5 lakhs Tax deducted by Employer, anyway to get Refund to the extent of 50%(2,50,000)?

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Vinayvickey

2023-04-10

Hello Dimers,

Suggest possible ways to claim Refund to the extent of 2,50,000 from 5,00,000 TDS

80c 1,50,000 Consumed, Nps 50,000 consumed, 80D Medical insurance already availing

Is there any way to claim exemptions from salary under section(10)?

Or any other possible ways to reduce tax for Refund?

Please do tag any Dimers who are aware of this provisions for better Discussion
@caks2006407, @bobby_123, @kukdookoo, @Ramta_Jogi, @quantum, @Jarvis.-., @Agnivo007

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104 Comments |

27 Dimers

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https://www.desidime.com/discussions/5-lakhs-tax-deducted-by-employer-anyway-to-get-refund-to-the-extent-of-50-2-50-000?page=1#post_9204680

Hotsoup

2023-04-10

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Bhai you are so early, tax planning should be done before 31st March, now only mischief is possible.

https://www.desidime.com/discussions/5-lakhs-tax-deducted-by-employer-anyway-to-get-refund-to-the-extent-of-50-2-50-000?page=1#post_9204694

Vinayvickey

2023-04-10

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Yes, thats what I am asking bro(mischief). No planning as it's already done prior to 31st March and utilised all possible ways for investment

https://www.desidime.com/discussions/5-lakhs-tax-deducted-by-employer-anyway-to-get-refund-to-the-extent-of-50-2-50-000?page=1#post_9204692

BAT_MAN

2023-04-10

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5lakh on how much income?

https://www.desidime.com/discussions/5-lakhs-tax-deducted-by-employer-anyway-to-get-refund-to-the-extent-of-50-2-50-000?page=1#post_9204702

Vinayvickey

2023-04-10

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It's almost 23 lakhs Net Taxable income

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kukdookoo

2023-04-10

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If you have consumed all sections then the only way to claim refund, assuming no taxes to be paid, is to file the return as soon as the portal opens.

https://www.desidime.com/discussions/5-lakhs-tax-deducted-by-employer-anyway-to-get-refund-to-the-extent-of-50-2-50-000?page=1#post_9204990

Vinayvickey

2023-04-11

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That's very funny 🤣, BTW February 2023 itself Income Tax Department released all the ITR forms for FY 22-23

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Jarvis.-.

2023-04-10

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Need to plan way ahead to bypass half tax that also in salaried income

https://www.desidime.com/discussions/5-lakhs-tax-deducted-by-employer-anyway-to-get-refund-to-the-extent-of-50-2-50-000?page=1#post_9204954

Vinayvickey

2023-04-11

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Practically it's not possible @Jarvis.-. ,no one will pay rent to the extent of 9 lakhs per year even if such person earning 23 lakhs, video is just for education purpose with high amount of rent

https://www.desidime.com/discussions/5-lakhs-tax-deducted-by-employer-anyway-to-get-refund-to-the-extent-of-50-2-50-000?page=1#post_9204961

Hotsoup

2023-04-11

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Also you want after year end completion. I have 2 -3 ways, but i would suggest to connect your CA, he will guide you.

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caks2006407

2023-04-11

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Congratulations😊 for being honest tax payer and contributor to India's development and giving helping hand to less privileged brother and sisters - am not sarcastic but nothing much can be saved legally and many have been paying for years

new tax regime might be beneficial so u can stop those deductible investments

Our tax payments are spent for political ads by all parties like water - most painful thing to see 😌

https://www.desidime.com/discussions/5-lakhs-tax-deducted-by-employer-anyway-to-get-refund-to-the-extent-of-50-2-50-000?page=1#post_9205619

Vinayvickey

2023-04-11

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I am Dimer, not like one out of many who pays for years as a custom, will try to think beyond for my hard earned money, i treat my Refund as Cashback

https://www.desidime.com/discussions/5-lakhs-tax-deducted-by-employer-anyway-to-get-refund-to-the-extent-of-50-2-50-000?page=1#post_9205107

ramadesidime

2023-04-11

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I guess, you can NOT save any tax in ethical way.

You may try legal way, just get back dated receipt for donations which provide tax deduction.

https://www.desidime.com/discussions/5-lakhs-tax-deducted-by-employer-anyway-to-get-refund-to-the-extent-of-50-2-50-000?page=1#post_9208177

bobby_123

2023-04-12

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yeah donation is only the way i would suggest.

https://www.desidime.com/discussions/5-lakhs-tax-deducted-by-employer-anyway-to-get-refund-to-the-extent-of-50-2-50-000?page=1#post_9205111

Vinayvickey

2023-04-11

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Those investments and all doesn't matter may be will continue further even in new regime as they will help in Future

Heard of some commission agents who files Return and claim maximum possible Refunds by charging 5 to 8% commission

Wanted to know how they are doing and how will they manage such chaos grin

https://www.desidime.com/discussions/5-lakhs-tax-deducted-by-employer-anyway-to-get-refund-to-the-extent-of-50-2-50-000?page=1#post_9205115

DeciDeaim

2023-04-11

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They may file but you are responsible and answerable ultimately because it's done under your name, risk free commission for them.

