Fade up with tax
Hey guys just now I was trying to file my ITR I found that I have to pay 1,16,765 more, although I have already paid 265000 as TDS.
I am using New regime, how can I avoide that, please suggest it will be a life saver.
I don't even have that much to pay right now.
Thanks in Advance.
Actually my Form16 says 341000 already paid but while filling TDS is shown only 265000 why this mismatch, how to tackle this
Sometime the mismatch happens in the system you need to add the exact amount of tds paid in the tax paid section.
Add the remaining amount manually.
Any donation, Farming , parents health checkup ,insurance bill produce them. And if you have any orphanage donation show that too. Produce your utility costs , govt tax payments. If any flight taken during the travel year. Produce that. Any train that also u can Produce. If you have relevant bill of your groceries ( dealed via upi ) produce that
By this u can easily save almost 10,20 lakh.. assuming having a good income from farm
How grocery bill gives tax rebate?
What was your monthly take home ?
Around 1.5 lakh
YOE
Speak to a CA.
So I am trying in New regime 345966 I have already paid, I have done a calculation if I will able to make a deduction of 115000 under NPS, I will not have to pay anything extra, but the problem is I don't contribute to NPS, can I do fake entry... Please suggest
New Regime, No. In old regime, lots of ways. You should get in touch with CAs if you want to do all such financial tax frauds.
And if you want to go honestly, ITR filing step has most things auto-calculated and mostly correct (except in some cases of those incorrect section 234 penalties). So you don’t have any option.
For next year onwards, if your organisation gives option of Organisation’s share of NPS, then you can save some more tax in that direction with honest means only. But its like you make 5 lakhs investment in NPS, to save 1 lakhs from going to Govt (just an example, not accurate amounts). So NPS, is only way to save tax honestly, with New Tax Regime.
But for the current filing year, i.e. FY 2024-25, you don’t have any option now. Just pay up what is being demanded (assuming you want to proceed using honest means). You can only plan for upcoming times.
Around 1.5 lakh
