I am working in a IT Company and i am not able to understand the calculated tax deduction (total 100000 INR in this financial year)based on my salary. I also see my basic salary is very high with very little tax exempt components. I ask this to my HR but they are saying this is the best salary structure. What allowance/reimbursement can be added to save maximum tax legally. How to lower down taxable amount.
I already exhaust 80c.
I fully utilize home loan interest exemption
I utilize 10000 rupees health insurance.
Please find attached herewith my salary structure, and help me.
Appreciate your help.
Thanks

From India, Ghaziabad

Attached Images
File Type: png Screen Shot 2018-02-24 at 10.11.49 PM.png (102.6 KB, 43 views)

nathrao
3053

Insolvency n GST Professional
A reference to latest IT provisions will help you.
Sec 80 C limit of savings Rs150000
NPS Rs50000
How much is house loan deduction?
Are you paying Rs30000 tax every month?
Your taxable income can be brought down to Rs800000 by simple Sec *)C and NPS dedication to the tune of Rs200000

From India, Pune
@nathrao
Thank you very much.
How much is house loan deduction?
>>Principanl (80 c)1,50000, interest (24 e) 200000(I have exhausted 80 c and 24 e both already)
Are you paying Rs30000 tax every month?
>> No (computed tax in this financial year is 100000(1 lacs) )
I doubt there are no reimbursement in my salary, that's why causing high tax calculation.

From India, Ghaziabad
nathrao
3053

Insolvency n GST Professional
Is the house on rent or you are staying?
you can open PF or open PPF or ELSS upto 1.5 lakhs and start NPS a/c Rs50000 deduction is maximum authorised.
Salary will come down to 8L and then Housing deductions your salary can come down to 6L at least. and 20% bracket.

From India, Pune
@nathrao thanks, for the suggestion. Can you look at my salary structure and suggest some reimbursement to lower down basic salary for least taxable income.
From India, Ghaziabad
nathrao
3053

Insolvency n GST Professional
https://economictimes.indiatimes.com...w/53992040.cms
Such articles will help you, but look at the latest tax amendments for F/Y 2018-19
A word with your HR will be helpful and ideas of what your co workers are doing will be a guide.
Remember that salaried people have to declare all their income properly and pay tax.SB a/c interest is taxable as an example.
All your income is recorded and now with data analytical tools IT can easily link multiple transactions.so be legally correct and 100% tax compliant.

From India, Pune
This discussion thread is old and is closed for new comments. If you want to continue this discussion or have a follow up question, please post a new thread. Add the url of this thread if you want to cite this discussion.






About Us Advertise Contact Us
Privacy Policy Disclaimer Terms Of Service



All rights reserved @ 2021 Cite.Co™