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legend101

2023-04-11

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Another 50k for yours and parents health insurance, 75 if they are senior citizen

https://www.desidime.com/discussions/5-lakhs-tax-deducted-by-employer-anyway-to-get-refund-to-the-extent-of-50-2-50-000?page=1#post_9205211

Vinayvickey

2023-04-11

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25k premium included in 80D, now we have to find possible legal or illegal ways to claim Refund to max like inflate rent to claim max HRA exemption, LTA and any other exemptions from salary possible under sec 10 etc.,

View 14 more replies

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InvestPotato

2023-04-11

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I know a secret which even government is promoting. I can save you all the TDS.

Join BJP affiliated organisations.

Yes, Even I am a tax payer and I know my funds are being mis-used but the government want us to go backwards.

https://www.desidime.com/discussions/5-lakhs-tax-deducted-by-employer-anyway-to-get-refund-to-the-extent-of-50-2-50-000?page=1#post_9206432

kukdookoo

2023-04-11

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mis-used @drupal @Snapz

https://www.desidime.com/discussions/5-lakhs-tax-deducted-by-employer-anyway-to-get-refund-to-the-extent-of-50-2-50-000?page=1#post_9207762

Vinayvickey

2023-04-12

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If CTC structured with any of the following components or mentioned in your payslips, do try to claim exemptions who ever in need of saving tax while Filing Returns

Allowances

10(13A)

House Rent allowance

10(14)

Children Education allowance(2 Child 100 per month for each)

Child Hostel Expenditure(2 Child 300 per month for each)

Conveyance allowance for office

Travel allowance for official purpose

Uniform allowance

10(5)

Leave Travel allowance

Perquisites

Proviso to 10(17)

Medical facility

Hope this info helps who ever in need and Happy saving sunglasses

https://www.desidime.com/discussions/5-lakhs-tax-deducted-by-employer-anyway-to-get-refund-to-the-extent-of-50-2-50-000?page=1#post_9208682

Vinayvickey

2023-04-12

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@third.i.financial.advisors

https://www.desidime.com/discussions/5-lakhs-tax-deducted-by-employer-anyway-to-get-refund-to-the-extent-of-50-2-50-000?page=1#post_9208270

Abansal096

2023-04-12

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@Vinayvickey Are you sure its salary income ??? May Be he is showing it as professional Income....

https://www.desidime.com/discussions/5-lakhs-tax-deducted-by-employer-anyway-to-get-refund-to-the-extent-of-50-2-50-000?page=1#post_9208331

Vinayvickey

2023-04-12

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No, i had seen his Form 16 from employers and all

https://www.desidime.com/discussions/5-lakhs-tax-deducted-by-employer-anyway-to-get-refund-to-the-extent-of-50-2-50-000?page=1#post_9210339

dealseeker402

2023-04-13

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I know one guy who can get refund upto 70% but he will require 30% of the refunded amount

https://www.desidime.com/discussions/5-lakhs-tax-deducted-by-employer-anyway-to-get-refund-to-the-extent-of-50-2-50-000?page=1#post_9210767

third.i.financial.advisors

2023-04-13

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I know people doing it at 10% too ... wouldnt suggest for my personal clients though.

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dealseeker402

2023-04-13

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I can give you contact number you can directly negotiate also.

https://www.desidime.com/discussions/5-lakhs-tax-deducted-by-employer-anyway-to-get-refund-to-the-extent-of-50-2-50-000?page=1#post_9210592

Neonman

2023-04-13

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You should have to find ways...

Like Fake donation etc.

Cause... https://qz.com/gautam-adani-is-not-among-indias....

https://www.desidime.com/discussions/5-lakhs-tax-deducted-by-employer-anyway-to-get-refund-to-the-extent-of-50-2-50-000?page=1#post_9213457

caks2006407

2023-04-15

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https://economictimes.indiatimes.com/news/polit...

https://www.desidime.com/discussions/5-lakhs-tax-deducted-by-employer-anyway-to-get-refund-to-the-extent-of-50-2-50-000?page=1#post_9971255

Musky

2024-03-24

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I know people who show HRA in the name of their family member like housewife or elders who have no other income and even no property in their name.

@third.i.financial.advisors @Vinayvickey Your take on this?

https://www.desidime.com/discussions/5-lakhs-tax-deducted-by-employer-anyway-to-get-refund-to-the-extent-of-50-2-50-000?page=1#post_9971273

Vinayvickey

2024-03-24

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it's okay to do that, provided the person giving pan (Family Member) is having no effects with income tax (like not registered with income tax portal, no taxable income.)