Hello Fishes,

I recently joined Barclays with 15 LPA. In my previous org, I used not to pay any tax since my CTC was low. Plz help me to understand on below things:
What would be my monthly tax deduction for 15 LPA (All is fixed) if I don't show any investments?
For financial year 2023-24, when do I submit investment proofs?
Is there any way (like advance investment proof declaration) through which I can get salary without any tax deductions at the end of each month April onwards?

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Tax planning is very important at beginning of the year. In case you don't have any deductions opt for new tax regime. Else, if you have HRA, 80C investment, NPS, medical insurance as significant deductions then compare your tax outgo in old and new. You can also claim LTA (subject to proof submission) and Sodexo coupons to lower your annual taxable salary. In case of new tax regime considering 15 lakh as your in hand (excluding EPF), tax per month could be between 10-12k.

At the starting of the year you only need to declare and towards the Oct-Dec quarter proof submission will be opened.

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Thanks a lot for your answer and site reference!! 🙂

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https://incometaxindia.gov.in/Pages/tools/115bac-tax-calculator-finance-bill-2023.aspx

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