1 CR+ tax advice
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.
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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?
Nothing significant can be done that is legal. Minor ones can be done around HRA, home loans , medical etc
Haha what is illegal that can be done? For salaried employees everything is legal by default
There are simple misses, many people don’t add savings bank interest to calculate tax. Given the digital connected systems, sober people will start getting notices for misses like these.
Following
Already in 1CR+ range or planning for the future?
Hahah planning for future.
@LimpShrine45 what’s your YOE, TC, role, and networth? Following this thread.
Plenty of illegal options. Talk to your CA about political party cash conversions. All the parties do that.
If you have the flexibility to become a consultant to your organization, go for that. Otherwise stick to safer choices like HRA, 80C, NPS, 80D etc. Don't do donations to charity or political parties now, not worth it. Lots of people are getting notices on that and can mess up your career within the bluest of the organizations.