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ITES Employee - I pay too much tax ( details of payslip attached)

Tax planning 216 views 1 replies

Sameer Kurup

1 Points Posted on 22 October 2020

Hi All,

I am an ITES employee (M 35) based out of a Tire 2 city. I am married with two kids and my wife recently had to quit her job to take care of our new born kid and on-going covid situation.

This might sound like a mid-life crisis; however, I have always been financially ignorant, with no significant planning and foresight towards investments or savings. Recently, due to the existing downturn, i almost lost my job ( my name was on the probable lay-off list, but was exempted this time) and realized I barely have any liquid savings (~ Rs 3 to 4 Lakhs), some equity and MF.

As a start, i was wondering if i could decrease my monthly TDS and could divert that amount to a investment/saving route. I have attached breakdown of my monthly payslip (Sept 2020) as a reference.

Appreciate your help.

Thanks,

Attached File : 3205874 20201022095123 payslip breakdown 2020.jpg downloaded: 85 times

Replies (1)

Mili Haria

Business

88 Points Posted on 22 October 2020

Hi,

Most of the deductions available under the income tax act are covered in your payment / investment structure.

But one of the payment / investment in the national pension scheme to the tune of Rs. 50,000 per year could help you to save Rs. 15,000 under section 80CCD(1B) on the part of income tax each year.