Tax Planner

Tax Report for Varun Ananda R

Generated on: April 04, 2024
Financial Year: 2024-25

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 Tax Planner Report

CONTENTS
1 SYNOPSIS.................................................................................................................................................................................................. 3

2 TAX PLANNER- SUMMARY REPORT............................................................................................................................................ 4

3 COMPUTATION OF INCOME............................................................................................................................................................. 5
4 TAX PLANNER SUGGESTIONS........................................................................................................................................................ 6

4.1 Medical Health Insurance........................................................................................................................................................... 6

4.2 Life Insurance.................................................................................................................................................................................. 6

5 DETAILED TAX CALCULATIONS...................................................................................................................................................... 7

5.1 Tax Saving on your current investments.............................................................................................................................. 7

6 DISCLAIMER............................................................................................................................................................................................. 8

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 Tax Planner Report

1 SYNOPSIS

Dear Varun, thank you for your interest in Tax Planner!

As a taxpayer, you would always want to save on tax without locking away your money in a long-term
investment and putting a dent on in your wallet. Also, as a smart investor, you should look for tax saving
investments, which not only provides the benefit of tax exemption but also helps to earn tax-free income.
However, for most of the individuals, tax-planning is a let’s do it later affair. A smarter approach is to
start investing in the initial quarters of the financial year so that you can get time to sensibly plan and
can avail the maximum returns on investment from different tax-saving investments.

While Income Tax Act,1961 provides various options for saving taxes, these rules are complex and
difficult to comprehend for common taxpayer. Further there is dearth of good advice on tax planning.
Due to all these reasons, taxpayer ends up paying taxes more than what is due from him.

Tax Planner leverages technology for you to help maximize your tax savings. Our intelligent algorithms
analyses hundreds of tax rules and brings relevant tax-saving investments and tax breaks you can use.

Although there are various tax-saving investment plans available in the market, taxpayers often get
confused which plan best suits them. In order to make you choose the best tax saving plan for you
depending on your risk appetite and preferences, we’ve come up with some of the best tax-saving
investments.

We strongly recommend taking immediate action on implementing these suggestions. Every rupee
saved is rupee earned.

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2 TAX PLANNER- SUMMARY REPORT

Congratulations Varun! We have Tax Savings suggestions for you. Based on the investment details
provided by you, we have discovered following tax saving investment opportunities best suited for you.

Find below summary of our analysis.

New Regime
Approximate Tax Liabilities Old Regime (₹)
(₹)

With Your Current Investments 0 0

With Tax Planner 0 0

Your Tax saved by ₹ 0.

Action points-
1) Optimal Tax Regime Recommendation With Existing Investment
• • Recommended opting for either Old Tax regime or New Tax regime.
•

• Congratulations! You have already saved maximum tax

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After Tax Planner's New

Computation of Income Old Regime (₹)
Suggestions (₹) Regime (₹)

Income from all sources 9,30,000 9,30,000 9,30,000

HRA Exempt Amount 24,600 24,600 NA

Standard Deduction 0 0 0

Interest on Home Loan 0 0 NA

GTI(Gross Total Incomes) 9,05,400 9,05,400 9,30,000

Deductions Chap VI-A

80C/80CCD(1) 0 0
80CCD(2) 0 0 0
80CCD(1B) 0 0
80D 0 0
80E 0 0
80EEA 0 0
80G 0 0
80GGC 0 0
80GGA 0 0
80GG 0 0
80TTA/B 0 0

Net Taxable Income 9,05,400 9,05,400 9,30,000

Tax on above 0 0 0

Cess @ 4% 0 0 0

Total 0 0 0

Follow Old Tax Regime and save your taxes by ₹ 0

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4 TAX PLANNER SUGGESTIONS

We have evaluated your existing and/or planned investments depending on your risk appetite and
preferences. Based on our intelligent algorithms we have devised an investment plan which will help
you saving more tax and also maximize your investments.

4.1 Medical Health Insurance

One step towards self-health care, it is the health that is the real wealth.

After expiry of your current Health Insurance, we recommend Super Top Up Plan of Rs. 7,00,000

4.2 Life Insurance

Take away the risk and you can do anything.

We recommend that you should insure your Life with Term Plan with a Sum Assured (SA) of Rs.
90,54,000, (i.e. it should be at least 10 times of your GTI), we strongly recommend that term plans are
the best & the most cost-effective form of insurance.

*GTI: Total Income - Standard Deduction - HRA Exemption - Interest on Home Loan(24b)

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5 DETAILED TAX CALCULATIONS

This section provides details of tax savings on your current investments, if any, and potential tax savings
based on Tax Planner suggestions.

5.1 Tax Saving on your current investments

Your Investment Declaration Eligible Investment (₹) Tax Saved (₹)

Tax Saving Expenditure 24,600 0

Rent Paid (HRA[10(13A)]) 24,600

Total Tax Related Investments 24,600 0

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6 DISCLAIMER
This report is a diagnostic tool intended to review your current Income Tax Liability and suggest potential
tax saving avenues that may be of benefit. The purpose of the report is to illustrate how investing in
suggested financial instruments may improve your tax saving potential.

This report is based upon information and assumptions provided by you (the client). This report provides
broad and general guidelines on the advantages of certain tax saving investments and does not
constitute a recommendation of any particular technique. We recommend that you review your plan
annually, unless there are any changes in your Gross Total Income or tax saving investments which
require more frequent review.

This Tax Planning Report provides recommendations based on various assumptions and are therefore
hypothetical in nature. You should refer to latest Income Tax Department taxation rules before
implementing any transactions and/or strategies concerning your finances. The information provided
herein may not be relied on for purposes of avoiding any income tax penalties.

Please understand that you are under no obligation to implement any recommendations that may be
included within this report

Investors should consider the investment objectives, risks, charges, and expenses of the investment
company carefully before investing.

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