by ZoomyKoalaStealth
How do you all save taxes?
As a salaried employee earning more than 24LPA. What all investments do you do to save the maximum taxes?
QuirkyTaco
How are you saving taxes on 1Cr+ income?
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
16mo ago
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PrancingBagel
Amazon16mo
Easier way is to work and make it 2Cr+ and not care about taxes. Focus on the cash coming in hand and ignore deductions to get peace of mind.
QuirkyNarwhal
Stealth16mo
Since you are making 1 cr+ I assume you are on top management team. You could ask them to make you a consultant on paper so that you'll have to pay taxes on only 50% of your income.
I know it's not that easy and not every company agrees to it, but that's the only way for you to save taxes.
Another is political donation, but that also you shouldn't do more than 10L-15L. So it's only gonna save you additional 3-5L.
QuirkyPotato
Stealth16mo
I'm no expert however, If it all comes from sallary and you are not able to become your own business (claim many things as business expense and base yourself virtually in Estonia) your choices are limited. The biggest deductables are options involve buying a house in a few metros and putting max into tax free investment schemes like PF.
Im just about able to keep my earning below 1 CR and avoid the surcharge by taking stock sku or ESOP (at a 1.5x multiple) in lieu of cash bonus.
SnoozyWalrus
Uber16mo
Can’t do much on this.
- no point playing around with rent - exemption gets mixed because of high base
- maximise employee of contribution - up to 7 lakhs
- don’t fake political donation
- can take house loan for interest exemption
Hurts here as well…. Can’t do much except move to dubai
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Curated from across
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 ...
Top comment
Isn't tax also political party donation😅
Personal Finance11mo
by WigglyRaccoonStudent
How do you save tax?
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?