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Need your suggestion on career choice Current role: business analyst (VBA automation) Y.o.e 9 years , relevant experience: 4 years CTC 8.25lpa Offer 1: TCS : 16.5 lpa Role : business analyst -payments domain (sdlc) Offer 2: Exl : 19 lpa Role: business analyst - process automation (not SDLC) Offer 3 Jp morgan (in pipeline) :expecting 20lpa Role: documentation specialist (not BA) - 601 Please suggest which one to chooseTata Consultancy JPMorgan Chase EXL
Hi All
I have 18 years of experience , out of which 9 years I worked in Manufacturing industry in Quality and Planning area, then I shifted my career to SAP Functional in Manufacturing domain and in IT industry now for last 8+yrs. In between I have done executive MBA from IIM Kozhikode.Am I eligible to work in consulting in Bain India and Bain any other country?
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No worries you can declare investment in Mindtree if tax portal is open and throughout financial year from Apr 2022 to Mar 2023 do actual investment.
Else do actual investment and in next financial year file ITR to claim your tax.
80C = 1.5 lac (emoyee PF is part of this) invest remaining amount in 80C
80CCD = 50K NPS [money will be blocked till you reach age 60] same with below
If you want to save more tax then
80CCD (2) = 10% of basic you can invest via employer
80TTA = 10k interest you receive in saving account
80D =50k, if you have any medical or health insurance for you and your parents
If you have home loan then you can save
Principle amount in 80C
And interest portion you pay to bank you can declare in section 24 = 2 lacs
Thanks
Rising Star
Since you joined in Jan according to Mindtree the total salary you got in the financial year was only what it paid. So, it sums up Jan, feb and March salary and it would have been less than 10 lakhs so only 10% tax on the amount exceeding 5 lakhs. In this finances year, Mindtree would be using the whole 12 months salary to calculate the tax slab and that is why you got 10 % less. As a matter of fact you may have to return the extra 10% you got in Jan, Feb and March to government when you file ITR and on top of that, you previous company may have given you a lot of money in settlement because according to your previous company, you only earned till December so earnings from last years April till December was you salary and tax was calculated on them only in the settlement. But that was not you actually salary since you joined Mindtree and kept earning..So you may have to give some amount of settlement to the government as well.
Bro, I think you came under income tax slab for the first time.
I'm very sorry to say that you can't avoid it once your CTC is beyond 5 LPA. However, there are some tax saving options but that is another topic.
Now coming to your question's answer, Jan Feb Mar was part of previous financial year where your CTC was low so there was no income tax deduction. From this april-next march is financial year FY 22-23 where your CTC is high enough to reach 20% tax slab(>5 LPA as per old regime).
Try to study about it. Lots of information is on the internet. What are the tax slabs? What are the options to save tax?
I was also new to all these last financial year. I studied and got to know in details. After reading, if you have any doubt, just ask, we will be happy to help.
donot lose heart do your investment under sec80c,80cce,nps this all will reduce your taxable income Fe your it returns and get back your tax deducted as refund