HUF is pre 1990 strategy. OPC /LLP/trusts is the best vehicle today  For tax saving and asset building

Software Developer

huF can helped when investments/savings were not taxed. This has changed now. If you move your money to HuF and earning out of that would still be taxed. You can make your savings thru 80c , and other standard items but that would be peanuts if you are in the 30% bracket.  
 Only way to save tax is by first spending and then paying your tax. The only way to do that is thru company - OPC,/LLP/ TRUSTS. Catch is you will be under more scrutiny by authorities and your CA will take you for a ride if you are not educated on the things.

Consultant

Yes just ask your Auditor about it, I have a tech trading company under HUF , good benefits though ..

Product Manager

It's something like stock trading only but for B2B customers in the commodity market and shipping industry.

Bjp will form next govt also and they will retire old tax regime and move everyone to new regime. It is obvious. So don't waste money and energy on tips and tricks.

Unless they retire HUF itself, you will be benefitted by it in the new tax regime too.

Software Engineer

Has anyone tried using HUF for saving taxes on investments? Could you share your experience and how else has it been useful to you?

Welcome to Personal Finance's Private Community

Has anyone tried using HUF for saving taxes on investments?
Could you share your experience and how else has it been useful to you?

HUF for saving taxes?

HUF for saving taxes?- Grapevine

If anyone has done that, can someone explain in simple terms?

Can HUF’s help in saving taxes?

Computer Operator

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 people who lie in the 30% tax bracket, how do you save taxes?

Do you suggest making a dummy rent agreement on your parents name to save HRA? 

Got to know that if monthly rent is more than 50K, the tenant has to pay TDS as well. How do you account for it?

Any suggestions on saving taxes?

Dummy Rent Agreement works?

Outside of the standard 80C BS, is there any major way to save tax? I can’t stand a small set of people giving out so much tax to the government and so much burden on the other side without any significant social benefits. This one’s especially for the experienced ones.

Tax saving hacks

Operations Manager

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 better?

wanted to get some information on how are you guys managing your taxes. 

- Do you guys have a dedicated CA? does hiring a CA helps? 

- How do you plan your finances? investing/Saving/restructuring to avoid paying the maximum taxes? 

- Some people setup a side business to set off some recurring losses/expenses to some extent. Does that work in long term? 

- In terms of wealth generation, what is your strategy? How much you are able to invest? What assets are good in your POV?

P.S. - Before someone comes up with you need to pay taxes so India can grow. I understand your POV but IMO, I am not able to get the benefits/infra in return, but I with all my heart believe in India’s growth story.

People with 50L+ taxable income, how much taxes are you paying? is there a way to reduce that?

Staff Engineer

My friend has 53L in cash from his freelancing and other businesses. How can he save taxes on it? We don't know any CA and the ones he met said pay tax in entirety. 

Any suggestions are welcome.

PS: it's NOT a sarcastic post

How to save taxes?

Senior Product Manager

Welcome to Software Engineers's Private Community

How are you guys filing the tax? What are the best methods to save tax? If you know  auditor/CA or any other groups that does the best savings plan for you, please let me know

IT Filing

What are some underrated ways to save tax

Tax saving

Business Development Manager

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😅

I just want to vent out! Many businesses are earning double than me and paying less than 50% of tax and yet here I am as a professional bound to pay tax. And that’s not enough, I still can get audited!

Paying 29L as tax this year!!

I paid 43L last year. 😤😖 
 It feels like I own every inch of new BLR airport. 😅

Engineering Manager

Welcome to Indian Startups's Private Community

Hey guys, I am the founder of Pocket. 

As you all know I failed to raise any capital for Pocket and even so failed to launch the product. So I tried different things and finally stumbled upon a new idea. Now I am trying to do something different, Fintech + AI.

I feel there is a complete abundance of Fintech AI tools in the B2B Saas space but not so much done for the consumer space. So I started working on project-hermes, it's a personal financial advisor designed to understand your bank statements and credit reports with ease and intelligence.

🤖 What makes Project Hermes unique?

1. AI-powered insights: Get smart, tailored advice on your financial health.
2. Easy to use: Just upload your documents and let Hermes do the rest!
3. Secure and private: Your data's safety is our top priority.

🌐 It's still in beta, and I would love your feedback to make it even better. Give it a try and see how it can transform your financial management experience.

