i just entered TDS salary bracket. Need support
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There was a deduction towards TAX Deducted at source in my salary slip (on arrears). I am all new to this. Can somebody guide how does this work? Can we get this money back? How to proceed to get this? anything else i should be aware of? Please support.
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If you haven't invested in elss(mutual funds) or taken health insurance or NPS (National Pension Scheme) then u should do it and share the investment proofs with you employer, to avoid getting tds deducted next month onwards, and for the amount already deducted you can file your return after March'23 And get the refund
Upto 1.5 Lakhs on 80C - ELSS,PF,LIC.. Invest and Declare them with your employer. This should make you tax free. But whatever is already deducted as TDS can only be refunded to you when you submit your IT returns in June next year.
I have taken 4 LIC insurances and have been paying premium on monthly basis for 3+ years now. How will i use that to claim refund? Shall i provide all month-wise reciepts with my employer now? or file claim on next year?
You can claim refund while filling ITR next year.
All arrears are taxable on receipt basis and are taxable on that particular financial year.
Example -
April 22 to March 2023
Arrears 2 L
Salary 8 L
HRA 2 L
Bonus 1L
Now this 13 lakhs is taxable for FY 2022-23 including past arrears and bonus if any.
And TDS amount can be adjusted while filling taxes next year probably in July or August.
Refund if due will be credited in your savings account which you choose while filling ITR.
This takes 30-60 days post filling ITR.
You will be paying less tds in Dec J F March salary slips. Update everything on employer portal that includes rent receipts, food coupon, LTA deduction, 80C and 80D and NPS 80CCD.
If you missed all this, post filling ITR you can expect a refund as mentioned in earlier post.
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Ensure to invest before 31st March and pay for insurance policies, here are the limits -
80C - 150000 (ELSS mutual funds, employee PF contribution, term insurance premium, tax saving fd)
80D - 50000 (health expenses on parents and self plus health insurance premium)
80CCD - 50000 NPS
HRA deduction - compute eligible amount on ClearTax website.
Apply for food coupons.
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Bonus is taxable. It will be clubbed to your salary and taxed so TDS applies. No special methods available.