Being a HR professional, every year at the end of quarter say in between to Jan-Mar. I generally attend same type of queries. Like :
- What is my tax liability ?
- While declaring investments form, I mentioned 1 lakh of investment but actually investing 30k , so now how much TDS I have to pay in next couple of months ?
- How to calculate my TAX liability ?
- What is my TAX Slab ?
- Which all investments I can do and what are their max limit ?
- How to calculate my HRA ?
ideal scenario is, while filling investment declaration form at the beginning of Financial year, pay little attention into following things :-
- Your current salary structure. which all components in your salary structure has tax exemptions and what type of bills you have to submit to avail that.
- Understand your tax slab/ tax liability / tax calculation.
- Type of investments and their max limits.
- Fill your declaration form with such proposed investment amount which you can actually invest or save.
- Plan your year accordingly, put some targets for your savings and invest them accordingly.
- Make a personal file and collect all the required bills there.