Hi,

I just want to know a fact , upto which ctc can be adjusted to minimal tax deduction under new slab?
Like 15lpa ,20lpa

like
Posting as :
works at
You are currently posting as works at

For 15 lakhs, tax is Rs 187500/-.
Beyond that, for every rupee, 30% tax.

This is new regime, and excluding Health & Education Cess.

NB:- No investment deductions allowed under new regime.

like

Well.. I'm afraid that wouldn't be possible. If you wanna claim such deductions, then you cannot pay tax under new slabs. You will have to pay tax under old regime.
Under old regime, for 20lpa,
you get 50000 standard deduction;
Some 60000 as HRA deduction (conditions apply);
Under 20000 as TA deduction etc.
Then you can also claim mediclaim, LIC premium and like deductions.. (there are some)

However, under old slab, tax for 15 lakhs would be Rs. 262500/- 🙁

And then 30% for every rupee above that.

So I would advise you to opt for new regime now, in case you don't have any tax exempt investments.
And then, at the time of filing your returns, calculate tax under both scheme. And file under the one which is most beneficial for you.

Related Posts

Need advice: I just joined a pharma company <1 year ago with a promotion likely in 1 yr. I’m in a commercial role at the TA level, making 250k. However, I just got an offer to join a different company’s medical affairs team, with >400k TC. Is the career trajectory of commercial worth making less money?

like

Mphasis , hi fishes, why this month , Mphasis did not provided, Variable Pay, any one know the the reason, does any acc has been informed with any inputs? Like was it delayed or we r not going to get

like

This is the compensation details I received in offer letter. Won't they provide the actual salary break up that contains basic pay, other deductions etc?

Post Photo
like
like
like
like
like

How hard/easy would it be to find a decent big law position after 3 years of SEC experience? Total 5 years atty experience. What will be the salary like?

like

Hi Fishes, I am new to this variable included pay structure. From my first company to current I am getting fixed pay only. So, I know how to calculate my in-hand salary with that. I can see here 10% is variable pay. I have some questions,
1. How much will be in-hand salary?
2. Is there any hidden component which may deduct from my salary?
3. How variable pay will be paid? monthly or quarterly or annually?
4. How much variable pay we will get by Average?

Post Photo
like

Pay your fair share!

likefunny

What will be the in hand salary from this breakup?

Post Photo

5th September is my last working day at Infosys. Yoe=4+ yrs
Tech= aws devops
I hold an offer of 18LPA from KPMG with joining date of 7th September. (Wfh)
I applied at Workday on 15th May and went through 7 technical rounds of interview and received a verbal offer letter of 21LPA (hybrid)
Now apparently their technical panel "forgot" about the interview and wants to have a discussion again as 8th technical interview. HR says their joining date will be 19th September.

Should i join KPMG?

like

In my organization, most with my role are commission based. I make a set salary due to the firm I work for as an account manager/ coordinator for clients… I coordinate their enrollments, working with each groups HR department as to benefits and payroll purposes, and schedule our benefit counselors accordingly. I am finding that in most cases where I compare the voluntary benefits industry, I might be underpaid. What is an appropriate base salary for a position in which commission is replaced?

like

How was everyone’s comp discussion? Lol reading US Reddit threads makes me 🥲

Anyone know base and bonus ranges for Chicago-based Compliance Analysts at mid-sized asset managers?

like

Hello I was wondering if any admin assistants have gotten an inflation raise? At the next staff meeting I was going to ask for an inflation raise but I wanted to ask around before I did. Also if so how much was the raise and what not? Thank you in advance!

like

How much a qualified chartered accountant working in Big4 with 5 years of post qualification experience can expect from Industry?

like

Does anyone have insight on what I could expect the base salary to be for a program manager position at Capital One? It’s listed as a manager level position in the process and project management category. Any insight would be helpful!

More Posts

So what's the difference between a Product owner and Product Manager.

like

If you haven't seen it already, #ADHD2022 is trending on twitter, professionals from all over the world are discussing ADHD put on by CHADD (Children and Adults with ADHD/ADD). If you went or are virtually attending the conference, please share your experience! Cool thing to check out.

like

Turning 28 and hit $300K NW today. Never formally FIRE’d but want to set out a plan for here onwards. What’s some good material / easy reading to start with?

like

Joined a call to hear “how’s my sql replication looking? Yeah,!I’m good.)

like

Has anyone filed two I-485 at the same time,one from your employer and another as a derivative on your spouse’s I-485? Is this allowed?

like

I am planning to apply for PM and TPM roles at Amazon. Is there a slowdown in hiring or hiring freeze in place for these roles

likehelpful

Tiger Analytics has started firing their new joineers(freshers) as they don't have adequate projects. I don't know where the freshers will go as they haven't done any project as such.

This is just pathetic from organization. They are just firing people owing to failing a test of certification, for which other company gives 3 trials but they are giving only one try with negative markings

like

Hi Folks. Switching from product base to service base at level 9 in accenture in SAP Domain .
Can some1 explain how the journey starts from day 1.
Heard Noise abt client interviews , bench process,layoffs etc etc.
Need Serious Comforting advise.

like

Is there a website that shares announcements of recent contract wins by federal contractors across all federal agencies?

