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TaxSavvy for up to ₹12.75 L, first job

First salary. Get PAN, PF and your first ITR right from day one.

First job this year, usually under ₹12.75 L

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  • Member UAN activation and KYC (Aadhaar, PAN, bank)
  • Income tax return for salaried and pensioners, ITR-1 (Sahaj)
  • Talk to a CA, 15 minutes

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  • Offer letter
  • Salary slip
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Questions, answered the CA way

Facts, Provisions and law, Analysis, Conclusion.

  • 50-30-20 Budget Rule: Your Salary Split in Seconds
    Facts
    The only budget framework you need. 50% needs, 30% wants, 20% savings. Enter your take-home and get instant allocation. Most people discover they're saving 5%, not 20%.
    Provisions and law
    RBI Guideline; SEBI / AMFI
    Analysis
    Why most people miss 20%: Lifestyle inflation, every salary hike is consumed by wants before savings. Set up auto-SIP on salary day. Savings happen before spending. EMI trap: Home loan + car + personal loan + credit card. When EMIs cross 50% of income, any income shock = default. Keep EMI ≤ 40% of take-home. The 20% math: ₹20,000/month SIP at 12% for 10 years = ₹46.5 lakhs. Starting 5 years late = only ₹24.2L. Cost of delay: ₹22.3L. Emergency fund first: Before any investment, build 6× monthly expenses in liquid fund or savings account. This is your shock absorber. RBI Guideline: EMI-to-income ratio should not exceed 40-50% of net monthly income for retail loan eligibility. Banks use FOIR (Fixed Obligation to Income Ratio), includes all existing EMIs + proposed. SEBI / AMFI: Systematic Investment Plan (SIP) for the 20% savings component. ₹500 minimum SIP via AMC or MFU.
    Conclusion
    • Calculate actual take-home (after TDS, EPF, professional tax)
    • List all fixed obligations: rent, EMIs, insurance premiums, school fees
    • Fixed obligations should be ≤ 50% of take-home
    • Set up auto-SIP for 20% on salary credit date (not end of month)
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  • EPF: Contribution, Interest Taxability, EEE Status
    Facts
    EPF is India's most widely used retirement instrument, but with a critical tax trap from Budget 2021. EPF interest on employee contribution above ₹2.5L/year is now taxable. Most salaried employees with high basic salary are unknowingly earning taxable EPF interest.
    Provisions and law
    Sec 11 (old 10(12)); Sec 123 (old 80C); EPF Act 1952; Sec 192A; Notification 2021
    Analysis
    Who is affected by the ₹2.5L taxable interest rule: If your basic salary is above ₹1,73,611/month (₹2.5L ÷ 12 months ÷ 12% contribution): your EPF contribution exceeds ₹2.5L per year. Interest on the excess is taxable. Example: Basic ₹2L/month → EPF contribution ₹2,40,000/year (under ₹2.5L) → all interest tax-free. Basic ₹3L/month → EPF contribution ₹3,60,000/year → interest on ₹1,10,000 excess is taxable at slab rate. EPS, Employees Pension Scheme: Part of employer's 12% contribution goes to EPS (8.33%, capped at ₹15,000 basic = ₹1,250/month for old scheme, uncapped under higher wage option). EPS gives pension on retirement, minimum ₹1,000/month. No return during accumulation period, it's an annuity pool. Cannot be withdrawn separately, it's converted to pension at age 58. UAN, Universal Account Number: Permanent account number for EPF. Stays with employee across all employers.
    Conclusion
    • Activate UAN at epfindia.gov.in → link Aadhar, PAN, bank account
    • Check current EPF balance via passbook (passbook.epfindia.gov.in)
    • Calculate annual EPF contribution: 12% × basic salary × 12 months
    • If annual contribution > ₹2.5L: interest on excess is taxable, declare in ITR
    Read the full answer
  • Which ITR Form to File
    Facts
    Selecting the correct ITR form is the most common source of defective return notices. Wrong form = return treated as invalid.
    Provisions and law
    Sec 263(1) (old 139(1)); Rule 164 (old Rule 12); Sec 263(7) (old 139(9)); CBDT Notif
    Analysis
    ITR-1 (Sahaj): Salary from one employer + FD interest + one house property. Income below ₹50L. Cannot have capital gains, business income, or foreign assets. ITR-2: Salary from multiple employers, capital gains (MF/shares/property), foreign income, more than one house property, director in company, unlisted shares. ITR-3: Business or profession income + any other income. Partnership firms also use ITR-3 equivalent. F&O traders must use ITR-3. ITR-4 (Sugam): Presumptive income under Sec 58, Income-tax Act 2025 (old Sec 44AD; business, ₹3Cr limit), Sec 58 (old Sec 44ADA; professionals, ₹75L limit), Sec 58 (old Sec 44AE; transport). Cannot have capital gains or foreign assets. ITR-5: Partnership firms, LLPs, AOPs, BOIs, not for individuals. ITR-6: Companies (not claiming 11/12 exemption). ITR-7: Trusts, political parties, research associations.
    Conclusion
    • Identify ALL income sources for the year, salary, FD interest, MF redemptions, property sale, freelance
    • Download AIS, check if any income shown that you did not know about
    • Check if you are director in any company or hold unlisted shares (ITR-2 mandatory if yes)
    • Check if F&O trading happened during year (ITR-3 mandatory)
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  • CCPS: what preference shares really mean at exit
    Facts
    CCPS (Compulsorily Convertible Preference Shares) is the most common investment instrument in Indian startups. They look like equity but have preference rights, specifically on liquidation.
    Provisions and law
    Companies Act 2013, Sec 43, 55 | IT Act Rule 11UA
    Analysis
    Liquidation preference: 1× non-participating means at exit, CCPS holders get their investment back first (1×), then convert and share in remaining proceeds OR just convert and take their equity share, whichever is higher. 2× participating = investor gets 2× investment back AND keeps their equity share. Never sign 2× participating. Anti-dilution: If you raise your next round at a lower valuation (down round), BWRA (Broad-Based Weighted Average) anti-dilution adjusts the CCPS conversion ratio to compensate investors. Full ratchet = catastrophic for founders.
    Read the full answer

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