SparklyNugget
SparklyNugget

What are the ways to save taxes if you are earning more than 60+LPA?

Title says all

21mo ago
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GroovyMarshmallow
GroovyMarshmallow

Get a CA start a company draw salary to company

DancingPancake
DancingPancake

You can’t when you’re employed

GroovyMarshmallow
GroovyMarshmallow

You can and the company will oblige. Also shift from a job to consulting position at the company I did it many times and the companies were okay

SwirlyPancake
SwirlyPancake
Jio21mo

You can't. As someone else mentioned, being a contractor is the only way because you pay 10% instead of 30% TDS, however you're then obligated to a 18% GST service tax which can be claimed back as a refund by your CA. It's a lengthy process but would save you around 10L per year

MagicalPanda
MagicalPanda
Student21mo

Challenge there is to get the company to agree. Big companies have fixed employment structure. You can't just go to them and ask them to hire you as a company

SwirlyPancake
SwirlyPancake
Jio21mo

You can he an independent contractor, doesn't require a company. It's just like being an employee but without being classified as one legally.

Also if you can't get that done, then pay 30%, it's either this or that 😂

SnoozyPotato
SnoozyPotato
Apple21mo

Donate it to unfortunate and beggars like me 😭😭😭😭

WobblyPenguin
WobblyPenguin
Google21mo

Beggar in Apple ?

SnoozyPotato
SnoozyPotato
Apple21mo

I am in apple sales department not tech

GoofyDonut
GoofyDonut

Reduce base to minimum for lifestyle+emergency+etc, opt for more RSUs instead (assuming it’s a public company). Capital gains tax has much lower rate than income.

Or, erm, donate to politicians

WobblyNoodle
WobblyNoodle
InMobi21mo

Capital gains only come into picture if you sell your RSUs 2 years post vesting. In that case it's considered ltcg and taxed at flat 20%.

DerpyQuokka
DerpyQuokka
Grab21mo

But isn't RSUs taxed during vesting as well ?

SquishyUnicorn
SquishyUnicorn
Swiggy21mo

Someone once said "in this world nothing can be said to be certain, except death and taxes."

JazzyBagel
JazzyBagel

Use vpf, invest 100% of your basic
Use corporate nps, 10% of your basic
Use fuel + driver reimbursement to the fullest

These will reduce taxable income by ~ 20 lakhs

And if you want more.. take home loan 😉

JumpyPretzel
JumpyPretzel
Slice21mo

Can you help understand how VPF,corporate NPS works ?

SquishyPickle
SquishyPickle
Amazon21mo

My advise is get a CA. They’ll handle everything. Pay him extra, do political donations ;) and stuff. CA will find a lot of ways to save you money

SqueakyPickle
SqueakyPickle
Google21mo

Best way to give your earnings as a donation under 80G section to your close friends or to your team, this will save your tax. 🤪😀

WobblyNoodle
WobblyNoodle
InMobi21mo

Have explored tax savings options since I have similar tc.

Legal way - none Illegal way - donations to ngo/political parties.

SwirlyWaffle
SwirlyWaffle

Following 😬

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by DizzyMarshmallowBooking.com

How do People in high salary ranges save on taxes ??

I'm a salaried person with about 50 L base pay + some interest income + capital gains from equity. I'm currently paying around 10- 11 L in income tax.

I'm following the old regime Claiming below major deductions Hra 80c Nps Political ...

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user

Isn't tax also political party donation😅

user

For salaried employees, nothing can be done. If you are in30% tax bracket, you will pay 4 months of your salary as ta...

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Ideas to lower income tax

It’s so painful to see the amount of money I end up paying on the name of tax. Presently doing - 1.5L of LIC and pf + 50k NPS + HRA. What else can be done? My CTC is 55LPA.