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
Ur income?
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.
I have got around 1L in refunds. I have filed ITR through sawingz.com. You can check it out.
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.
Check the news, income tax department is coming hard on fake rent receipts and donations this year
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.