How much do you guys generally pay in taxes with an income between 50-100 LPA in India? What are the options to save tax apart from the normal 80C, 80D, insurance, donations etc.?
There's no way really. Given the !/$, the tax we pay is extremely disheartening but I've never heard of a legal way to circumvent it.
Many people keep suggesting that you should ask your employer to pay a company you created instead of paying you but I personally do not know anyone in India who's been able to cut such a deal. To the best of my knowledge, you'll be seen as a contractor and the perks such as esops available to employees won't be available to you. That may effectively reduce the remuneration rendering the arrangement unnecessary.
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Also, when you're earning 80 LPA, why be stingy with taxes? The kind of time, money and brains you'll invest in potentially avoiding tax payment would be balanced out by the taxes.
If you were living in a foreign country, you'd be paying much more tax (tax havens exempted, of course)
The comparison with western nations is why I brought up the topic of !/$.
I do not want to get into political discussions but by any metric, the countries you were thinking about when you made your post provide more in return for your tax.
Man, can you please pay proper taxes. You are the last person who should be concerned about heavy taxes because of 2 reasons
I appreciate your input, but I must respectfully disagree with your perspective as it seems rather misguided to me. Regarding your second point, while it is important to strive for the betterment of others, there is no limit to making life better of others. Why not just distribute all the money everyone in this country has equally among everyone then? Also, I am solely focused on exploring legal options to minimize my tax liability, as these incentives are provided within the framework of the law.
The only ones who really benefit from your taxes are the corrupt politicians and bureaucrats :)
Paid 16.5 last year after taking hra, 80c and 80d deduction. All reasonable genuine deduction. If you want to save more, basically you have to start dealing with cash, you can make donations to NGO's and get back in cash after 10% commission, that's that most common way people use. Other than that you can pay your parents rent but if parents are already paying income tax, then no point..
