Can I reduce my tax liability of TDS 58k?
Hi,
My annual income from salary is 37L and monthly TDS being deducted is 58k. In hand salary is 2.46L.
Due to heavy debt incurred due to failed business, I'm under heavy liabilities- few loans with very high interest rate upto 4% per month(amount approx 12L). Also, taking loan from Bank is not possible as there are multiple written off Credit card & loan against me, which I am clearing gradually. I'm prioritising higher interest liabilities first.
I maintain 1 month emergency fund. I have 1.25L in PF. I'm trying to get a higher pay job- may be it will take a few months.
What can I do to maximize in hand salary while saving tax as much as possible and also clearing debt?
Thanks in advance.
u/6ole_bhature_ — 14 days ago