Refund from ITR ?
I paid 4.8L Tax and my CA somehow managed to get back 30k refund. Wanted to know if people here in similar bracket or higher .. Have managed get higher refund. I chose old slab coz the greytHR portal said I’ll save more in that. I don’t have a housing loan, I have shown HRA , insurance and mutual funds
Indy
Stealth
a year ago
24 LPA
Declarations:
HRA : 90K I live in own house and I can’t show higher rent coz they’ll ask for owners pan and agreement
Insurance and MF I showed around 5L .. I think they allowed only 1.5L from it
I don’t have any dependants to show medical bills..
I have no idea what else I can show to reduce taxes
Invest in NPS 50k.
Manage to get a donation certificate so that u can save taxes.
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Do not blindly believe anyone for tax savings. If any scrutiny rises due to incorrect declaration then you will be liable.
So pls cross check everything before final submission.
CuteOven85
Stealth
a year ago
I have got around 1L in refunds. I have filed ITR through sawingz.com. You can check it out.
Indy
Stealth
a year ago
My dad usually gets his CA to do it for me as he does it for my dads company as well ..
CuteOven85
Stealth
a year ago
Hey Indy, you can contact them through the website. They will do the calculation if they can save more or not. :)
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RealOldmonk
Stealth
a year ago
Check the news, income tax department is coming hard on fake rent receipts and donations this year
Indy
Stealth
a year ago
My HRA in salary breakdown is 3L and I showed for ~1L
If they do this I’m screwed even more..
I’m saving up for buying a house but it will take a few more years for accumulating the down payment amount..
Then I can show housing loan
Here is what I claim deductions on - Although my amount is more than actually allowed limit
LIC, Insurance, School Fees , home loan principal under 80cc for 1.5 L
Self and parental medical insurance for 60 K
NPS (pension plan) 50K
Home loan interest 2L
Interest earned from savings account 10K
This way, almost 4.2 L Becomes taxfree. Which means I save 1.25 lakhs in taxes under old regime. If you don't have these expenses, only then you should go for New Tax Regime where you will save more.
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