Granny's Programming Pearls
"inside of every large program is a small program struggling to get out"
JavaRanch.com/granny.jsp
The moose likes Jobs Discussion and the fly likes About Tax Planner Big Moose Saloon
  Search | Java FAQ | Recent Topics | Flagged Topics | Hot Topics | Zero Replies
Register / Login


Win a copy of The Java EE 7 Tutorial Volume 1 or Volume 2 this week in the Java EE forum
or jQuery UI in Action in the JavaScript forum!
JavaRanch » Java Forums » Careers » Jobs Discussion
Bookmark "About Tax Planner" Watch "About Tax Planner" New topic
Author

About Tax Planner

ramya narayanan
Ranch Hand

Joined: Oct 06, 2008
Posts: 338
Dear all,
Happy weekend for all of you.
I'm a software engineer in Bangalore,India.
My CTC is 2.7 lakhs per annum.
In my company , my monthly salary of 22,500 is divided into two pays.
1)Fixed pay---> Rs20,000
2)Flexipay----->Rs2,500( Telephone->Rs1500,Training-->Rs300.....of that sort)

Fixed pay is taxable whereas Flexipay is non-taxable.
what I want to know is that

1) If flexipay is non-taxable, whether I will get the full amount from the company directly at the end of every month.

2)If I need to produce bills to getback the flexipay amount for ex: Telephone bills worth RS18000(1,500 *12), can I produce it at the end of financial year i.e. before March15,2009.

3) My friends are sending the tax planner for the finance department before the 15th of each month. why are they doing so?

4)If I don't produce any bills for the flexipay amount, what will happen?
i) whether I will be taxed for 2,500 at the end of every month & remaining amount given back to me each month
ii)Whether the total flexi amount at the end of financial year(1,500*5->from Nov-march)is calculated, taxed for that amount & the remaining returned back.
4) LTA occupies substantial amount in my flexipay, how to get it back.

5) With respect to fixed pay , i'll be getting 2,40,000(20,000*12), so I would come under the Tax purview.
Up to 1,50,00 there would be no tax. The remaining amt(2,40,000-1,50,000=90,000) will be taxed.
What can be done to generally lower the amount deducted as tax?
I've an insurance policy against my name?
I've taken an medical insurance policy against my parents?
Will it all be useful what are the other options?
Please reply.



Please reply.
Regards
ramya narayanan
Ranch Hand

Joined: Oct 06, 2008
Posts: 338
Any suggestions please?
Kj Reddy
Ranch Hand

Joined: Sep 20, 2003
Posts: 1704
Many of the things you should ask your finance department as policies may change from company to company.

1) If flexipay is non-taxable, whether I will get the full amount from the company directly at the end of every month.
- As per my knowledge you will get only after submitting the bills other wise end of financial year with deducting tax if you dont submit bills.

2)If I need to produce bills to getback the flexipay amount for ex: Telephone bills worth RS18000(1,500 *12), can I produce it at the end of financial year i.e. before March15,2009.
- Your company should have some date and you should submit before that.

3) My friends are sending the tax planner for the finance department before the 15th of each month. why are they doing so?
- probably their tax savings might be changing every month. But you should check with your finance department if they need every month.

4)If I don't produce any bills for the flexipay amount, what will happen?
- you will get entire amount at the end of finance year after tax deduction.

4) LTA occupies substantial amount in my flexipay, how to get it back.
- you should claim them and ask your finance department for process.

5) With respect to fixed pay , i'll be getting 2,40,000(20,000*12), so I would come under the Tax purview.
- There will lot of consultants who can help you with tax planning, take their help and use your best judgement among the schemes they will explain you.
ramya narayanan
Ranch Hand

Joined: Oct 06, 2008
Posts: 338
Any other opinions?
Regarding LTA can I submit it at the end of the financial year to claim it back?
What is the usual process?
My LTA amount is high, that I don't think I would be travelling that much in a year? Also I'm a bachelor?
What generally people do on this option?
Post your candid opinions regarding this?
Regards.
Kj Reddy
Ranch Hand

Joined: Sep 20, 2003
Posts: 1704
In India you can claim LTA for every 2 years. Many companies do allow you taking LTA in advance but if you don't provide proofs at the end of financial year they will deduct tax.

Many years I ended up taking LTA after tax deduction as either I could not able to produce bills as I never traveled.
 
I agree. Here's the link: http://aspose.com/file-tools
 
subject: About Tax Planner