Need Suggestion for saving TAX
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 company provided one, no home/education loan. Please suggest how I can reduce tax. (I have already included max 80c, NPS, HRA in my calculation)
Yaha Mai 1 lakh s upar tax pay kar Raha ho. Hra hi major component hai jisme save kar sakte hai
Splendor bhai koi legal/illegal tarika hai tax bachane ka?
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Jordon Taye
Stealth
2 months ago
Your tax payments will only increase here onwards. Consider self employment or starting up if you want to open an msme and pay minimal tax.
I get that but for now paying 25k per month seems ludicrous because on investments also pay tax plus on RSUs also. Was looking for advice like should take a home loan or a health insurance to save tax.
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Get a term and a health insurance for yourself and parents. Usually company provided health insurance covers bare minimum
Kendall Dean
Student
2 months ago
Term insurance for 'self' makes sense. Taking health insurance for parents especially when with existing illness -There will be waiting period of at least 2y and premiums are high. Any suggestions?
Maximize your investment into instruments like NPS. This is a long term investment vehicle so ensure it is aligned to your financial outlook. Medical and Life term insurance are important fail-safes to have in case of emergency situations. Regardless if your company provide them or not, I’ve always recommended earning family members to have both. Do not look at these as tax savers but as an essential safety net. After a certain salary level it’s impossible to save tax.
Note: I’m not a financial adviser but pay 10x the tax you are currently paying.
Try and check if you can join as consultant. You can save a ton of money. But compliance is also complicated.
