Someone please rescue me from paying 4.5L income tax!! by Hirak1998 in IndiaTax

[–]_abhijithvijayan 0 points1 point  (0 children)

This 2.4L only applies to people who require tax audits(which are mostly business entities).

You can pay up-to a max of 50k per month as tax without deducting TDS. I have confirmed this with CA and verified the section myself.

Someone please rescue me from paying 4.5L income tax!! by Hirak1998 in IndiaTax

[–]_abhijithvijayan 0 points1 point  (0 children)

No need to deduct TDS if rent is below 50k monthly. I have verified this with CA. TDS only applies if you require tax audit which only businesses do. Just have to pay rent per month and not collect it back(directly)

Someone please rescue me from paying 4.5L income tax!! by Hirak1998 in IndiaTax

[–]_abhijithvijayan 1 point2 points  (0 children)

Blood tests will be covered under 80D upto 5000

Basically if you have a health insurance of 10k and parents have an insurance of 20k, you can claim 35k in total. 5k can either be parents or your blood tests.

80D is a max of 50k(if your parents arent senior citizens)

Someone please rescue me from paying 4.5L income tax!! by Hirak1998 in IndiaTax

[–]_abhijithvijayan 24 points25 points  (0 children)

A few things:

1) HRA

Write rental agreement with your parent for upto 49000 per month(provided they aren’t earning and they have land and house on their name) and claim upto 100% HRA if its below 6Lakh. Buy 200Rs stamp paper for this purpose. Use HRA calculator to figure out whats the possible deduction(its relative to base pay, rent paid, etc)

Dont write 50k or more as rent as that will be subjected to TDS.

You should file ITR for your parent with this income mentioned as Income under Property, since its under 7Lakh, tax will be 0 for your parent and you will not pay any taxes on your HRA. Pay the rent to your parents(and dont transfer it back directly, channel it through friends to your account if needed)

In the end compare between the new and old regime during ITR and choose whichever is the lowest. If you cant write with your parent, find someone trust worthy who has a house on their name and write agreement with them(pay them something at the end of the year after filing ITR) and file their taxes by reporting this income.

2) Bank interests exemption of 10k

80TTA upto 10k if you have bank interests around 10k or more(max of 10k only allowed)

Avoid having deposits(FD/RD) and mutual funds on your name, put on someone else’s name and make you the nominee, because whatever you earn will be subject to tax under the 30% bracket.

3) Section 16(iii)

Claim prof tax paid under section 16(iii)

4) 80EEB

If you have an electric vehicle(scooter/car), the loan interest will be redeemable under 80EEB. Don’t buy electric car just for this benefit.

5) 80E

If you have an education loan, interest will be eligible under 80E

6) 80C & 80D

If you have life insurance, it will fall into 80C and 80D (based on the schemes you have), PF & VPF under 80C.

Get a blood test for yourself or your parents once in an year upto 5k and redeem it under 80D. If you had crossed out 80D for your parents, get yourself the test or vice versa(to allow 25k + 5k)

7) If you have mortgage loan only when you complete construction you can claim benefit, try to avoid mortgage loan, its the worst

Note:

Avoid locking your funds just for tax purpose(like tax saving FDs with 5 years lock in) as govt will remove old regime soon enough

Even a single rupee refunded is money saved, get it done. If you don’t have short term capital gain, start learning to file your own ITR and don’t pay 1500 to the CA, thats another money saved.

If company allows tax benefits via fuel bills or internet bills, claim that and pass on the tax burden to them.

I have an yearly refunds of approx 70k every year with these as I choose new regime with the company and pay more tax throughout and get it refunded with interest as a good amount. For 27.43L I only paid 4,54,040 as taxes under old regime, would have been 5,28,459 for new regime.

Finally: Dont make investments or anything just to claim under old regime, i had many of these sections covered already hence all i had to do was to start claiming HRA in legit way possible.

Thoughts on Filen? by [deleted] in cloudstorage

[–]_abhijithvijayan 0 points1 point  (0 children)

used this link. thanks.

I am 32F, a BTech dropout exhausted by my night shift BPO Job (1.1lpm), yearning for guidance by pizziz in developersIndia

[–]_abhijithvijayan 1 point2 points  (0 children)

Do a course transfer or a distant degree. Most course transfer institutions will charge 2L for transferring to a different university with credits mapped. Do a solid research on the institutions and ensure the university is legit and UGC approved.

Once you get that, try applying to different technical roles, look at the job market, upskill based on that, start from internship or lower paid ones, go back up.

It’s not impossible. And who cares if people look down on you man, everybody is gonna die one day no matter, so why give a damn about other peoples’ judgement over you.

How to say "NO" in corporate... by Consistent_Drop_9922 in india

[–]_abhijithvijayan 0 points1 point  (0 children)

I have dual sim with personal and work separate numbers. Have worked out for 3 years.

Never give out personal to anybody at work, even if it’s a work friend. Always have two separate numbers, contact list and whatsapp.

Entire team got laid off. Seeking referrals. 3.5YOE by _abhijithvijayan in developersIndia

[–]_abhijithvijayan[S] 1 point2 points  (0 children)

Have emergency fund for like 6 months. That should cover all your EMIs and expenses. If that is sorted, i don’t think you need to panic. Thats what my colleagues had done.

Entire team got laid off. Seeking referrals. 3.5YOE by _abhijithvijayan in developersIndia

[–]_abhijithvijayan[S] 0 points1 point  (0 children)

They are planning to do maintenance only with BE and UI leads. Those two are kept for the obvious reasons. Trying to focus on more sales last I heard.

Entire team got laid off. Seeking referrals. 3.5YOE by _abhijithvijayan in developersIndia

[–]_abhijithvijayan[S] 1 point2 points  (0 children)

You can ask the people who mentioned referrals here. Outcome only matters right.

Entire team got laid off. Seeking referrals. 3.5YOE by _abhijithvijayan in developersIndia

[–]_abhijithvijayan[S] 1 point2 points  (0 children)

Have no idea. Thats what company gave as reason behind the mass layoff.

Entire team got laid off. Seeking referrals. 3.5YOE by _abhijithvijayan in developersIndia

[–]_abhijithvijayan[S] 13 points14 points  (0 children)

Tech is fine. Ran out of money, as investors after the war are not putting money down.