Need advice on tax refund
Hello I have my tds of Rs 30,000 and now due to savings bank account some interest, I see an extra amount of Rs 1k to 2k in my final tax menu under new Tax regime. Is there any way to get refund or get less tax computed using new tax or even old tax regime.
Note: I don't do any investment or anything like that. How to save taxes. Will old tax regime help then? I have only PF to show in old tax regime and nothing else.
Under 80tta, you can get upto Rs10,000 of your bank interests removed from taxable income. Post that, pay & move on. Not worth the hassle.
Go on cleartax and fill all info and try. It's free to try.
Good idea: Pay the tax and move on Bad idea (not recommended): Add a fake declaration in ITR in 80C and reduce your taxable income to avoid the tax. FYI this is what your CA will do to recover tax amount
Other than 80C There are option to put even upto 2.5L Without any supporting documents required and that is best practice in CA fraternity
Just pay and move on, this year anyways you won’t be paying
How do you know his income is less than 13L pa
If you haven't invested in ELSS/NPS/Insurance, then there is not much you can do in old tax regime. There are some ways via political party donation etc but it's too much hassle.
Hi I'm CA by profession. Can help you
DM me some details
Opt for new tax regime is salary less than 1300000 PER YEAR.
I believe they are filling for this year. 12L will be from next year.
Upto 10K you don't need to pay any income tax under section 80tta https://tax2win.in/guide/income-tax-on-saving-bank-interest
But you'll get more tax if your salary is more than 3-5 lpa
