Govt of India is best at killing Middle Class. What percentage of your total CTC did you pay in tax. Income Tax department id the new Sahukar.
30% bracket but pay 0% in tax.
Show us the way sensei
Following
Paid 2.8L from my CTC of 22LPA
How's that possible? Can u share how u brought t 2.8 L? I am also at 22lpa ctc but paying 5 lacs as taxes.
Omg 5 lakhs? Are you sure?
Mine tax filing is done by a CA. They are very well versed with it. When I saw my ITR that they filed, it had some sections termed as “sec(i) xyz” etc and gave deductions for
Food,Telephone,Internet allowance My gre/toefl exam fee Full flight tickets fare including of myself & other members in the PNR. Interest from savings bank My loss from Paytm stocks 🥲
All the above are apart from hra, lic, mf. So please consult a CA.
0% Blessed be Section 44ADA
What's that
Suppose I'm a professional like doctor, lawyer, consultant or architect and my income is 15lpa. I'm allowed to deduct business expenses like maybe uniforms, equipment, office rent, conveyance to arrive at taxable income.
I can deduct the whole 15lpa as expenses provided I have receipts of business expense and maintain books of accounts.
Section 44ADA of Income Tax Act allows me to deduct upto 50% if my income is below 50 lpa without providing receipts and maintaining books of accounts.
So from 15lpa, I deduct 50% and arrive at 7.5lpa as my taxable income. I further deduct 1.5lakhs as 80C (PPF, ELSS, NPA). Hence I'm supposed to pay tax on 6lakhs only.
Btw they did charity, fed 5k people for 40 days
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