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Dear All,
I need your help and guidance to understand few things related to IT return. I am fresher and now working in one MNC from last 4 months, before this i was working for another company, where i worked only for 3 months. My present company is asking me to declare my investments or TDS will be deducted. My CTC is more than 5 lac and i have not made any investment till date but paying house rent of 6000/- per month.

From India, Amritsar
Dear Sharma,
The income for the period from April to March are calculated for the taxation purpose. In your case, the income from previous employer and even the present employer till March 2014 is not to be accounted for the year FY 2014-15.
Your company has asked information about your projected savings during the year April 2014 to March 2015 for taxation purposes. While your house rent receipt can be submitted for exemptions under the head RENT, you can get tax exemption of Rs.1 lakh by subscribing to various schemes such as EPF, PPF, LIC premium, NSC, ELSS mutual fund etc. You may consult any CA or financial consultant for further details.
Best of luck.

From India, Mumbai
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