
Suggestions to save tax ?
I am a software engineer in Bangalore having base CTC 13.8 lpa. Which brings me to a tax of more than a lakh rupees, what are the possible ways to reduce this taxed amount.
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)
Get a term and a health insurance for yourself and parents. Usually company provided health insurance covers bare minimum
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?
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.
Try and check if you can join as consultant. You can save a ton of money. But compliance is also complicated.
Compare and see with new tax regime. I feel you can save more in new tax regime.
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.
25k per month hurts 🤕
I am a software engineer in Bangalore having base CTC 13.8 lpa. Which brings me to a tax of more than a lakh rupees, what are the possible ways to reduce this taxed amount.
Hi, I wanted to take community's advice on tax saving suggestions to opt for and plan my investments. This is what I have:
CTC: 21L ( 19L Fixed , 2L variable pay in CTC )
80C is covered, Currently I have 50L home loans. & Staying in r...
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...
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 ...
+1 for everything above except staying at own home.