I am in a private company in Chennai with a gross annual salary of 480,000 plus. For 2013-14, I had to pay a net tax of Rs. 15,200. I mentally prepared to pay Rs. 3,200 as tax. Despite having LIC policies, PPF, and Education Loan repayment, my tax comes to Rs. 15,200 for the year. I have a question: What do I have to save or invest to reduce the tax to Rs. 3,200? I mean, what should I do to avoid paying this additional Rs. 12,000 as tax? Your input would be greatly appreciated.
From India, Madras
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From India, Madras
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@Vasudevan_n
Kindly refer to the link given below and view my reply to Ms. Barkha. https://www.citehr.com/496699-need-h...#ixzz34tBxsaI3
Feel free to revert for further clarification.
Thanks and Regards,
From India, Ahmedabad
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32Kindly refer to the link given below and view my reply to Ms. Barkha. https://www.citehr.com/496699-need-h...#ixzz34tBxsaI3
Feel free to revert for further clarification.
Thanks and Regards,
From India, Ahmedabad
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Dear friend,
It is not possible to incur it totally; however, you can minimize it by utilizing the available exemptions. But you should satisfy the prescribed conditions and stay within limits. The government also needs some money to spend on schemes and is vulnerable to scams, isn't it? Consider the items shown in the attachments; they might help you. I know you are already familiar with these and may have tried them.
Thank you.
From India, Bangalore
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It is not possible to incur it totally; however, you can minimize it by utilizing the available exemptions. But you should satisfy the prescribed conditions and stay within limits. The government also needs some money to spend on schemes and is vulnerable to scams, isn't it? Consider the items shown in the attachments; they might help you. I know you are already familiar with these and may have tried them.
Thank you.
From India, Bangalore
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Apart from what other forum members have suggested, it is too late now to invest in anything to save the TDS which is deducted. Your employer must have filed their TDS return and even to claim a refund, your investment would have needed to be affected on or before 31st March 2014. For the coming year, invest in any housing property if interested.
From India, Ahmadabad
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From India, Ahmadabad
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