Investment declaration/income tax / efilling help needed

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 June 2015 Hi there.

First of all..Just FYI.., I have ZERO knowledge on Tax/ Investment/eFilling. Thats y i need your help.

Recently on June 4th, 2015, I have joined a new company.

Here my annual salary is - 750000
Monthly Gross- 54313

Company is asking me to fill up investment declaration form.

I have only one investment i.e. LIC - Annual premium is - 13k

In my last company - my annual salary was 5.5. I havent done anything like that over there. i mean investment decartion.

Please answer my following queries -

1. What should i mention in the investment declaration form? I guess this is all to save income tax...right ?

as i said i have only LIC...So what should i do to save my tax.

2. Do i need any form/document from my previous company? 12c/80c????

3. Do i need file income tax return? how can i do that? And why is that needed ?

Please help on all these queries.

Thanks in advance.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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07 June 2015 1 You are right it is for save income tax to determine applicable TDS on you.
2 Documentary proof for your investment has to be produced before year end.
3 Your annual salary is 7.50 lakhs you have to E file your income tax return. It is mandatory to E file tax return for income above 5 lakhs.
Go to E filing site of Income tax you will be guided how to file the return.

Querist : Anonymous

Querist : Anonymous (Querist)

07 June 2015 Thank you For replying

How much my income is taxable?

I mean how much I need to invest?

And till when I can do that Efiling?

Please share any other important thing for me that I need to do To save income tax?

I do not want tds to be deducted from my salary..

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Rupesh Jain

Rupesh Jain (Expert)
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10 June 2015 you have to give the bifurcation of your salary after that your taxable income will be calculated .

you have to declare the right investment amount in investment declaration form.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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10 June 2015 Income above Rs 2.50 lakhs is taxable.
80C deduction available up to 1.50 lakhs on savings. Over and above LIC premium deposit in tax saving Fixed deposits of Banks.
Rs 50,000 you can deposit in NPS.
You can't save fully so you need to accept some TDS;
E filing for the financial year 2014-15 can be done up to 31st August 2015.