How much taxes can be saved on a 40 lakhs package? I am planning to hire a CA but looking for rough estimates here. I can structure my salary in any way I want and can invest in all schemes except housing loans.
Deductions: 1.5 L on PPF, EPF, Term insurance, Tax saving MF, 5 Yr FD etc 50k NPS personal 50k Corporate NPS 50-70k on Medical insurance for self and dependents (depending on age of parents)
Ask your salary team to covert some portion of your salary to tax exempted reimburse able component. These include phone bills, cost of fuel for car/bike, spends on books and periodicals, spends on phone/computer, internet, etc
Best to file under new tax regime, you will not need CA.
Best for what?
So, u say that.. in any case or in most cases, one is going to pay less tax with new regime than with old regime + CA costs, is it?
Yes , as in new regime not much deductions are available and CA is not required.
Political and NGO donation in addition to the suggestions here. But it’s not for the weak hearted 💀
80C, NPS, Insurance.
That's the only 3 options you have. But another one is political donation, if you can do it you will save a lot of taxes.
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Those who are earning more than 50lpa base how much tax do you end up paying? 😶🌫️
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