Sometimes the leadership does not even inform you on the status of a submitted proposal unless we win the work. I get why they are doing it but it would be great if there was an external source/website that would share this info instead of us waiting around to hear from them.

like

Hi ,

I have 5 years of experience as a .NET Full stack developer. I am holding offer of 21 LPA and I had HR discussion with Mastercard.

HR is not ready to share the exact budget they have (weird!! because HR usually give the idea of how much they can offer )

HR is asking me to expect something on top of the current offer I am holding.

The opening is for L8. How much offer I should expect from mastercard??

like

Me? I was just buying shirts online and then immediately added underwear because the model wearing them was hot because I am gay.

likefunny

Hi Fishes,
How long does it take to release offer letter from HSBC. I already have given HR round and submitted documents for background verification.

like

What's up young men?

like

What industry do you all work in? What’s a misconception you hate about our field?

like

We have a number of positions open at ZS, if you're interested please take a look at our careers page and DM me if you need a referral :) Note, ZS doesn't do visa sponsorship.

like

Hey all. Looking for a Meditech build/Training position. I have a lot of experience building in Expanse Ambulatory ( Orders, Docs) and provider Training. I live in the DC area. Thank you

like

How to write effective resume for MNC companies?

like

Does LTA and phone allowance are processed each month as a taxable income if we do not produce the bills ?

like
like

Additional Posts in India Tax

Hi all
Can some please help me !!
I have already paid self assessed tax but in income tax website its not updated and money also debited from bank
What should i do now

like

Hi Folks, how much max amount we can retain back after 80c tax claims on income taxable amount. Any idea? Is it varies based on package? What is the percentage ?

like

Can we show unequal rent split up between husband & wife for HRA?
Let's say we pay 20k in rent. I want to show that I pay 15k and wife can show 5k. Is this sort of break up possible without explicitly mentioning it in the rent agreement?

like
like

Guys can anyone help me to get the best refund or filing for tax for 21 LPAfixed 26LPA CTC.
I know my in hand salary will be 1.3 by any chance can I make it more ??

like

Could anyone please tell about NPS CCD(2) ? Is it paid by employer? What needs to be done in this?

like

I have gains from stocks.. as LTCG. Do I need to file ITR 1 or ITR 2?

like

Anyone here working in M&A tax? need a referral.

I'm a recently qualified CA (first attempt)

like

Can we pay rent to our parent?
What if my parents are in other city and I am living @ my company's location which are 700km away from each other. Can I still show that I am paying rent to my parent?
Please help as this is my first time coming under tax slab

like

I am working from EU since last year (internal transfer from India), also doing freelancing for an another startup since last 2 years and the payment is going to Indian account.
My employer assigned a tax consulting company in India to support me in filing tax, somehow the tax consulting firm found that bank account via AIS document (not sure how they get it in that doc), as they found some interest credited for that saving account. Will I be in trouble? will I have to pay penalty :(?

like

In case anyone needs help with their Tax returns, please feel free to DM me.

like

If my parents live in a government provided house and I live with them (wfh), how can I plan my HRA exemption?

like

For rent paid below 1 lakh there is no need to submit landlord's PAN. I have calculated based on my HRA and if I show rent paid as around 96k my tax refund will be around 13k.

However there is no rent agreement or rent receipts.

Will it be a problem later on if I show this in my ITR?

like

Hello people,

Need some inputs!

When I file my ITR, it is auto-populating the 'income from other sources' by 40k and increasing my tax liability by 10k however form 26as shows no tax liability.

Should I edit the header to Rs. Xx which is below 10k hence tax exempted and stick to info as per 26AS?

Thanks a lot!

like

Hi,

Can I pay full hra amount as rent to my parents to get hra exemption benefits.

HRA: 5 lakh

like

Hi All,

I want to know if it's a good idea to foreclose a home loan, I have like 14 lakhs for 11 years... Initially it was 28 lakhs for 30 years, I brought it to this amount in 2 years. Unable to weight the pros and cons. Is it good to foreclose or leave the loan to go on and start investing the money

like

Hi,

Where to invest to reduce the taxable income of 8 lakhs after investing 1.5 lakhs under 80c and HRA 1 lakhs ? Medical insurance 50 k I’m aware of it and I don not plan on any house loan. Please suggest.

like

Does your organization make you feel like your work is only a support function to their more profitable businesses?

like

I want to know which tax slab can be appropriate for a 10lpa and what are the way I can manage to reduce my tax computation.
I have been to this tax slab for the first time don't have. any knowledge.
can one of you assist what can be done or what are the steps for saving the tax or us it possible to have 0 tax.
FYI,
2.2lck is hra

like

Hi All,
I recently learned that we can get our PPF limit from 1.5Lakh per year increased and so does it increase in 80C. Is that true? And if yes, how can it be done?

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal