Regarding my taxable income

Hi,

Hope you are doing well !!

Make investment of Rs 1.5 Lakh under Sec 80C to reduce your taxable income

Choose tax-saving investments on the basis of your goals and profile. ELSS funds, PPF, NPS and fixed deposits are some of the popular options. (NPS- you will get additional tax benefit u/s 80CCD)

Buy Medical Insurance & claim a deduction up to Rs. 25,000 (Rs 50,000 for Senior Citizens) for medical insurance premium under Section 80D

Claim deduction upto Rs 50,000 on Home loan interest under Section 80EE, if you have.

We can disscuss further over call.

Thanks & Regards,

Payal Chhajed

Hi,

It is advisable that take the maximum benefit of section 80C.

However, it will reduce your in hand salary.

Have you paid any taxes in previous company?

Total tax liabilty will comes around Rs.12000/-

For exact calculation please provide your CTC structure.

Hi

We would need your salary structure to advise appropriately.

Apart from investments deductible under section 80C, you may invest in mediclaim policies to claim deduction under section 80D. 

Further, if you have a home loan, deductions are available under section 24 and 80C in respect of interest and principal repayments.

If you are not paid HRA and staying in a rented house, deduction under 80GG can be claimed.

Also, salary structure could be planned in such a way so as to save taxes.

Hi,

Apart from the normal deductions u/s 80c, 80d and sec 24, your employer can also invest a maximum of 10% of your basic salary in NPS which will be fully exempt from tax. Apart from tax savings, there are various other instruments where you can invest to optimise your returns.

You can get in touch with me with the total break up of the salary so that suitable advise can be provided.

Regards,

Nikhil.

Hi,

- First of all share the salary and TDS deduction details of previous employer with the new employer to avoid excess TDS deduction.

- From A.Y. 2019-20, there is a standard deduction of Rs. 40,000 against transport allownace and medicla reimbursement expenses. 80C alllows deduction maxmium for Rs.1.50 lacs. Apart from mutual funds, you can invest in PPF, LIC to exhaust the limit of Rs.1.50 lacs. Further you can invest Rs.50,000 in NPS u/s 80CCD(1B), Rs.25,000 u/s 80CCG, Rs.25,000 u/s 80D.

- According to me your GTI would be Rs.7.80 lacs and total income would be Rs.4.84 lacs and tax payable would be Rs.12,180 which should be covered by TDS deduction.

- Provide Investments proof documents to new employer by Jan.19.

Thanks

Considering your gross taxable salary of Rs.379167 for first 7 months and 400000 for balance 5 months your total salary income for the FY will be Rs.779167 so your tax liability would be Rs.25420 approximately (considering that you will invest full of Rs.150000 u/s80C and basic exemption limit of Rs.250000

Now you may save the tax more under different section.. which can be disscussed in personal consultancy..

How much tax will be deducted in Jan, Feb & Mar depends upon the total tax earlier deducted by the employer and deducting the same from Rs.25420 and dividing the result by 5 months you will get the answer.

I cannot calculate your tax based on just 3 information.

I also need some other information as you would also have EPF or Mediclaim.

Right now you are just investing 60000 in MF. You have 90000 limit still left you can use it and get ELSS or some good LIC plan also if you consume full 150000 limit you could save tax by investing 50000 in NPS i.e. national pension scheme.

As. Per your current information TDS would be around 7500.

Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.

Thank you