How much tax will be deducted?
If I invest 120000 in ELSS.

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likefunny
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Considering you're not using the HRA exemption.

Basic+ HRA+ LTA+ (your PF contribution) + Special Allowance = ₹89,809 per month.
Amounts to ₹10,77,708 annually.
As evident from your inputs
80C: PF*12 + ELSS
Standard Deduction: ₹50,000
Taxable income = ₹8,86,108

Tax Deduction:
₹12,500 + 20% of (₹8,86,108 - ₹5,00,000) =
₹89,721

Monthly Deduction:
₹7,476
Expected monthly income: ₹80,533
Try availing HRA, Insurances, NPS- All for your future self.
Congratulations! 🎊

likesmart

Thank you!

12,00,000 - 1,20,000 -50000 (standard
deduction) would bring your net taxable
income at 10,30,000.
On that Tax would be 1,26,360 (Old Regime).
10,530 monthly TDS deduction

like

Hello EY1, Employee PF contribution is considered under 80C.
He can use that to top the 1.5L of 80C.
Also point to be noted, I have considered full 12LPA for tax calculations, whereas fixed component is around 10.9LPA.
Always plan tax for more salary.

120k in ELSS.

Get a financial planner dude

If you can continue the same ELSS contribution for long, it's quite great.
Equities don't ripe in short duration for you to taste its sweetness. Climb the ladder with short & firm steps to go long enough.

like

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