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)
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.
You have listed out all the legal options for a salaried person. Apart from that we can't do anything but to pay taxes and suffer.
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.
Can you list a few more "illegal" ways ??
Downside - money gets locked in till retirement
If you can, ask your employer to treat you as a subcontractor instead of an employee. Then file income under section 44AD/ 44ADA. You might lose certain benefits like insurance and pf but savings are quiet high.
This will allow you to have 50% or less of your income as taxable. Will work if your income is under 50L.
You forgot 50K additional in NPS. NPS employer contribution.
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 bette...
Those who are earning more than 50lpa base how much tax do you end up paying? 😶🌫️
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 r...
Any tax planning recommendations / tips / third party suggestions for someone earning ~25lpa ?
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...
