Recently started my job as a software engineer, with it i have a salary account now, what are some rules to follow regarding transactions , subscriptions, spending in it or first transferring money...

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Recently started my job as a software engineer, with it i have a salary account now, what are some rules to follow regarding transactions , subscriptions, spending in it or first transferring money to savings account. Please advise how i can keep my tax complications at minimum

Salary account rules to follow for better finances and Tax

Salary account rules to follow for better finances and Tax- Grapevine

Welcome to Personal Finance's Private Community

I’m starting my first job this month, CTC-14L
I’m not sure but assuming I’ll get 80-90K in hand
Considering the job is in mumbai, the rent and other expenses would be high considering it to be 40-50K (pls tell how much it should be at max) 
Also how much taxes will I be paying and how to save it max
I really need your help, how do I start investing? Can I put all in Small cap MF, what would you advice? What should be the split between Stocks and MF, and in MF how much in which categories? 
Also it would be great if you can recommend the best 2-3 MF in your portfolio in each categories, and 5-10 stocks for Stock SIP for long term
Thank you so much 😭

First Salary Investing and Tax Saving| Really need your help

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

Software Developer

I wasn't doing proper ITR, I was in the family biz for the last 6 years, recently joined a startup and they don't have any proper salary composition. My current salary is 35L in hand (2.9L per month). Apart from HRA how do I save in taxes? is there an app which does it for you?

Taxes 101? 40+ LPA

UX/UI Designer

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 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

Welcome to Software Engineers's Private Community

If possible pls share a rough idea / figure of your expenses section wise..

Will be helpful for planning

GVers how do you spend and save money monthly?

Android Engineer

I just started my first full time job and will be filing ITR for 1st time next year, no one in my family has been in high tax slab previously so not much experience from there :D

Some questions:

- Almost 50% of my base pay is getting used in paying EMIs (Mostly mortgage) of my family, nothing is on my name, all on father's name, is there a way to claim this in deduction ?

- We have our own house in a tier 3 city and I'm getting 30k/month as HRA, what will be safe HRA amount to claim ?

- Can we claim any other expenses in deduction ? Leave travel allowance seems useless to me as I'm working remotely.

- Which tax regime do you prefer ? New or old ?

I could have done investments to save taxes but nothing is left after all the expenses and nothing on my name 😛

Advice needed for filing tax

Software Engineer

Hi everyone, I recently got a job at Accolite as a Software Engineer fresher. My salary details are below with my per month expenses. I would like to know how I can save most of it?  I would also like to know about your personal investment strategy.

CTC - 8 LPA

Retention bonus - 2 lakhs (Will be given over a period of 2 years, 50k on March 24, 50k on September 24 similarly for year 25.)

Per month salary ~ 55k.
Per month expenses ~ 25k

Fresher in tech, Need guidance on saving money.

Hey grapevine, I am new to financing, just completed 1yr as software developer in India.
Please share some tips/suggestions regarding savings, tax exemption benefits, how to plan, old vs new tax regime.
Thanks 😁

Beginning of personal finance management journey

Since the tax season is upon us, I wanted to check how do you folks handle tax related things? 
1. What are some tricks you use for tax saving?
2. Do you work with a CA or handle taxes yourself?
3. For folks having salary>30lpa- which tax regime have you chosen?

How do you handle taxes?

Product Manager

I am joining new org with 17LPA, I just got to know that my tax slab will be 30%. I never had to think about it for last 2 years because i was with 3.75LPA since 2 years when my career began. How should i start to reduce my taxable income? I watched various yt videos and spoke to some close acquaintances but im not able to understand how to proceed

How to save money on taxation?

Hi, I have recently graduated and now I'm going to start my career as a software developer. Can you suggest me with resources  for managing finances along with taxes and how to do investments or guide me how I can manage my expenses by giving some tips?
 
My base is around 14Lpa. 
My rent is around 25kpm. And monthly necessary expenditure of around 15kpm.
I am not that well-versed with taxes also. I'm learning about them. Currently I invest 3k in MF every month.
I would like to your suggestions and advises for the same.

