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?
If it's from an investment then I think there's some law about tax exception for reinvestment. Basically you can reinvest this amount and it'll not be taxed. You can liquidate it later and only pay tax on that amount. I remember seeing this about real estate I think. I could be very wrong so DYOR about this
Tax? Username don’t check out!
🤣🤣 I took it before someone else does
Split the pay between yourself and family and get a joint loan? But like raky said, talk to a CA
That's the plan, let's see what my CA says
I wasn't doing proper ITR, I was in the family biz for the last 6 years, recently joined a startup and they don't have any proper salary composition. My current salary is 35L in hand (2.9L per month). Apart from HRA how do I save in taxe...
I am working as software engineer at FAANG. I pay ~1.25L income tax per month. It pains me a lot. Since being general class male, I never got any benefit from but these govt is looting me. There are many small shopkeeper, landlords, farm...
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)
Any tax planning recommendations / tips / third party suggestions for someone earning ~25lpa ?