Seeking tax advice for 80 LPA income
How much do you guys generally pay in taxes with an income between 50-100 LPA in India? What are the options to save tax apart from the normal 80C, 80D, insurance, donations etc.?
Coy Vernon
Stealth
a year ago
just graduated and started my first job. the question is intended to pre-plan money management
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No taxes. Just make your company go negative and pay your 8 family memebers 10 lakh each as salary
Isaiah Gabriel
Stealth
a year ago
working as an employee :’)
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There's no way really. Given the !/$, the tax we pay is extremely disheartening but I've never heard of a legal way to circumvent it.
Many people keep suggesting that you should ask your employer to pay a company you created instead of paying you but I personally do not know anyone in India who's been able to cut such a deal. To the best of my knowledge, you'll be seen as a contractor and the perks such as esops available to employees won't be available to you. That may effectively reduce the remuneration rendering the arrangement unnecessary.
💯💯💯
Also, when you're earning 80 LPA, why be stingy with taxes? The kind of time, money and brains you'll invest in potentially avoiding tax payment would be balanced out by the taxes.
If you were living in a foreign country, you'd be paying much more tax (tax havens exempted, of course)
The comparison with western nations is why I brought up the topic of !/$.
I do not want to get into political discussions but by any metric, the countries you were thinking about when you made your post provide more in return for your tax.
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Man, can you please pay proper taxes. You are the last person who should be concerned about heavy taxes because of 2 reasons
1. Your education at IIT was subsidised by tax players (time to pay back atleast some of it)
2. You are already in top 0.1% of Indians and should contribute to make life’s of 99.9% better via taxes.
Kendall Vernon
Stealth
a year ago
I appreciate your input, but I must respectfully disagree with your perspective as it seems rather misguided to me. Regarding your second point, while it is important to strive for the betterment of others, there is no limit to making life better of others. Why not just distribute all the money everyone in this country has equally among everyone then? Also, I am solely focused on exploring legal options to minimize my tax liability, as these incentives are provided within the framework of the law.
Kendall Vernon
Stealth
a year ago
The only ones who really benefit from your taxes are the corrupt politicians and bureaucrats :)
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Nothing much you can do; only possibility is paying high rent to parents/relatives and claim HRA deduction upto even 10 lakhs or more
Or convince your company to hire you as consultant/company
Jordon Lee
Stealth
a year ago
how can i pay rent to parents/relatives? you mean staying in parents’ house as a tenant?
Kendall Nadeen
Stealth
a year ago
Yes, bro it is legal to do. Transfer 1 lac per month to parents for hra and claim it. They should not in tax bracket otherwise they have to pay tax
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