Hi I had my internship from April 2022 to June 2022
Then I had my other job from July 2022 to current
So in FY 23 the internship company didn’t cut any TDS on the stipend
Now while filing ITR the internship stipend is reported in form 26.
How can I save taxes I have fully occupied LTA/80C/HRA/80TTA. (Since I have HRA in FTE job I cannot utilise 80GG too)
I am crying as after all calculations it is coming out that I have to pay ~50000 on efiling.
I just saw that we can claim tax deduction on gift towards relatives section 56.
Can anyone tell if that is true how can we make the proof for that I remember giving gift to relatives last year via gold and cash I think if this is true I can save tax.
Any options for successfully filing the ITR with minimal taxes. Any options I am missing?
Hi @I_AM_CONFUSED ,
Stipend can be classified either as salary income or scholarship. Incase it falls under the head ‘Income from Salary ’ - it will be taxable even if TDS is not deducted by the employer.
Read this article for further explanation regarding stipend:
https://learn.quicko.com/stipend-income-taxable-in-india#6-stipend-is-taxable-under-which-head-of-income
Some additional deductions available are:
- Medical insurance under section 80D - Rs. 25,000 (and additional 25,000 incase of premium paid for senior citizen parents)
- Donation to specified institutions under section 80G
- Contribution to NPS - Rs. 50,000 under section 80CCD(1B)
See this post regarding deductions available:
https://qna.tax/t/read-about-the-ways-to-save-taxes/3610
Further, you can compare your tax liability under old and new regime. And opt for regime in which your tax outgo is lower. There are some calculators available online where you can compare this tax calculation.
This is incorrect. Section 56 relates to taxation of gifts received. There is no deduction available for gifts given to relatives.
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