People with 50L+ taxable income, how are you managing tax planning?
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.
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Do you guys have a dedicated CA? does hiring a CA helps?
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How do you plan your finances? investing/Saving/restructuring to avoid paying the maximum taxes?
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Some people setup a side business to set off some recurring losses/expenses to some extent. Does that work in long term?
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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.
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I take my sister to Europe every year and she handles my taxes(she's CA).
- CA does help, have a dedicated one.
- Invest under different family members name in stocks and equity so that you have to pay capital gains.
- Invest in property and save via home loan.
- Side business cant be helped unless they have a GST invoice, which only happens if business makes a turnover of > 40 Lacs. The business you see doing that stuff are turning black to white not white, whiter.
- 50% should go in investment, i want to attain FIRE and not be called middle class anymore. Assets- stock equity, and land.
Personally i think India can grow only if everyone is taxed equally, a general class male grows without any benefits.
Why am I only bearing this brunt while other communities freeloads in perpetuity? yk , grow/ dont grow ....on your own, I don't get benefits, I'm out to a place where i will.
Yes I have a dedicated CA and hiring a CA does help. He will be able to save alteast 10x of his fees in tax.
possible to share, What all the things you are able to claim? for employees there aren’t much options present.
Do it yourself! For individuals it is simple.
Make use of the deductions in the old tax scheme. Consult a CA
Following for anyone who has set up a side business to offset