Anyone here makes 1CR+ and does their own taxes? How do you avoid paying too much money. Have you maximized your donation and investment game?
Any advice welcome.
If salaried start taking salary to your proprietorship at this stage you can demand that from the company. Investment deploy capital to a hedge fund / VC you can access the beta. Tax saving just buy art and donate it to your own NGO govt observes but you’ll be safe if you have good connections
Buy political party bonds.. tricky but can invest upto 80% of your salary
This is akin to donation, right?
If I earn 100, at 30% tax, I save 70.
If I donate 10, tax on 90 @ 30% is 27, i am left with 100-10-27= 63. Worse off than simply paying tax.
I think donation is helpful from taxation aspect, only if tax slab changes to a beneficial one.
Am I missing anything?
Are there (investment like) returns associated with electoral bonds?
The biggest advice my CA gave me was around HRA; if you have family owning any property in same city as your workplace then you can show high amount of rent, balancing out their income to be under 10 lakhs & reducing your taxable income by a significant amount (this is only applicable if you don’t own a home already in that city)
Other than that there isn’t much that can be done tbh
Really interesting. Sadly I don’t have any family in the same city :/
Which job at zepto compensating 1cr?
I have always been very intrigued about managing my own finances, never hired a CA till now.
But every year when the tax return filing time comes I run into the same thought - Am I paying too much taxes, is there a way to plan it bette...
I have always been very intrigued about managing my own finances, never hired a CA till now.
But every year when the tax return filing time comes I run into the same thought - Am I paying too much taxes, is there a way to plan it bette...
If you are salaried and earning 1Cr+, how are you saving on taxes? My net tax burden comes up around 40 lakh every year (and it hurts)
Looking to understand if and how you are able to save on taxes
I just started my first full time job and will be filing ITR for 1st time next year, no one in my family has been in high tax slab previously so not much experience from there :D
Some questions:
Hi, I wanted to take community's advice on tax saving suggestions to opt for and plan my investments. This is what I have:
CTC: 21L ( 19L Fixed , 2L variable pay in CTC )
80C is covered, Currently I have 50L home loans. & Staying in r...