Check it out here: https://project-hermes-ai.vercel.app/

Ditch the Accountant - Let AI Simplify Your Finances - No Numbers, Just Solutions. Try Now

Project Hermes — Talk to your finances

I am back with something new in Fintech

Founder

Hi, I have recently graduated and now I'm going to start my career as a software developer. Can you suggest me with resources  for managing finances along with taxes and how to do investments or guide me how I can manage my expenses by giving some tips?
 
My base is around 14Lpa. 
My rent is around 25kpm. And monthly necessary expenditure of around 15kpm.
I am not that well-versed with taxes also. I'm learning about them. Currently I invest 3k in MF every month.
I would like to your suggestions and advises for the same.

Personal Finance Tips for fresher

Congratulations - you're off to a great start! Thats a tidy income to start off with. 
  
 My advise, cut out all the noise and random friendly advise from all and sundry and keep it really really simple till you hit a 50L investment corpus. 
  
 0. Buy a Term Insurance (vanilla, no riders) for 2 Cr. Annual Premium. Till 65 years of age.  
 0. Buy a Health Insurance cover for 10L.  Annual Premium. 
 0. If your parents aren't insured, buy a family floater cover for them now.  15L. Annual Premium.  This may become impossible as they age. 
 1. Start a monthly SIP in a single Nifty50 Index Fund (UTI : HDFC / ICICI / Nippon / doesn't matter).  From your data I'd say put in ~40K per month. 
 2. Start a PPF account and maximise annual investment - 1.5L pa.  
 3.  Invest all bonuses / increase in salary in the same Index Fund.   
  
 Watch the magic of compounding begin.  You'll see the impact of laying this foundation only post 20 yrs.  
  
 If your salary (and as a result your SIP) doesn't change, you should hit 50L in ~7 years.  Faster if you get good salary hikes and appraisals. 
  
 When you hit 50L, diversify into other asset classes (SGB + Flexicap MF + Real Estate for own use).  Do not create clutter by adding MFs and complicate life.  Keep investments simple as you scale: 
  
 30% - Index Fund 
 30% - Flexicap 
 20% - Gold (demat) 
 20% - Debt (EPF/PPF) 
  
 Rebalance asset allocation annually. 
  
 Never invest or choose instruments for tax planning. Tax optimisation leads to suboptimal instrument choices with your money (Insurance / Debt / etc). 
  
 Suggested Reading: Let's Talk Money, Monika Halan.  Easiest book to understand and follow.  
  
 Good luck!

Sales Manager

1. Real estate (invested value)
2. Liquid cash
3. Other Investments (invested value)

The wealth should not be inherited.

I'm 30. No house, 10L in cash and 5L in mutual funds. No inherited weath.

How much wealth have you created yourself?

Seeing the comment section,I realise I am broke.

Frontend Engineer

Welcome to IT Company Discussion's Private Community

If anyone needs to save tax take the lic policy at a discounted rate. Aur needs any financial advice for investment in Mutual funds, Stocks, and other instruments, feel free to connect with me.

Save tax or financial advice

Tech Lead

Asking for a friend who is not on GV:

Hi, while submitting HRA proofs, I forgot to attach the previous rent agreement which covered the first 5 months of the year. As a result, the team has come back and only approved hra claim for the period covered in the current agreement. They are saying there is no way for us to reupload additional proofs (previous agreement) for company-level hra processing, and that we should claim these remaining hra savings while filing taxes. Has anyone done so before? What is the process? Please advise, thank you.

HRA claim while filing taxes

Investor

Are there any legit ways to save tax once you cross that salary where saving from 80c, 80d is not of much use? I know home loan is one option but are there better ways?

How do you save tax?

I recently bought a home by selling some mutual funds + bank loan. 

I still have some mutual funds left and I was wondering if I could reduce my tax liability on capital gains by selling and re buying mutual funds. 

Anyone who has done this? Or anyone who has a good CA who can advise on tax consultation?

Thanks in advance :)

Tax advice

Program Manager

It’s my first job I have to start investing pls help

Does investing from mom’s demat helps to save taxes? If mom is a housewife

So I am going to come in a tax slab from next month, probably will make 80k+ per month. In this case where I should invest for my future safety. As I am only male child of my parents, so it's my responsibility to earn and save so that I could bring happiness in their life.

Please guide me from your personal experience and challenges that you gone through in your past.

HUF for saving taxes?

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