Income tax planning
This query is : Open
06 April 2025
Sir,
My CTC is 14 lakh. I use the meal card option which is 26,000 Rs deducted annually from my salary and 60,000 LTA which is also deducted from my salary. After deducting PF, meal card and LTA, my taxable income is around 12,31,000 which less than the taxable income of 12,75,000 as per the new tax regime so I am hoping there will be no tax deducted.
But my question is what happens when I get the 60,000 at the end of the year if I don't claim LTA and then my taxable income becomes 12,91,000. Does this mean I have to pay tax on the full amount?
I pay a rent of 25,000 every month but I don't have the owner's PAN to claim HRA so in this case, which tax regime do you suggest? I don't have any other investments.
Thanks for your help.
My CTC is 14 lakh. I use the meal card option which is 26,000 Rs deducted annually from my salary and 60,000 LTA which is also deducted from my salary. After deducting PF, meal card and LTA, my taxable income is around 12,31,000 which less than the taxable income of 12,75,000 as per the new tax regime so I am hoping there will be no tax deducted.
But my question is what happens when I get the 60,000 at the end of the year if I don't claim LTA and then my taxable income becomes 12,91,000. Does this mean I have to pay tax on the full amount?
I pay a rent of 25,000 every month but I don't have the owner's PAN to claim HRA so in this case, which tax regime do you suggest? I don't have any other investments.
Thanks for your help.
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