10 November 2022
Since July 2022 my savings account in which i receive my pension is getting debited every month.can anyone explain what is this amount and why it is getting debited and last how to avoid this.DETAILS ARE AS FOLLOWS 28 July -Debit income tax July 2022-amount is 2017 INR 29 August -Debit income tax August 2022-amount is 2017 INR 28 September -Debit income tax sep 2022-amount is 2017 INR 28 October -Debit income tax oct 2022-amount is 2570 INR
11 November 2022
First you need to get clarification from bank for the TDS deduction. Based on that any further advise can be given. Most common is submission of form H if the amount is not taxable.
22 November 2022
details given by bank is as follows-total pension income is 590838,standard deduction is 50000,tax income is 540838,income tax to be cut is 18168 out of which 8288 is already cut in the form of monthly income tax debit as i asked u in my first question.please advise how to avoid these tax if possible.
22 November 2022
You need to invest at least Rs. 41,000/- in 80C deduction like LIC, ELSS or tax saving FD to get rid of tax liability & give the investment proof to your bank, so that the bank need not deduct tax.
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