Avoiding tds on salary

TDS 358 views 7 replies

Salman Shaikh

6 Points Joined April 2016

Hello Everyone,

I want to save deduction on my salary ( TDS ) looking forward for some help and advice.

i want to save the TDS deduction on salary My monthly salary is 34,000/- in which i get 31,052/- per month

Can anyone tell me how to save the deduction of TDS from my salary and what type of investments i should have and how much i should invest. I want save on TDS. i have never filed returns Kindly help me

----------------- My Salary Breakup -----------------

CTC 4,08,000

Basic Salary 20400

HRA 8160

Conveyance 1600

Special Allowance 3840

Gross Salary 34000

----------------- This is Deduction Every Month ---------------

Medical 1250

Bonus 8.33% 1699

----------------- This is What i get every Month ---------------

Net Salary 31051

Best Regards

Salman Shaikh

Replies (7)

Salman Shaikh

6 Points Joined April 2016

----------------- My Salary Breakup -----------------

CTC 4,08,000

Basic Salary 20400

HRA 8160

Conveyance 1600

Special Allowance 3840

Gross Salary 34000

----------------- This is Deduction Every Month ---------------

Medical 1250

Bonus 8.33% 1699

----------------- This is What i get every Month ---------------

Net Salary 31051

CA Raj Doshi

Practising CA

8944 Points Joined December 2013

Education Allowance
Qualification Allowance
Uniform Allowance
Professional Journal
Payments under 80C and 80D

Salman Shaikh

6 Points Joined April 2016

what i can invest to pay less tax and get my invested money back.. without loss and my Conveyance is taxable ?

CA Raj Doshi

Practising CA

8944 Points Joined December 2013

Investment in PPF AND Tax saving fixed deposit will give you returns as well as tax savings. The maximum deduction per year in aggregate shall be maximum 1 50000 Rs.

CA Raj Doshi

Practising CA

8944 Points Joined December 2013

Rs. 1,50,000 is the maximum permissible deduction.

U S Sharma

glidor@gmail.com

21068 Points Joined January 2010

1.5 Lacs investment is available in chapter VIA, in LIC premiums / specified Units of MF/ PPF

50000 investment is available in NPS apart from above

TIrth Trivedi

Student CA Final

1 Points Joined October 2014

For the TDS on salary for the month of March 2016 you can nott do anything..! You can plann out only for F.Y. 2016-17. As per the details you have provided you need to save approx. 90k into eligible deductions like PPF , Unit linked Schemes , NSCs , F.D. for min. term of 5 years.

I assume that you do not have any other earnings.!