Personal Finance Community

by purushpsm147

10 months ago

Pay Zero Income tax forever ♾️

You can buy electoral bonds and pay No income tax as salary man, just donate your bond money to RUPP Regional Unrecognised Political Parties. Since 100 percent political party donation is tax free, no tax for donated money. They will return your money with a small cut and viola. No tax. What are your thoughts on this? 🌝🌚

Brutallyhonest

Stealth

10 months ago

Sorry to say, this is dumbest idea ever.

GrimBeard75

Stealth

10 months ago

What makes you think so?

FluidHype15

Stealth

10 months ago

Half of my office does this. 80G is beautiful if you know how to maximise it

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DesignTinker

Stealth

10 months ago

My CA has been saying this for years. “Kabhi aao Gujarat, tax bacha dunga”

debugging

Swiggy

10 months ago

🫠

SAZ

Consultant

10 months ago

Gujju 🤝 Ghaplebaazi

MehnatiEmployee

Stealth

10 months ago

https://www.business-standard.com/finance/news/8-000-tax-evasion-notices-to-taxpayers-who-sought-exemption-for-donations-123041800156_1.html You think you are the smart one and the IT department wouldn't come chase your ass. They will.

purushpsm147

OpenText

10 months ago

Well some business hotshots do pull it through.

SabChangaSi

Stealth

10 months ago

Try it and tell the rest of us how it went please

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y2kshubham

Amazon

10 months ago

Will they return money in cash? If not then won't we eventually show up on IT Dept's radar?

Bityboxy

Stealth

10 months ago

Yes, it is in cash

y2kshubham

Amazon

10 months ago

And then what would one do with that truckloads of cash hoarded over years? Maybe little gold, some real estate, but no equities.

lucifer09

Stealth

10 months ago

I know a lot of my friends who do this. Works like a charm.

BrisbaneBunny

Bollywood

10 months ago

+1. I've seen a lot of my colleagues in my previous orgs do this. Just a small cut to the CA and get back almost everything!

ExcitableNut

ZS Associates

10 months ago

Please dm the details of that CA

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Node

Stealth

10 months ago

Why not start your own party and donate it to yourself? (I know nothing about taxes)

shpinq

US Based MNC, India location

10 months ago

Not all parties can take donations via electoral bonds, there is some minimum voter percent rule.

LetUsC

Stealth

10 months ago

How are you planning to withdraw that much amount of cash from your bank, assuming you are a salaried person

purushpsm147

OpenText

10 months ago

To buy electoral bonds you don't need to withdraw cash, you can get it directly from Bank. You can submit those bonds to the political parties and then the political party will withdraw the fund within 15 days. The whole process is suppose to be anonymous and no one know who paid whom

purushpsm147

OpenText

10 months ago

PS: This is a stupid idea with lots of legal and personal risks involved. It's better to contribute your fair share of tax deductions using genuine instruments like 80C. Thanks everyone for your comments 🙏

Big_Head

Swiggy

10 months ago

Isn't it risky? If not how to start 😛

purushpsm147

OpenText

10 months ago

Chacha Vidhayak hai hamare 😜

Big_Head

Swiggy

10 months ago

To boliye ji, shuru kaha se kare. Hum to bhole he, nahi pata kaise yesi cheezen karte he

PureStole96

Stealth

10 months ago

This is a pretty common method used all over India. That's how a lot of black money turns white and white turns blank. There is a reason the ruling party introduced this as they have benefitted the most from it.

TownhallsRShitzz

Swiggy

10 months ago

Whoever is interested, I can try to help.

corporateboyjoe

Stealth

10 months ago

bro i want help, how can i contact you

TownhallsRShitzz

Swiggy

10 months ago

Send me your contact, I will contact you.

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tbk

Startup

10 months ago

I got a quote of 8-10% cut from my CA for similar political donation method, what are the market rates you guys are seeing, I'm just curious.

shikari

Stealth

10 months ago

I've got in range of 3-6% in the last 3,4 years.

corporateboyjoe

Stealth

10 months ago

can you dm me the details of the CA?

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ElonTusk

Startup

10 months ago

Lagta hai tum naye aaye ho market me. Mai yeh 3 saal se kar rha hu. But obviously you cannot donate 100% of your salary to the political party. Income tax dept will come to your house and say beta jab 100% salary hi donate karni toh kama kyu rha hai...hum chutiya dikh rhe teko? You should donate max 20% of your salary to stay under the radar.

corporateboyjoe

Stealth

10 months ago

how do you do that? isn’t there a lot of risk of the party not giving it back to you?

GojoSatoru

Meesho

10 months ago

Wait for the day till the revenue dept notice will reach your doorstep. It'll be a big deepavali 🎇 blast

chainfire

Stealth

10 months ago

What are you guys doing with the cash generated? Just spend it all, really?

AxeSharpener

Stealth

10 months ago

How will you get the returned money? In your bank account? If so, won't it be part of your AIS statement? Or are you thinking about black money?