How do People in high salary ranges save on taxes ??
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 ??
Isn't tax also political party donation😅
Cap salute 🫡
Lol
How does political party donation help you? Can you share more about your reason behind party donation? Is it a small sum or bigger than 10k INR?
Also, I think there are a bunch of govt bonds and investment schemes, some in postal office, some in agriculture that are also tax free.
I heard you can purchase ownership of young teak and sandalwood trees to be sold in 10-15 years. With and without ownership of land.
It's not a donation, it's a "donation"on paper.
You give them 5 lakhs online. They return you 4.5 Lakhs in cash along with a certificate of donation.
They get to legitimise their black money, you get to save on taxes.
Win win for both; but very much illegal if caught 🤐
Bro donate to old age homes, anathalaya instead of polytical parties. You will get blessings at least
He needs money, not blessings!
For salaried employees, nothing can be done. If you are in30% tax bracket, you will pay 4 months of your salary as tax. The only way to pay less tax is to learn less. Nothing can be done. If your CA comes with a proposal, fire him.
