Legal? HRA, NPS, Medical Insurance, Donations to genuine NGOs, political parties etc..
Illegal? Donation to political parties with commision involved i.e you don't have to 'really' donate the amount but you need to give some commision to them, then they will provide geniune Donation certificate. You can literally save lakhs of tax if you are in high income group. But this is completely illegal and tax fraud. I came to know of this from colleagues of mine who are doing tax fraud from 10+ years. Apart from this the are numerous illegal ways to avoid tax.
Ok, I am paying tens of lakhs and the legal shit is not helping in any way.
How to do this?????
How does someone do this?
This is very limited information. There are no details regarding your investment or house loans. Listing below some major avenues which can be used to save tax under old regime for FY 22-23.
One correction - there is no such rule that the city should be different to claim both HRA and tax rebate on house loan interest.
File as business professional so income half, 6 lakhs, take benefit of ELSS 1.5 lakhs = 4.5 non taxable income
What do you mean by file as a business professional? My 5ax gets deducted by the company automatically?
Yes you can’t do that for salaried. Unfortunately you can only save some tax money. You can bring it down to pay around 8% effective with exemptions under old regime
It's impossible to get tax to 0. To get even under 50k, you might have to do something illegal like donating to NGO etc , which isn't really worth in my opinion.
Hi all, I'm joining a new organisation and they are offering 22 LPA, how much would be the tax deduction under the new tax regime monthly/annual ? Your help would really be appreciated!
Thanks in advance!
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)
Seems like since last year the focus of government has shifted from actually making beneficial policies to enable innovation and growth of India to just collecting taxes blindly.
They just want to harvest tax in as many ways possible a...
This government’s primary intention is to collect more and more taxes in whatever mean’s possible. They don’t give a ...
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.
