Tax deductions

Hii

Please Provide Your salary breakup for tax calculations and are you paying school fee of children (if any)

Dear Sir,

Please let us know the break-in of salary into basic salary, DA, PF and other components to calculate the HRA exemption.

Yes, you can save the taxes, if your employer allow you to structure your salary. Otherwise, you can save taxes by investing in 80C options (mutual funds, PPF, PF etc.)

Your company will deduct your TDS monthly.

Please feel free to call/ revert in case of any doubts

Thanks and Regards

Abhishek Dugar

CA CS B.Com

Hi,

We need to calculate the HRA to know how much deduction allowed of rent from your salary.

As per section 192, TDS on salary is deducted every month at the time of making the payment of the salary.

Tax is to be deducted at source according to the tax slabs.

Yes, you can save taxes by investing in Public Provident Fund, five years term deposit in bank, ELSS, etc.

First we need to check how much is your tax liability coming and according how much you need to invest under 80 C to save taxes.

if you share your pay slip i can calculate how much hra you can claim and i can give you the best advice.

my email id is agarwalvishakha23@gmail.com

Kindly mention HRA received also. Moreover, you can request your employer to give conveyance allowances of 19200 (@1600 per month). Medical reimbursement of 15000, If you have children then children education allowances. It may be monthly too if your taxable salary is high.

Hi,

The tax is to be deducted by your Employer after considering all the Exemptions and Deductions available to you.

I cannot comment about the tax liability unless you can provide the item-wise breakup of Salary for the Rs. 4.5 Lakhs Salary

Hello Sir,

In order to help you with your Tax Liability, I shall need your salary structure to define as to what components offered by your company are taxable.

Trust this clarifies your query.

Feel free to call / get back in case of further clarifications.

Thanking You.

Regards,

Rohit R Sharma

BCOM, ACA, LLB-GEN, CERT. FAFP

The exemption is based upon the rent payment and your basic salary. Roughly you should get exemption of Rs 40-50K as exemption in respect of your income.

You can save taxes by taking Life Insurance policies and investments in FDs, Mutual Funds u/s 80C upto Rs 1.5 Lakhs.

It is the responsibility of your employer to work out your tax liability based upon your investments. The tax deductions are monthly basis on the basis of projected salary for the financial year and later adjusted generally in the months of Feb & March by taking into account actual salary and investments based upon proof of such investments furnished by the employee.

Sir your TDS from salary will be deducted by the company. It can be monthly or all in March. It depends on the company process.