How to save Tax ? need to file returns

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RakaKaKaka

RakaKaKaka

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Thankfully the IT department has extended the deadline. SO whats the simplest way to save tax withut having high lock in periods of FDs and PPF etc. I Barely save 5k every month and the govt wants tax on it too.
 
RakaKaKaka said:
Thankfully the IT department has extended the deadline. SO whats the simplest way to save tax withut having high lock in periods of FDs and PPF etc. I Barely save 5k every month and the govt wants tax on it too.
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ELSS have the minimum lock-in period of 3 years falling under section 80C (limit upto 1.5 lacs) with market linked returns. Beware, if you go SIP route in ELSS, each SIP will have a lock-in for 3 years.
 
pretty much all of it
TheGreatOne said:
How much of it goes in the account ?
Nowadays PAN is attached with bank accounts.
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J!gn3$h said:
ELSS have the minimum lock-in period of 3 years falling under section 80C (limit upto 1.5 lacs) with market linked returns. Beware, if you go SIP route in ELSS, each SIP will have a lock-in for 3 years.
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yeah but sip way seems safer. market right now at all time high. bad time to spend. thinking of declaring 70k elss in return and then start SIP once markets are at good prices. what say ?
 
don't u have to invest before the finacial year starts like march 2016 in ur case? u can't juust declare and then make the investment. i am not sure of this though.
 
RakaKaKaka said:
im salaried only below 5 lakhs. what if i claim im getting paid 2.5 lakhs only. do ITR go after small fish like me ? If caught whats the fine ?
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If your form 26as (form 16) shows some amount and the filed amount in ITR1/ITR2 is significantly less than that, you will get a notice from the IT department.

If you can't reply to the notice with valid facts, you will get scrutinized and any wilful default can attract punishment.
 
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Correctly said.

@RakaKaKaka Been through an IT scrutiny personally.. for a rather stupid reason, though nothing major of it, trust me, it is a long and protracted process.. painful at times. From start to end along with an appeal to the IT commissioner, took close to 6.5 years to wrap up.

This was for something as far back in AY9-10 .. with today's updated systems and data mining, why do you really wanna push your luck with tax evasion? To save a few thousand rupees here and there, you might just end up paying tens of thousands in tax plus penalty.
 
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Think il pay the 5-7k in tax than lock up 50-80k in elss and what not[DOUBLEPOST=1501528390][/DOUBLEPOST]acc to cleartax its even much lower , phewwww[DOUBLEPOST=1501528499][/DOUBLEPOST]so correct me if i am wrong but the ITR is for the prev financial year right ? like salary earned in last finanial year till mar 2017 or is it for this financial year we have to pay taxes ? assuming income is same till mar 2018 ? kinda confused right now after a few beers
 
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RakaKaKaka said:
so correct me if i am wrong but the ITR is for the prev financial year right ? like salary earned in last finanial year till mar 2017 or is it for this financial year we have to pay taxes ? assuming income is same till mar 2018 ?
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You file your IT return and pay taxes for the Financial Year 2016-2017 which is the Assessment Year 2017-2018. See https://cleartax.in/s/what-is-financial-year-assessment-year

For the Financial year 2017-2018 you have to pay Advance Tax if applicable . See https://cleartax.in/s/advance-tax

Two things in life are unavoidable. Death and taxes :-(

RakaKaKaka said:
kinda confused right now after a few beers
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Beer and taxes don't mix. Maybe to drown sorrows after coughing up the money to the income tax department, but not before or during the process. :-)
 
You have to plan tax savings for the coming year ,there are many section you can save tax make good investments in that
1.80c upto 1.5lk
  • PPF (Public Provident Fund)
  • EPF (Employees’ Provident Fund)
  • Five year Bank or Post office Tax saving Deposits
  • NSC (National Savings Certificates)
  • ELSS Mutual Funds (Equity Linked Saving Schemes)
  • Kid’s Tuition Fees
  • SCSS (Post office Senior Citizen Savings Scheme)
  • Principal repayment of Home Loan
  • NPS (National Pension System)
  • Life Insurance Premium
80d
health insurance upto 25k
 
Is your salary not given after TDS? Do you have any income other than salary?

If only salary and TDS'd then its pretty easy. All information will be there in your Form 16.
 
RakaKaKaka said:
Its nt high enough to get tds. No other aources
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if your tds doesn't get deducted and you have no other sources(really? what abt savings and f/d?) then i don't think you fall under the bracket of tax deduction. mine was above 5 and mine used to get tds deduction frequently.
 
Sobirvs said:
if your tds doesn't get deducted and you have no other sources(really? what abt savings and f/d?) then i don't think you fall under the bracket of tax deduction. mine was above 5 and mine used to get tds deduction frequently.
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Yea savings under 50k. No fds
 
in that case use your form 16 and part b and upload o cleartax.in and your saving interest and info if any, and you will be done. i don't think you should be paying any tax at all. and i am sure you have pf account too which u can show under savings too just in case.
 
Sobirvs said:
in that case use your form 16 and part b and upload o cleartax.in and your saving interest and info if any, and you will be done. i don't think you should be paying any tax at all. and i am sure you have pf account too which u can show under savings too just in case.
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no pf, i withdrew it all last year. doesnt cleartax charge to file return ?
 
Sobirvs said:
nope, free unless u need ca. as long as u have form 16 and part b and info abt your bank acc's , you are set to go.
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OK[DOUBLEPOST=1501664956][/DOUBLEPOST]BTW last year in august 2016 i had withdrawn around 35 k from my pf account. do i count it in salary /income?
 
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