You can claim interest paid as deduction u/s 80E of income tax act. There is no upper cap limit on the amount that can be claimed unlike section 80C. So actual interest paid during the year can be claimed as a deduction. However if you opt for new regime taxation this benefit will not be available.

Chartered accountant 

you can save up to 1.5 lakhs by showing interest you paid on your education loan.

Software Engineer

so I've taken an education loan worth 20 Lakhs, 10% p.a. interest  will graduate next year (24) and wanted to know how do i maximize my tax savings due to my ed loan   if you guys have any other id...

Welcome to Personal Finance's Private Community

so I've taken an education loan worth 20 Lakhs, 10% p.a. interest

will graduate next year (24) and wanted to know how do i maximize my tax savings due to my ed loan 

if you guys have any other ideas to save taxes apart from this, please tell in the comments, thanks!

save taxes by education loan

Quantitative research

save taxes by education loan- Grapevine

I am joining new org with 17LPA, I just got to know that my tax slab will be 30%. I never had to think about it for last 2 years because i was with 3.75LPA since 2 years when my career began. How should i start to reduce my taxable income? I watched various yt videos and spoke to some close acquaintances but im not able to understand how to proceed

How to save money on taxation?

I am a 23 grad who has managed to save close to 7 L all cash till now. Plan was to enjoy the first 6 months of job and then start with the financial hustle. Seems, I am ready. Need suggestions to allocate ~5L across equity, gold, FDs and other investment instruments.

I have an education loan, so tips on that will also be highly appreciated.

Targeting 25 L net-worth (excluding the loan) by the end of ‘24

Thanks!

Reached 7L networth (all cash, need suggestions)

Product Manager

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?

Staff Engineer

how much would the net monthly take home be? how can i arrive at the final number myself? pls consider the old tax regime and standard 80c deductions; i also have a student loan worth 17-18 L @10% (i think i can get some deduction on tax on it)

net monthly takehome

I paid 4.8L Tax and my CA somehow managed to get back 30k refund. Wanted to know if people here in similar bracket or higher .. Have managed get higher refund.
I chose old slab coz the greytHR portal said I’ll save more in that.
I don’t have a housing loan,
I have shown HRA , insurance and mutual funds

Refund from ITR ?

Hello Finance experts!! 

I need advice on how can I save money on taxes while selling a property. 

I want to sell a property and invest it in another property near my family so it’s easy for me to handle the property. 

Example scenario. 
The flat I want to purchase is 50L and the property I am selling is 40L. 
What do I do in terms of Loans and the cash at hand to save the most??

Thanks in Advance

Save taxes on Selling a property!

Consultant

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

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

For people who lie in the 30% tax bracket, how do you save taxes?

Do you suggest making a dummy rent agreement on your parents name to save HRA? 

Got to know that if monthly rent is more than 50K, the tenant has to pay TDS as well. How do you account for it?

Any suggestions on saving taxes?

How to save taxes?

For folks who recently graduated and have education loan to pay with multiple small loans that family have taken. How do you all invest money and what portion. I earn around 1l per month and 30% of my income goes into loans. It’s already getting better with those small loans already paid over the course of starting few months but the problem is I am left with no sufficient amount of money to invest after deducting the living expenses. Should I wait for the loans to get over first and then start investing or just invest like 10k per month?

Tips for investment with multiple loans.

Software Developer

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

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.

Ideas to lower income tax

Write down all your problems in the comments and let some random stranger give you advice.

Start commenting.

Advice - Thread

What do you think of this split ? What would you change?

Living in BLR , earn 43LPA, sharing how I spend my money

Senior product manager

Hi, I need some help from the finance experts.. I have been doing freelancing for a few months. Until now I was doing it on upwork and other freelancing sites and the amount was also lower (<1lac). Recently I was working with a client outside of the freelancing sites. The client will be paying me in dollars. For transferring the payment he said he will only do via wire transfer.  Now my question is which is the best way to reduce the taxes which I have to pay to the government. The amount will be >10lac. I am already earning more than 10lpa from my job so if I get that money in my account I'll have to pay more tax. On the other hand my parents earnings are not coming under the income tax slab. Should I directly transfer the amount in my account or to my parents account or should I create a msme and register it under GST? 

TIA 🙏

Need help in getting usd from a client.

Got an offer, I calculated the tax and it will be around 3L ( currently it was around 1.5L) it's crazy, I don't want to pay 25k each month as tax.
My Gross will be around: 22L
I'm 24, I don't have any health insurance other than the company provided one, no home/education loan.
Please suggest how I can reduce tax.
(I have already included max 80c, NPS, HRA in my calculation)

save taxes by education loan

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