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.
My CTC is about 50L. Take home is about 2.9L. Total household income is about 5L a month (spouse salary+ rental income). Fortunately, my cousin is a CA & he has helped me to reduce tax through these options.
Hey thanks for the insights.
Do you need to stay with your parents in order to claim the HRA on their name.
My family lives in a different city, I was able to claim it before as my previous org was 100% remote.
but not sure if I can do this while living in a different city.
And how does car lease works in Morgan stanley? Are you able to deduct the emi paid from your income? or is it just the fuel, maintaining and driver salary?
I pay around 9 lakhs for 40 gross.
Pf takes up the 80c, so no elss/lic/etc
I pay rent to my parents, the amount saved depend s on your hra component, but this is a nice trick. I do file itr fir my parent,0 tax as long as yearly income is less than 10lakhs(rental)
80d, medical insurance 40k
Don't do lta/donation others. Don't have a house loan as well
See that’s pain I am talking about, your ~25% income is going to direct taxes. once you move above 50L, you will have to pay 10% surcharge on the extra income.
and that too direct taxes, if you start calculating indirect taxes, the overall amount will reach close to 40%.
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 bette...
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 ...
Hi all,
I am a software engineer Off lately everything has become so costly and it feels that we are paying almost thrice than we used to pay 4-5 years back.
And to add to that, with UPI transactions, sometimes I lost track of where my...
Since the tax season is upon us, I wanted to check how do you folks handle tax related things?
Those who are earning more than 50lpa base how much tax do you end up paying? 😶🌫️