Software Engineer

Marketing Manager

I heard that there are people who charge commission and help you get maximum refund. I am not sure how true that is.

They will add all sorts of deductions, which upon audit, you won't have any supporting documents, so you may end up paying 200% fine. Avoid these at all costs.

+1. With everything being digital and connected, IT dept shoots out email for clarification / tax claim overnight like Swiggy sending a PN to order food. You also don’t want to risk a penalty, an interest and interest on interest. Lastly, you don’t want a silly 50k savings hack bite you later in life when the stakes get higher.

Growth Manager

Senior Manager

HRA is our friend. Pay rent to your parents

Product Manager

It's ok bro/sis. If you got all deductions then there is nothing much you can do legally (for salaried). That's how high taxes work. We all are in the same boat.

I fall under the 30% income tax bracket and my taxes have been deducted close to 5.5L. I have used all 80c, 80D, 80CCD etc. Is there anyone who can help me with the maximum possible tax refund?

Welcome to Personal Finance's Private Community

Income Tax Filing 30% tax bracket.

Income Tax Filing 30% tax bracket.- Grapevine

Welcome to IT Company Discussion's Private Community

Off topic

Last year(23-24 financial year) Total Tax deduction was 60k. My total investment in 80C(PPF and ELSS) 48500 and in 80D -16000. So how much return I can expect after filing tax. 

Tax regime- Old

I am new into this, so it may sound a foolish question but I want clear my concepts on Taxes.

Tax Refund

Govt of India is best at killing Middle Class. What percentage of your total CTC did you pay in tax. Income Tax department id the new Sahukar.

Percentage of Total CTC did you pay in tax ?

Analyst

Welcome to Business Roles's Private Community

Considering a fresher who will need to do a masters abroad (MiM/Masters not MBA as it needs work ex) with a loan vs a fresher who will start working right after UG in Consulting or Finance
Considering the PPP, and also considering that it is a golden decade for India
How will it look for these two different routes? Would love to hear your opinion/suggestions

Where can one earn the most? India vs Abroad

I paid 4.8L Tax and my CA somehow managed to get back 30k refund. Wanted to know if people here in similar bracket or higher .. Have managed get higher refund.
I chose old slab coz the greytHR portal said I’ll save more in that.
I don’t have a housing loan,
I have shown HRA , insurance and mutual funds

Refund from ITR ?

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 - 13,xxx
(Tagged to NEW TAX REGIME as of now)

If I increase my PF contribution for this year will this works for saving tax (New Regime)?

Or any otherway is there to get back by amt means pls guide me in any type of Tax (old/new)

Thanks in advance 👍

Help on TAX Saving

Software Developer

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)

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.

Tax Saving

Performance Marketer

It's been close to a year since I am earning a salary and this is what I do:
1. Invest a little less than 30% straight into MFs. I have three ongoing SIPs- small cap, flexicap and a Large + Midcap fund. (Planning to increase the amount further into these and not start a new sip)

2. Max out 80C by putting the entire limit in PPF, this is on top of what is by default deposited into EPF.

3. A little (inconsistently) into direct stocks as and when I find or get to know about a decent trade opportunity.

4. An LIC ULIP plan that my father made me subscribe to 🙂 (hopefully will end in a couple more years)

Tips from experienced folks will be much appreciated.😄

How do you invest your salary?

Backend Engineer

Hey, I'm a fresh college passout working for a startup and I gotta do taxes now(how fun). 
The organization is making me choose between the old tax regime(2022) and the new tax regime(2023).

 My in hand is 9LPA. 

Which tax regime should I choose?

Tax regime advice for fresher

I am straight outta clg, asking for me and my friend. Dont know shit about taxes epf gratuity and esops etc, will study about it soon but just wanted to know the figures now so that i can tell it at my home.
Thanks Grapeviners and wish u a merry Christmas 🎄.

How much money hits the bank account for a base salary of 12 and 15 lakhs respectively in Banglore.

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

how much would the net monthly take home be? how can i arrive at the final number myself? pls consider the old tax regime and standard 80c deductions; i also have a student loan worth 17-18 L @10% (i think i can get some deduction on tax on it)

net monthly takehome

Quantitative Research

I just started my first full time job and will be filing ITR for 1st time next year, no one in my family has been in high tax slab previously so not much experience from there :D

Some questions:

- Almost 50% of my base pay is getting used in paying EMIs (Mostly mortgage) of my family, nothing is on my name, all on father's name, is there a way to claim this in deduction ?

- We have our own house in a tier 3 city and I'm getting 30k/month as HRA, what will be safe HRA amount to claim ?

- Can we claim any other expenses in deduction ? Leave travel allowance seems useless to me as I'm working remotely.

- Which tax regime do you prefer ? New or old ?

I could have done investments to save taxes but nothing is left after all the expenses and nothing on my name 😛

Advice needed for filing tax

Hi community, really love the support I get from folks here. Thanks a lot. Here is another thing I need some opinions on.

I did an internship last year and there was some TDS deducted. That was my only source of main income. I checked the Form26AS and yes it was present along with some TDS on my MF investment and all.

Now this is my first time filing ITR, how should I go approach?

Get a CA? If yes, how to contact one? How much do they usually charge?

File by myself?

Or any tips you have would be really appreciated. You can also share your experience. 

Thank you 😊.

Filing ITR

Welcome to Indian Startups's Private Community

I recently received an offer from a early stage startup. But they told that that pay in contractual basis. when asked about the reason they told that it helps the company and employees to save tax.

How does it work?
will it affect my future employment if I take this job? like if I join some other company will they accept that I was actually working fulltime.

The role is fulltime, but only the money transaction will happen as contractual.

Income Tax Filing 30% tax bracket.

Discover More

IT Company Discussion on

by Jordon Denver

TCS

Tax Refund

Personal Finance on

by Jordon Lee

Kalr

Percentage of Total CTC did you pay in tax ?

Business Roles on

by Coy Lee

Student

Where can one earn the most? India vs Abroad

Personal Finance on

by Dezi Carmden

Stealth

Refund from ITR ?

Personal Finance on

by Blair Dean

TCS

Help on TAX Saving

Personal Finance on

by Kendall Olive

Student

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

Personal Finance on

by Coy Lee

Stealth

Tax Saving

Personal Finance on

by Jordon Gabriel

Stealth

How do you invest your salary?

Personal Finance on

by Coy Denver

Student

Tax regime advice for fresher

Personal Finance on

by Kalan Vernon

Stealth

How much money hits the bank account for a base salary of 12 and 15 lakhs respectively in Banglore.

Personal Finance on

by Jordon Lee

Uber

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

Personal Finance on

by Matilda Taye

Stealth

net monthly takehome

Personal Finance on

by Kalan Carmden

Stealth

Advice needed for filing tax

Personal Finance on

by Jordon Vernon

Google

Filing ITR

Indian Startups on

by Jordon Carmden

Startup

How does Contract salary work for a fulltime role