QuirkyWaffle
QuirkyWaffle

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)

5mo ago
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WigglyMuffin
WigglyMuffin

Yaha Mai 1 lakh s upar tax pay kar Raha ho. Hra hi major component hai jisme save kar sakte hai

QuirkyWaffle
QuirkyWaffle

Splendor bhai koi legal/illegal tarika hai tax bachane ka?

WigglyMuffin
WigglyMuffin

Legal hi hai. Apne parents k account m paise JAMA karo.

SparklyPotato
SparklyPotato

Get a term and a health insurance for yourself and parents. Usually company provided health insurance covers bare minimum

QuirkyNugget
QuirkyNugget

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?

ZippyMochi
ZippyMochi

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.

QuirkyWaffle
QuirkyWaffle

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.

JazzyKoala
JazzyKoala

Try and check if you can join as consultant. You can save a ton of money. But compliance is also complicated.

WigglyTaco
WigglyTaco

Compare and see with new tax regime. I feel you can save more in new tax regime.

WigglyBoba
WigglyBoba

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.

QuirkyWaffle
QuirkyWaffle

25k per month hurts 🤕

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user

+1 for everything above except staying at own home.