My friends make donations to political parties via hawala or agencies and they take a 6-8% cut and return the money in cash thereby making the black money of political parties white and in return saving 22-28% in taxes because donations are fully exempted under 80GGC in the old regime.

Software Developer

Product Manager

Software Engineer

I save money by donating to the trust fund that my dad and I own.

it will only work if making 3cr+ in total

Open a demat account as HUF (Hindu United Family) - applicable, of course, as the name suggests to only one religion. You get a lot of tax exemptions there.

People buy overpriced apartments for 2lakh deduction.

Consultant

Computer Operator

Taxes, a necessary evil! Deductions, HRA, contract jobs, investments, CAs, business expenses - all legal loopholes. But remember, even Ambani can't escape taxes. How are you planning to?

how much u already lost u dont know the ways before i hate just losing 20k once??

Analyst

People commenting elss and home loan, do you think OP wont have maxed out 80c before becoming desperate enough to post here? Also 80c saves shit, 1.5L tax free is barely anything.

How to donate to political parties? Can we donate to any political parties or only parties in power?

We are direct tax payer. We can’t hide under carpet.

Taxes, my friend, are the bitter ghee to our sweet halwa of income. But worry not, smart investments and deductions are your saviours. Ever tried ELSS?

Cloud Architect

Donate to a political party they will return cash after 3-6% deductions. However this tax benefit you can't get in form16 but only though return filing.

Hate seeing so much of money go into taxes to this so called goverment. How are ya'll budgeting to save on taxes

For High earners of India only

For High earners of India only- Grapevine

Welcome to News Discussion's Private Community

Do you think we are being cheated by the government!

We are paying every form of tax available on earth 🌍

Budget

Welcome to Personal Finance's Private Community

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

How are you saving taxes on 1Cr+ income?

Staff Engineer

- No changes in old regime.
- No tax reliefs.
- No changes in 80C
- Increased STCG and LTCG for stock and MF investments.

They increased the standard deduction in new regime from 50k to 75k and called it as "a tax relief to middle class"

Union Budget 2024 (aka) How to screw middle class? 🤷🏻

I'm a salaried person with about 50 L base pay + some interest income + capital gains from equity. 
I'm currently paying around 10- 11 L in income tax.

I'm following the old regime
Claiming below major deductions
Hra
80c
Nps 
Political party donation 

Need to understand are there any more creative ways to save on taxes than what I'm already using ??
Also am I paying high tax than other people in similar income range ??

How do People in high salary ranges save on taxes ??

Isn't tax also political party donation😅

So this is something that I have been researching for a while, apart from very well known instruments such as-(only mentioning the ones that should be done by everyone irrespective)
* 1.5L annually through 80C
* 50k standard deduction 
* HRA claim
* Donation claims
* Insurance/Medical claims

How are you folks optimising your post tax income?
Would really like to hear it from people getting >= 24 LPA fixed, since from this point onwards a major chunk (almost 20% goes in taxes) and it really hurts.

Tax Savings for 30% slab

In India people who are earning beyond 70 lpa. They tend to fall under the high tax bracket which involves surcharge on tax too. Which could level up their tax too.
Now is this tax worth it when compared to what tax payers get from the govt?
Total tax % could really be higher for an individual. Given the tax %, would it be wise to consider moving out from India for better value for tax?
Now this tax is considering after exhausting all the tax savings sections and FBPs except the political donations.
Genuine answers only. 
Coming days I would be asking a few more tax related questions.

Income tax vs it's return from gov

This is known issue but as an developing nation, this needs to improved and worked upon

The Data for % of Tax Payers are Insane

Welcome to Office Gossip's Private Community

Don’t you think it’s kinda not fair to tax people especially in metro cities who earn less than a lakh a month. The cost of living in these places are already so high and due to that they may not even be able to make any investments. 12 Lakh kinda sets a good entry level for taxes as 1 Lakh is a decent amount to live by I guess. 


Just looking to hear opinions on why it would not be beneficial that’s all. Not willing to hear or respond to any SJWs who want to act all high and mighty on the internet.

Should the tax slabs start at 12 LPA?

Assistant Manager

Salaried folks after reading no change in Income tax slabs in Budget 2024

Bro, you are earning. Shouldn't you just be grateful that you are not born in war torn Afghanistan or disease ridden Africa. I mean life could be so much worse. In fact, the only difference between you and the office boy is the household you were born in. If that office boy was born in your home, he probably would be as successful as you. 

You already won the lottery. Why not just do your part and pay the income tax so that the tax money can be used to provide a better life to those who are unprivileged.

I am not excusing the corruption in the system but just find the cribbing unbearable 

Just be greatful

Why do people keep ranting about income tax

Oh, I thought this must be some smart argument, the moment I read “difference between you & the office boy is the household…”.  
  
 No bro, it’s no so simple. People work hard to make a living. People crib about taxes because some of us are paying ‘first world rates with third world facilities’. Only single digit % of population is bearing the load of rest-of-population. Even corporate tax rates are < Salary tax rates.

Hey everyone, 

Thought of creating a daily post where we all can hang around and talk just about anything - without having a specific topic to discuss. 
Think of this like the Watercooler at your office. 

Look forward to hearing from y'all :)

Daily Watercooler (13th June)

The hiring scene is so bad RN man, and why tf every company I get offer to seems toxic af as per the current and ex employees. So tough to find the right ones

Founder

Welcome to Moving Abroad's Private Community

I am working as software engineer at FAANG. I pay ~1.25L income tax per month. It pains me a lot. Since being general class male, I never got any benefit from but these govt is looting me. There are many small shopkeeper, landlords, farmers who earn more than me but none of them is paying tax but here I am paying such huge tax like loser. What should I do? Should I move abroad where even though I will still pay 30% tax but still I will have more money than being in India, or should I open a shop like of clothes, or chai?

Should I move abroad?

While the starting salaries and salaries at <10 yoe have really sky rocketed and this is good for the ecosystem, wanted to understand what happens to salaries in tech/product post 15 yoe+. 

I’m curious about this especially because it doesn’t tie up with income tax data. Assuming seniors leaders in tech and product would be making 1 cr+ easily and most of these would have formal streams of income that can’t be hidden easily, income tax department reports only around 1.3 lakh individuals (2 year old data though) who had taxable income above 1 cr. Even if the number has risen to 2 lakhs now, it still doesn’t tie back to the stories here of many people making above 1 cr.

Is the income tax data wrong or are the salaries plateauing at around 80-90L or have people found some amazing ways of saving tax. Just curious!

Salary plateau at 15 yoe+?

This really hit to core

We pay first world level taxes for a third world social security with 0 benefits.

Alert: a rant post

Today I saw my payslip after a long time and WTH! I don't know what they'll take once bonus comes in. Paying this much for no water, bad air, corrupt babus and all those douche things.

As much as patriotic I am, this is just insane. On top of this add all the GST and sheet ton of other indirect taxes.

Living in India and paying like Europe. Wow!

Duck the government

Earning around 50 lpa at 24 is already a great feat. Still if u want to look at the dark side, nobody can help. This rant is more common than diabetes. Yet people will stress about same thing and rant to destress. Endless cycle. Either do something about it or bring some new perspective. P.S. I am in alignment with ur rant but I’ve made peace with the state of affairs as I am not looking to move out of India and I cannot strong arm govt. individually to change this.

Senior Product Manager

Welcome to Software Engineers's Private Community

Those who are earning more than 50lpa base how much tax do you end up paying? 😶‍🌫️

For High earners of India only

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