Project Manager

Hey folks People who are earning 4550 lacs salary ( in cash ) how much tax are you paying? Which regime did you choose? What are you doing to save taxes ?   I really want to save on taxes so lookin...

Welcome to Personal Finance's Private Community

Hey folks
People who are earning 45-50 lacs salary ( in cash ) how much tax are you paying? Which regime did you choose? What are you doing to save taxes ? 

I really want to save on taxes so looking out for some suggestions from amazing people of this community. 😀

What's the Tax paid for 45-50 Lacs salary?

Software Engineer

What's the Tax paid for 45-50 Lacs salary?- Grapevine

If you are salaried and earning 1Cr+, how are you saving on taxes? My net tax burden comes up around 40 lakh every year (and it hurts)

Looking to understand if and how you are able to save on taxes

How are you saving taxes on 1Cr+ income?

Staff Engineer

So this is something that I have been researching for a while, apart from very well known instruments such as-(only mentioning the ones that should be done by everyone irrespective)
* 1.5L annually through 80C
* 50k standard deduction 
* HRA claim
* Donation claims
* Insurance/Medical claims

How are you folks optimising your post tax income?
Would really like to hear it from people getting >= 24 LPA fixed, since from this point onwards a major chunk (almost 20% goes in taxes) and it really hurts.

Tax Savings for 30% slab

Any tax planning recommendations / tips / third party suggestions for someone earning ~25lpa ?

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. 

- Do you guys have a dedicated CA? does hiring a CA helps? 

- How do you plan your finances? investing/Saving/restructuring to avoid paying the maximum taxes? 

- Some people setup a side business to set off some recurring losses/expenses to some extent. Does that work in long term? 

- 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.

People with 50L+ taxable income, how much taxes are you paying? is there a way to reduce that?

I wasn't doing proper ITR, I was in the family biz for the last 6 years, recently joined a startup and they don't have any proper salary composition. My current salary is 35L in hand (2.9L per month). Apart from HRA how do I save in taxes? is there an app which does it for you?

Taxes 101? 40+ LPA

UX/UI Designer

Since the tax season is upon us, I wanted to check how do you folks handle tax related things? 
1. What are some tricks you use for tax saving?
2. Do you work with a CA or handle taxes yourself?
3. For folks having salary>30lpa- which tax regime have you chosen?

How do you handle taxes?

Product Manager

I am a software engineer in Bangalore having base CTC 13.8 lpa. Which brings me to a tax of more than a lakh rupees, what are the possible ways to reduce this taxed amount.

Suggestions to save tax ?

Software Developer

Welcome to Software Engineers's Private Community

Those who are earning more than 50lpa base how much tax do you end up paying? 😶‍🌫️

Tax on 50lpa+

Welcome to Product Managers's Private Community

I want to understand if you are also satisfied with your compensation?

How much do you really earn? Honest Answers Please 🙏

2.4 lakhs/month. 
      
 Not a developer. 
 Not in Tier 1 city.  
 Not in FAANG or whatever it’s called now. 
 No loans or EMIs for now. 
  
 Married to my GF of six years. She earns 1.3 lakhs/month. 
  
 Guess, I could say I am extremely satisfied.

Welcome to IT Company Discussion's Private Community

Hi, I wanted to take community's advice on tax saving suggestions to opt for and plan my investments. This is what I have:

CTC: 21L ( 19L Fixed , 2L variable pay  in CTC )

80C is covered, Currently I have 50L home loans. & Staying in rented house with 16k rent, Paying around 20k+ TDS. Where can I save? 

Plan me with total take home per month & tax regime to opt ?

Tax planning & suggestion in reduction of tax

System Administrator

Are there any legit ways to save tax once you cross that salary where saving from 80c, 80d is not of much use? I know home loan is one option but are there better ways?

How do you save tax?

Alert: a rant post

Today I saw my payslip after a long time and WTH! I don't know what they'll take once bonus comes in. Paying this much for no water, bad air, corrupt babus and all those douche things.

As much as patriotic I am, this is just insane. On top of this add all the GST and sheet ton of other indirect taxes.

Living in India and paying like Europe. Wow!

Duck the government

Earning around 50 lpa at 24 is already a great feat. Still if u want to look at the dark side, nobody can help. This rant is more common than diabetes. Yet people will stress about same thing and rant to destress. Endless cycle. Either do something about it or bring some new perspective. P.S. I am in alignment with ur rant but I’ve made peace with the state of affairs as I am not looking to move out of India and I cannot strong arm govt. individually to change this.

Senior Product Manager

My friend has 53L in cash from his freelancing and other businesses. How can he save taxes on it? We don't know any CA and the ones he met said pay tax in entirety. 

Any suggestions are welcome.

PS: it's NOT a sarcastic post

How to save taxes?

Guys... I made some good decisions and ended up having an opportunity to pay myself 36 LPA but, that means, about 9.4LPA tax.

What do I do? I want to get a home loan so keeping a higher salary would make the banks happy but then I also lose almost half of it to taxes.

Any advice from high earners and other fellow startup founders?

Tax 😨😨😱

Founder

How do I find a CA? I tried searching grapevine but could not find any relevant post where how we can find one is mentioned..

Is it beneficial to hire a CA for salary upwards of 30LPA?
Like, can they help me save more tax than the usual 80C/NPS/Medical Insurance savings, I seem to have already maxed them out.
Also if we opt for new tax regime, can CA help in saving additional money?

Any help would be appreciated :)

Tax Saving

Business Analyst

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

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 party donation 

Need to understand are there any more creative ways to save on taxes than what I'm already using ??
Also am I paying high tax than other people in similar income range ??

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

Isn't tax also political party donation😅

People with 50L+ taxable income, how are you managing tax planning?

I am salaried & have opted for new tax regime. I have zero liability (no EMIs, etc). Closed both my home loan & car loan. I live in my own house.

My yearly tax comes out to be around 12 Lakhs. I want to know if there is a scope to save taxes continuing with zero liability. I would not mind appointing a CA but I have no idea how to choose the best CA.
1. How much does a CA charge annually?
2. Is it really worthwhile to have a CA given the above?
3. What are some questions I must ask the prospective CAs so that I can assess their capability?
4. Salaried people that have already appointed a CA can share their experiences.
5. Is there any off-the-shelf ideas I can get here to save taxes?

What's the Tax paid for 45-50 Lacs salary?

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