How much taxes can be saved on a 40 lakhs package? I am planning to hire a CA but looking for rough estimates here. I can structure my salary in any way I want and can invest in all schemes except housing loans.
Deductions: 1.5 L on PPF, EPF, Term insurance, Tax saving MF, 5 Yr FD etc 50k NPS personal 50k Corporate NPS 50-70k on Medical insurance for self and dependents (depending on age of parents)
Ask your salary team to covert some portion of your salary to tax exempted reimburse able component. These include phone bills, cost of fuel for car/bike, spends on books and periodicals, spends on phone/computer, internet, etc
Addition you can save 10% base on nps with tax benefits
I understand the 50k personal NPS that's over and above the 1.5 lac limit of 80C. But what is this corporate NPS? Is it an additional provision or within the above only?
Best to file under new tax regime, you will not need CA.
Political and NGO donation in addition to the suggestions here. But it’s not for the weak hearted 💀
80C, NPS, Insurance.
That's the only 3 options you have. But another one is political donation, if you can do it you will save a lot of taxes.
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