Tax planning and investments

This financial year most of the salaried class will have an extra Rs 40,000 per year thanks to Finance Minister P Chidambaram's increase in income tax limit.

For women salaries up to Rs 1,80,000 and for men salaries up to Rs 1,50,000 will not attract any tax compared to the earlier limits of Rs 1,45,000 and Rs 1,10,000 respectively.

How much tax will you pay from your salary now that most of you must have got an increment? Or how will the new salary structure affect your tax outgo? Is there a way by which you can plan for and save more tax in the financial year 2008-09 after careful tax planning? How can the salaried class take advantage of the extra Rs 40,000 they will get per annum?

What is the best way of planning your tax as well as investing for a better future for you and your family?

Do you know the different ways of tax planning and tax saving for the salaried employees, self-employed, business persons and those who have recently acquired a job?

Is this a good time to start planning your investments and tax-saving for the next financial year? What are the important points you must remember while planning your taxes? What are the tax-saving avenues available for salaried individuals and for those running their own businesses?