What are the ways to save taxes if you are earning more than 60+LPA?
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You can't. As someone else mentioned, being a contractor is the only way because you pay 10% instead of 30% TDS, however you're then obligated to a 18% GST service tax which can be claimed back as a refund by your CA. It's a lengthy process but would save you around 10L per year
HastyBead91
Student
a year ago
Challenge there is to get the company to agree. Big companies have fixed employment structure. You can't just go to them and ask them to hire you as a company
You can he an independent contractor, doesn't require a company. It's just like being an employee but without being classified as one legally.
Also if you can't get that done, then pay 30%, it's either this or that 😂
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Someone once said "in this world nothing can be said to be certain, except death and taxes."
My advise is get a CA. They’ll handle everything. Pay him extra, do political donations ;) and stuff. CA will find a lot of ways to save you money
hellloworld
Stealth
a year ago
Use vpf, invest 100% of your basic
Use corporate nps, 10% of your basic
Use fuel + driver reimbursement to the fullest
These will reduce taxable income by ~ 20 lakhs
And if you want more.. take home loan 😉
Gokart
Stealth
a year ago
Can you help understand how VPF,corporate NPS works ?
Best way to give your earnings as a donation under 80G section to your close friends or to your team, this will save your tax. 🤪😀
Reduce base to minimum for lifestyle+emergency+etc, opt for more RSUs instead (assuming it’s a public company). Capital gains tax has much lower rate than income.
Or, erm, donate to politicians
Palindrome
Stealth
a year ago
Following 😬
Have explored tax savings options since I have similar tc.
Legal way - none
Illegal way - donations to ngo/political parties.
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