i just entered TDS salary bracket. Need support

Bonus is taxable. It will be clubbed to your salary and taxed so TDS applies. No special methods available.

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 

Congratulations on getting your arrears. What has happened is that your bonus is classified under salary / remuneration by your employer, which is the norm. So you're required to pay tax on it, which has been deducted by your employer who will submit it on your behalf. Can you get it back? You can't get the tax paid on bonus back specifically. However, you can employ various methods to relieve your overall tax burden and get some amount of your overall tax paid back as refund. There are various schemes for this, in case you're not aware of them already.

Congratulations on your bonus

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.

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.

Original wrote:

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.

surya.psm260 wrote:

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?

Original wrote:

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.

--------------------------

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.

Employer portal? what is that?

Dealerbhai wrote:

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 cant claim benefit for payments made in previous financial years , only the current one

Dealerbhai wrote:

Employer portal? what is that?

Portal where you can declare your investments and submit proofs that includes rent receipts. This helps employer estimate your tax burden and TDS amount.

Original wrote:
Portal where you can declare your investments and submit proofs that includes rent receipts. This helps employer estimate your tax burden and TDS amount.

Can you share Url? I don't think we have any such portal in our organisation.

androgame wrote:
You cant claim benefit for payments made in previous financial years , only the current one

ohh kay..Yeah i mean i am still paying premiums for those LIC policies every month.

Dealerbhai wrote:
Can you share Url? I don't think we have any such portal in our organisation.

You will have to ask HR / Finance department of your org bro 

Dealerbhai wrote:
Can you share Url? I don't think we have any such portal in our organisation.

Your company will have different portal URL.

Small to mid sized companies sometimes ask to manually fill a form submitting all investment proofs.

Ask your company HR, he will help you with TDS thing. 

Dealerbhai wrote:

ohh kay..Yeah i mean i am still paying premiums for those LIC policies every month.

Declare all LIC payments made in this financial year till now under 80C, future payments can be refunded thru ITR.

On another note, if you have 4 LIC policies it is a bad financial practice. its just waste of money..1 or 2 term insurances are enough.

Original wrote:

Your company will have different portal URL.

Small to mid sized companies sometimes ask to manually fill a form submitting all investment proofs.

Ask your company HR, he will help you with TDS thing. 

Yes. Just had a word with them. They told me yo submit a form and copies of lic reciepts.

Is there any good moneyback health insurance plan for tax saving?

Paris_AI wrote:
Is there any good moneyback health insurance plan for tax saving?

nope

Paris_AI wrote:
Is there any good moneyback health insurance plan for tax saving?

Sorry, not that I have heard of.