Personal Finance Tips for fresher

Congratulations - you're off to a great start! Thats a tidy income to start off with. 
  
 My advise, cut out all the noise and random friendly advise from all and sundry and keep it really really simple till you hit a 50L investment corpus. 
  
 0. Buy a Term Insurance (vanilla, no riders) for 2 Cr. Annual Premium. Till 65 years of age.  
 0. Buy a Health Insurance cover for 10L.  Annual Premium. 
 0. If your parents aren't insured, buy a family floater cover for them now.  15L. Annual Premium.  This may become impossible as they age. 
 1. Start a monthly SIP in a single Nifty50 Index Fund (UTI : HDFC / ICICI / Nippon / doesn't matter).  From your data I'd say put in ~40K per month. 
 2. Start a PPF account and maximise annual investment - 1.5L pa.  
 3.  Invest all bonuses / increase in salary in the same Index Fund.   
  
 Watch the magic of compounding begin.  You'll see the impact of laying this foundation only post 20 yrs.  
  
 If your salary (and as a result your SIP) doesn't change, you should hit 50L in ~7 years.  Faster if you get good salary hikes and appraisals. 
  
 When you hit 50L, diversify into other asset classes (SGB + Flexicap MF + Real Estate for own use).  Do not create clutter by adding MFs and complicate life.  Keep investments simple as you scale: 
  
 30% - Index Fund 
 30% - Flexicap 
 20% - Gold (demat) 
 20% - Debt (EPF/PPF) 
  
 Rebalance asset allocation annually. 
  
 Never invest or choose instruments for tax planning. Tax optimisation leads to suboptimal instrument choices with your money (Insurance / Debt / etc). 
  
 Suggested Reading: Let's Talk Money, Monika Halan.  Easiest book to understand and follow.  
  
 Good luck!

Sales Manager

Welcome to News Discussion's Private Community

Had a bank account of Kotak where it was inoperative from 1.5 years and NMC Charges went to 7900 INR. When I went to close the account they started insisting me to pay the charges.

How do we deal this folks, coz at the time of taking account they said it is zero balance and then after salary stopped crediting they converted  into a savings account with mostly generic alerts !!!! 

Looteri banks. 😏😒

Banks looting !!!

How to pay 0 tax when income is around >= 12 LPA?

Data Scientist

Hey folks, I'm a recent graduate, got a job at a startup and the base will be <15, >10. Shifted to Bangalore (more like returning after 6 years, lived for 4 years before that). 

Since I'll be starting my full time journey soon, I want to know how you guys split your take home salary into needs, wants, luxury, savings, investing etc. 

Currently, I'm in a rented flat in HSR (my split is 7k) and will rent out/buy some home appliances. Food would be around 10k a month (no maid, all outside).

I just want to know your experiences on spending and handling money. Not that I'm bad at it, but this is the start of my journey and I would like to know how other people manage their money, so I'd know if I have to tweak some things. 
Do tell any strict DOs/DONTs, common mistakes.

How do you manage your money? (SDE version)

Intern

It’s my first job pls help me plan my money taxes 
23000 rent per month
Basic allocation: 35% 

I’m getting 1.02L per month
But my friend with new regime is getting 1.10L or 1.15L 

I’m paying 14000 tax per month in old regime
Pls help me choose which regime is good for me old or new

No PF opted
Can do 1.5 L ELSS 

Which regime should I opt? And should the basic allocation be 50% or 35%? It should be maximum or minimum? Pls help

First job Tax help: 14L salary

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’ve noticed different people have different ways to approach their financial planning. 
Hoping to learn from each other and perhaps help others who read as well.

What is one personal finance habit that has changed your life?

If you 'want' to buy something, wait day or two (I wait a week) to know if my heart is still stuck at it. Generally (mostly) it is fleeting craving and I end up not buying.  
  
 This has kept my expenses very minimum

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