Software Engineer

Pf contribution is part of 80c. So there is a limit of 1.5lakh. 
The tDS already done can only be recieved back only when you file your returns next year. .

If you wish to find out about other deductions you can have... Go to your tax declaration site on your company portal and select the old regime. Am not sure if you can change now, but you will get an idea as the number and amount of deduction available for a salaried employee. You can plan your investment accordingly. When you file your returns on july25, file it under old scheme and get your refund

Consultant

Old tax regime should reduce your tax liability (maybe to 0 also)  
 Claim Standard deduction,  80C , NPS additional 50k deduction, HRA, health insurance premium claim

Data engineer

I have very few knowledge on Tax. So sharing my queries here. Kindly guide me  In my Aug month salary slip I got to know about this.  Annual Income  7,92,xxx (Without std. deduction) Tot. Tax payab...

Welcome to Personal Finance's Private Community

I have very few knowledge on Tax. So sharing my queries here. Kindly guide me

In my Aug month salary slip I got to know about this.

Annual Income - 7,92,xxx (Without std. deduction)
Tot. Tax payable -  30,xxx
Tax deducted till date - 13,xxx
(Tagged to NEW TAX REGIME as of now)

If I increase my PF contribution for this year will this works for saving tax (New Regime)?

Or any otherway is there to get back by amt means pls guide me in any type of Tax (old/new)

Thanks in advance 👍

Help on TAX Saving

Software Developer

Help on TAX Saving- Grapevine

I have very few knowledge on Tax. So sharing my queries here. Kindly guide me

In my Apr month salary slip I got to know about this.

Annual Income - 7,67,xxx
Net Tax Income - 7,17,xxx (After deduction 50k)
Tot. Tax payable -  17,xxx
Tax deducted this month - 1,xxx
(Tagged to NEW Tax Regime)

Will this Total Tax payable is for this entire financial year or it will be increases frequently after each month salary?

If I increase my PF contribution of about 20k for this year will this works for saving tax?

Or any otherway is there means pls guide me

Thanks in advance 👍

Info on Tax Saving

Guys, suggest me some tax saving schemes for new regime.

My research tells me old as my salary isn't a lot more than the 7 lakh tax slab, but my friend says new is better? Help

So if I'm willing to invest most of my salary in tax saving instruments, which tax regime to opt?

Account manager

I am a software engineer in Bangalore having base CTC 13.8 lpa. Which brings me to a tax of more than a lakh rupees, what are the possible ways to reduce this taxed amount.

Suggestions to save tax ?

I am salaried & have opted for new tax regime. I have zero liability (no EMIs, etc). Closed both my home loan & car loan. I live in my own house.

My yearly tax comes out to be around 12 Lakhs. I want to know if there is a scope to save taxes continuing with zero liability. I would not mind appointing a CA but I have no idea how to choose the best CA.
1. How much does a CA charge annually?
2. Is it really worthwhile to have a CA given the above?
3. What are some questions I must ask the prospective CAs so that I can assess their capability?
4. Salaried people that have already appointed a CA can share their experiences.
5. Is there any off-the-shelf ideas I can get here to save taxes?

Need help choosing a CA to save taxes

Software architect

I am having 21LPA package and I want to save taxes on the new tax regime. Please suggest

Need financial suggestions on tax saving

Senior Consultant

I wanted to check up on the fact whether i am doing things correctly to save taxes or not and below is the details for the same.
Gross Salary - 3,30,000/Month
PF Contribution - 16,000/Month
Income Tax - 75,175/Month
Net pay - 2,38,000/Month

If i can save more taxes, how should i proceed furter assuming it's my first job and I've got little zero idea about anything around personal finances and taxes.

Better tax management

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

Refund from ITR ?

Welcome to Salary Discussion's Private Community

Hi, how much would the 53 lakhs CTC in-hand income be? as well as your advice on establishing retirement finances and investing for children's(2 kids) schooling. Taking into account that at forty years old, I am the sole breadwinner for my family and have never saved any money.

Post tax in-hand salary & FIRE

Solution architect

Hey folks,
I opted for the new tax regime when my CTC hardly touched the tax bracket. 
Now I earn 22LPA and my heart almost collapes after seeing the tax paid. 
2 ques: 
-Is it possible to move to the old scheme to save taxes?
- Given my salary, what are the best avenues to save tax?
Thanks 🙏

New to old tax scheme?

Growth Manager

So I am going to come in a tax slab from next month, probably will make 80k+ per month. In this case where I should invest for my future safety. As I am only male child of my parents, so it's my responsibility to earn and save so that I could bring happiness in their life.

Please guide me from your personal experience and challenges that you gone through in your past.

How to invest and save taxes

Test engineer

How are you guys filing ITR? I see I have to pay 19k in taxes. Any tips/suggestions to reduce or go about this?

ITR filing

Product Owner

CTC - 21.5 lpa
Fixed - 16 lpa
Joining Bonus - 4 
Relocation - 1.5 

Also tell me which regime to follow and how to save tax

Wanted to know tax on my salary

For people who lie in the 30% tax bracket, how do you save taxes?

Do you suggest making a dummy rent agreement on your parents name to save HRA? 

Got to know that if monthly rent is more than 50K, the tenant has to pay TDS as well. How do you account for it?

Any suggestions on saving taxes?

Dummy Rent Agreement works?

Product Manager

It's been close to a year since I am earning a salary and this is what I do:
1. Invest a little less than 30% straight into MFs. I have three ongoing SIPs- small cap, flexicap and a Large + Midcap fund. (Planning to increase the amount further into these and not start a new sip)

2. Max out 80C by putting the entire limit in PPF, this is on top of what is by default deposited into EPF.

3. A little (inconsistently) into direct stocks as and when I find or get to know about a decent trade opportunity.

4. An LIC ULIP plan that my father made me subscribe to 🙂 (hopefully will end in a couple more years)

Tips from experienced folks will be much appreciated.😄

Help on TAX Saving

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