Tax Saving
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.
Coy Lee
Stealth
9 months ago
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
Kendall Gabriel
Stealth
9 months ago
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?
See more comments
Best for what?
So, u say that.. in any case or in most cases, one is going to pay less tax with new regime than with old regime + CA costs, is it?
Yes , as in new regime not much deductions are available and CA is not required.
See more comments
Jordon Carmden
Stealth
9 months ago
Multiple rents?
Kendall Everett
Stealth
9 months ago
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.
