 1 crores compared to Rs 8 crores.

McNally Bharat Engineering:

McNally Bharat Engineering has announced its Qtr Ending December 2008-2009 results. The company announced Q3 PAT up 1 Percent Rs 5.61 cr Compared to Rs 4.95 crores. Its net sales were at Rs 232.19 crores compared to Rs 118.13 crores.

MTNL:

MTNL has declared Qtr Ending December 2008-2009 results. The company’s Q3 standalone net sales were up at Rs 1,132.26 crores compared to Rs 1,204.92 crores, Quarter over Quarter.

Mundra Port:

Mundra Port has declared its Qtr Ending December 2008-2009 results. Its Q3 net profit went up by 97%  at Rs 101 crores from Rs 52 crores.

Network 18 Media & Investments:

Network 18 Media & Investments has come out withQtr Ending December 2008-2009 results. It has announced Q3 consolidated net loss of Rs 44.08 crores as against net loss of Rs 46.53 crores (Quarter over Quarter).

Nirma:

Nirma has announced its Qtr Ending December 2008-2009 results. Its Q3 net sales were at Rs 739.3 crores compared to Rs 575.6 crores.

OBC:

OBC has announced Qtr Ending December 2008-2009 results. The company’s Q3 net profit was at Rs 252.2 crores Compared to 138.5 crores, YoY.

Omax Autos:

Omax Autos has announced its Qtr Ending December 2008-2009 results. Its Q3 net sales were at Rs 189.3 crores compared to Rs 174.3 crores

Panacea Biotech:

Panacea Biotech has declared Qtr Ending December 2008-2009 results. The company’s net sales down 22 Percent at Rs 175 crores Compared to Rs 226 crores. Its net loss at Rs 18 crores compared to net profit Rs 28.93 crores.

Patel Engineering:

Patel Engineering has announced its Qtr Ending December 2008-2009 results. Its Q3 consolidated net profit was down at Rs 39.7 crores from Rs 41.1 crores (Year over Year).

Procter and Gamble Hygiene and Health care:

Procter and Gamble Hygiene and Health Care has announced its second quarter numbers. Its Q2 net sales were at Rs 226.1 crores compared to Rs 194 crores.

Punjab National Bank (PNB):

Punjab National Bank has declares Qtr Ending December 2008-2009 results. The company’s Q3 standalone NII was up 38.12% at Rs 1,967.4 crores compared to Rs 1,424.4 crores, YoY.

Pyramid Saimira:

Pyramid Saimira has declared Qtr Ending December 2008-2009 results. The company’s Q3 net loss of Rs 74.7 crores Compared to profit of Rs 29.8 crores.

Roman Tarmat:

Roman Tarmat has declared Qtr Ending December 2008-2009 results. The company’s net sales were at Rs 32.9 crores compared to Rs 26.4 crores. Its net profit was at Rs 2 crores compared to Rs 1.91 crores.

Siemens:  

Siemens has announced its first quarter numbers. Its Q1 net profit has gone up at Rs 330 crores from Rs 197 crores.