ISHA. (Chartered Accountant) (105 Points)
10 January 2012Hi frndz... I have a query relating as to How to save TDS to be deducted from Salary..
My frnd's salary is 20000 per month, She doesnt want to Get her TDS deducted.. As per my opinions She should have gone for savings to A minimum of 50000. Or Can we show some Rent paid So as to get deduction From HRA..
pls suggets wat other ways we can resort to avoid deduction of TDS from Salary.. Please suggest something Asap'
Thanks
KARANDEEP,CA,B.Com,CS FNL
(JOB)
(457 Points)
Replied 10 January 2012
Suggest your friend to go for the saving u/s 80 c.
Thanks & Regards
Karandeep
Keval Ponkiya
(CA CS MBA(Fin.) M.Com. L.L.B.)
(223 Points)
Replied 10 January 2012
ISHA g,
There is no other way except to invest or contribute to section 80 series !!!
pratik shah
(CA,CS)
(92 Points)
Replied 10 January 2012
Consider PF deducted from salary , if any, for Sec: 80C Purpose.
Vineet Goyal
(Assistant Manager - Finance & Accounts)
(702 Points)
Replied 10 January 2012
Besides investment u/s 80ccc to 80u, rent receipts can be considered for avoiding tds on salary.
Ronak Agarwal
(Manager)
(35 Points)
Replied 10 January 2012
Beside 80C she can go for investment in infrastructure bonds and mediclaim policies. I personally feel that if she can clain HRA then there will be hardly any requirement for any savings as she has a very low income...
vishal thawrani
(student)
(100 Points)
Replied 11 January 2012
240000 is the anual income , tax liablity will come to 5150 i.e.420 rs per month , now imagine just to save tis 420 rs a month your friend should invest atleast 4250 per month, does this make sense(yes obviosly it make sense if she wants to invest for future but this doesnt make sense for making investment of 4250 per month just to save rs 420 a month) , i would rather suggest that she must go for deduction under section 80D(insurance) and should willfully opt for tax deduction
CA.Praveen Ponnappa
(CA PRactice)
(128 Points)
Replied 11 January 2012
Should see what is the components of the salary. u/s 10 transportation allowance Rs.800/- pm, u/s 17 medical expenses upto 15000/-(actual) can be claimed. Give the components of salary then it can be worked out correctly.
suchit shah
(Dy. Manager(Finance & Accounts))
(208 Points)
Replied 11 January 2012
Agree with Mr. Praveen if u can give ur salary structure , it can be worked out in a bit better manner........ but from ur query rent receipt can be a handy tax savings but for that ur HRA component is needed.........
Ramanuj
(Accountant.)
(834 Points)
Replied 11 January 2012
Mr. Isha Please give salary breakup as what is basic salary, HRA, Con, & any other allowance. then any one can do actual tax liability made or not ?
Naveen C. Bisht
(Tax Consultant)
(71 Points)
Replied 28 January 2012
dear madam if u provide bifurdation of salary than i could give u a correct suggestion. But if u don't want to give bifurcation than u have to suggest to your friend to invest in u/s 80 series
CAclubindia
