I am joining new org with 17LPA, I just got to know that my tax slab will be 30%. I never had to think about it for last 2 years because i was with 3.75LPA since 2 years when my career began. How should i start to reduce my taxable income? I watched various yt videos and spoke to some close acquaintances but im not able to understand how to proceed
Top ways to save tax
Rent you pay. If you are living at home with parents, pay rent to Ur parents. It's perfectly legal, just need a proper legal rent agreement with them
Education loan
Home loan- If it's a self occupied prop, ie u stay in the property u took on loan, u get a rebate of 2 lakhs per year (on interest component) plus 1.5 lakhs (under principal) under 80C. If it's rented out, there is no limit on the interest component
LTA (if Ur company has it)
Expenses on books, driver, telephone (check if it company allows this)
NPS (upto 50k)
Please spend INR 500 and talk to a CA. He will give you the best advice as compared to any anonymous forum. Reply to this if you want a CA contact in Bangalore.
You can save taxes under various section.
First is 80c, under which you can save upto 1.5L from your taxable income. This include EPF, ELSS and other.
Then comes the HRA part, where you can show rents to claim the HRA.
Then there is 80d, where you can save 25-75k by showing medical insurance and bills.
Then there is 80ccd, where u can save upto 50k from NPS.
In case if you have home loan on yourself, you can save there too.
These are major tax saving instruments. There are others as well, like LTA, and other in case your company provides that.
Simple. You cannot.
Breh😭
Maybe wrong for some cases but if you don't have a home loan or HRA, then better switch to the new regime.
Got an offer, I calculated the tax and it will be around 3L ( currently it was around 1.5L) it's crazy, I don't want to pay 25k each month as tax. My Gross will be around: 22L I'm 24, I don't have any health insurance other than the comp...
It’s so painful to see the amount of money I end up paying on the name of tax. Presently doing - 1.5L of LIC and pf + 50k NPS + HRA. What else can be done? My CTC is 55LPA.
I have very few knowledge on Tax. So sharing my queries here. Kindly guide me
In my Aug month salary slip I got to know about this.
Annual Income - 7,92,xxx (Without std. deduction) Tot. Tax payable - 30,xxx Tax deducted till date - 1...
I wasn't doing proper ITR, I was in the family biz for the last 6 years, recently joined a startup and they don't have any proper salary composition. My current salary is 35L in hand (2.9L per month). Apart from HRA how do I save in taxe...