Help in understanding taxation.

[doomlord]

I had my income reaching 750000 for this year, then I redeemed an amazon pay voucher which I had got last year from my company worth 33K, now my taxable income on my company portal is showing as 7.7L, and I need to pay 21K tax this year, however my other colleagues are tax free because they didn't redeem their voucher so their income is below 7.5L, can anyone pls tell me how to reduce this 20K to be in no tax bracket? I'm feeling very sad due to this. (My regime is new tax regime)

LTA I can edit in my compensation plan, it's showing max 40000, if I keep max, what will happen? Do I need to show tickets to claim it or it'll come in my salary?

Sorry, I don't know much about taxation, I'm a fresher.

 

[NAB]

You must be having your Form 16. You are filing tax return for the previous FY which ended on 31st March 2024.

So, that's not supposed to be an issue for the current financial year.

For next FY, file your return in Old Regime. Plan your investments accordingly.

5 Lac - Basic
+ 50K Standard Deduction
+ 1.5 Lac 80C
+ 50K NPS
+ Upto 50K 80D - Medical for Self and Parent
+ HRA - Rent which you might be paying

And many more possible.

This will easily get you the refund of the taxes paid.

 

[doomlord]

You must be having your Form 16. You are filing tax return for the previous FY which ended on 31st March 2024.

So, that's not supposed to be an issue for the current financial year.

For next FY, file your return in Old Regime. Plan your investments accordingly.

5 Lac - Basic
+ 50K Standard Deduction
+ 1.5 Lac 80C
+ 50K NPS
+ Upto 50K 80D - Medical for Self and Parent
+ HRA - Rent which you might be paying

And many more possible.

This will easily get you the refund of the taxes paid.

Thank you so much, this helps a lot.