hii
please share your provisional form 16 so that we can save maximum tax
Am I paying too much tax? Is there any way I can reduce?
Hello My name is Saravanan, I'm in to IT for close to 11 Years now. Starting from my IT Carrier I really didn't pay attention to save Tax, Simply I Took some LIC Policy as other mates suggested. thats it. Saving and Policy Details :- LIC 1 - 8500/- Quarterly LIC 2 - 8700/- Quarterly LIC 3 - 8400/- Quarterly Home Loan - 23485/- Monthly My Salary Breakup ! Earning: Basic 74,556.00 H.R.A 37,278.00 Conveyance 1,600.00 Personal Pay 72,956.00 Shift Allowance 9,000.00 Gross Earnings 195,390.00 Deductions: Provident Fund (PF) 8,947.00 Voluntary Providend Fund 5000 Income Tax 28,862.00 Gross Deductions 42,809.00 Net Pay 152,581.00 /- The above data is my September 2017 Salary breakup. Any Advice how to save tax ? what else I can declare ? i did filed income tax but when i compared with my mates i always get less income tax return :( am i doing something wrong ? Cheers !!!
Asked 6 years ago in Income Tax
Hello My name is Saravanan, I'm in to IT for close to 11 Years now. Starting from my IT Carrier I really didn't pay attention to save Tax, Simply I Took some LIC Policy as other mates suggested. thats it. Saving and Policy Details :- LIC 1 - 8500/- Quarterly LIC 2 - 8700/- Quarterly LIC 3 - 8400/- Quarterly Home Loan - 23485/- Monthly My Salary Breakup ! Earning: Basic 74,556.00 H.R.A 37,278.00 Conveyance 1,600.00 Personal Pay 72,956.00 Shift Allowance 9,000.00 Gross Earnings 195,390.00 Deductions: Provident Fund (PF) 8,947.00 Voluntary Providend Fund 5000 Income Tax 28,862.00 Gross Deductions 42,809.00 Net Pay 152,581.00 /- The above data is my September 2017 Salary breakup. Any Advice how to save tax ? what else I can declare ? i did filed income tax but when i compared with my mates i always get less income tax return :( am i doing something wrong ? Cheers !!!
Asked 6 years ago
Hi Saravanan
Taxes can be reduced. This would require restructuring of your salary structure.
Also, a study of your income tax return would be required.
For such queries it's advisable to have a phone consultation and a personal one to one conversation.
Hi,
There are many options to save taxes. It is important to discuss which all options are available to you and suitable for you.
You can opt for LTA, Sodexo coupons, medical reimbursement, telephone reimbursement etc.
Please feel free to call/ revert in case you need more clarity.
Thanks and regards
Abhishek Dugar
CA CS B.Com
Hi,
It appears that your employer is deducting a higher amount of income tax from your salary. If you consider the exact proportion of repayment of housing loan towards interest and principal, then you should get a lower income tax liability. Further, you can also claim benefit of medical reimbursement, medical insurance, leave travel allowance, meal coupons, telephone reimbursement, etc.
In fact, your annual contribution to PF is higher than Rs. 150,000, that you are unable to take the benefit of the payment of insurance premium.
Also, if there are any other income, eg. interest, etc. will also have to be considered.
Regards,
Keerthiga Padmanabhan
M.Com., CA, LL.B
Sir,
You can add mediclaim payment . Also you can opt for NPS Payment by doing so total tax can ba saved of Rs. 22,500/-
Alternatively you can also suggest company to change structure and add reimbursement details and food allowance, education allowance etc to increase the deduction
Also as per the details given your ideal tax deduction amount should be Rs.
Hello,
You can start investing:
1. in ELSS Funds,
2. buy a term insurance for you,
3. invest in a medical insurance for your family,
4. invest in NPS scheme.
Trust this clarifies your query.
Feel free to call / get back in case of further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, FCA, LLB, CERT. FAFP
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