I’m a CA by profession, I can help 
 Dm

Senior Product Manager

External Audit

For freelancers you have to show only 50% income upto 50L and 75L if your income is online. So inthis case, show around 26L as income and apply deductions according to old tax regime- 80c, nps, health insurance, donation etc to reduce taxble income. 
  
 Connect with a good CA. They will explain this better

Need to find a good one. I don't know how to find 🥲

Business Development Manager

Growth Manager

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.  ...

Welcome to Personal Finance's Private Community

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?

How to save taxes?- Grapevine

I'm a software dev contractor and I'm working for 2 companies, having a total income of 50L per annum. 

when I consulted a CA, he mentioned that I'll have to pay 18% GST (since business income is over 20L) and will also have to pay 30% income tax. 

i understand taxes are important and all, but I'm so not willing to give 6 months of my hard work to the government. 

can anyone please advise me on what to do to save on taxes

paying 48% tax. need a CA's advice

Software Engineer

I am salaried & have opted for new tax regime. I have zero liability (no EMIs, etc). Closed both my home loan & car loan. I live in my own house.

My yearly tax comes out to be around 12 Lakhs. I want to know if there is a scope to save taxes continuing with zero liability. I would not mind appointing a CA but I have no idea how to choose the best CA.
1. How much does a CA charge annually?
2. Is it really worthwhile to have a CA given the above?
3. What are some questions I must ask the prospective CAs so that I can assess their capability?
4. Salaried people that have already appointed a CA can share their experiences.
5. Is there any off-the-shelf ideas I can get here to save taxes?

Need help choosing a CA to save taxes

Software Architect

How do I find a CA? I tried searching grapevine but could not find any relevant post where how we can find one is mentioned..

Is it beneficial to hire a CA for salary upwards of 30LPA?
Like, can they help me save more tax than the usual 80C/NPS/Medical Insurance savings, I seem to have already maxed them out.
Also if we opt for new tax regime, can CA help in saving additional money?

Any help would be appreciated :)

Tax Saving

Business Analyst

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

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.

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

Consultant

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?

Product Manager

What are some smart ways in which to minimize tax liabilities as a freelancer? Should I look at forming an HUF, sole proprietorship, PLC? 

Use Case - I am looking at remote opportunities with US startups and many of those pay their overseas teammates as independent contractors; not as employees. 

In such case where CTC > 40LPA fixed, what are some of the best tax saving hacks that one can execute?

TIA!

Best way to minimize taxes as a freelancer in India?

Analyst

One of my uncles (50 years old) has to pay Rs 37K tax every year, he is the sole earner in his family, he is a very simple and honest middle class man trying to provide for his family, is there any way that he can save that tax? They live paycheck to paycheck, As the tax amount is a lot for him, pls help with what can be done? I’ve seen people who earn hell lot more paying 0 taxes, pls help
Home EMI= Rs 25K per month
Family members= 6 (Wife, 2 daughters, Parents)
No Mutual fund SIP, no health insurance, no knowledge of how to save taxes

Help! Rs 38K income tax on 8.8L CTC (50 yrs old middle class man)

Any full time employees freelancing here? How do you manage your taxes? Also, is it a violation of corporate policies?

Any tax planning recommendations / tips / third party suggestions for someone earning ~25lpa ?

Tax Planning

How much taxes can be saved on a 40 lakhs package? I am planning to hire a CA but looking for rough estimates here. I can structure my salary in any way I want and can invest in all schemes except housing loans.

Performance Marketer

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?

Welcome to Software Engineers's Private Community

People with 50L+ taxable income, how are you managing tax planning?

How to save income tax when you for a US based startup and pays you in dollars?

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

How to save taxes?

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