First time tax paying

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  1. NIRMAL JACOB

    NIRMAL JACOB New Member

    I am having almost 32000 rs monthly salary. first time i am facing tax calculation things. I request you to give suitable guidelines for minimum tax reduction from salary. my salary structure attached with this query.
     

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  2. ZED

    ZED Well-Known Member

  3. NIRMAL JACOB

    NIRMAL JACOB New Member

    I need to save tax for next FY. company is asking for some tax deduction plan format which is uploaded. they are saying that tomorrow is the last date for sending the declaration. I dont have any plans till now. but i will start something very soon. what to be done now?
    what is the first two options LTA and Medical Insurence
     

    Attached Files:

  4. ZED

    ZED Well-Known Member

    All these form part of your taxable income.
    You will need to invest under various sections to claim deductions.


    You can claim upto 1.5 Lacs u/s 80C [FDs and other investments]
    You can claim upto 25k(self and spouse and children) + 25K (parents, but 30k if they are senior citizens)

    There are other deductions also but the above two are THE MOST claimed deductions.

    They must be asking for TDS purposes.
     
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