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'm a salaried person with about 50 L base pay + some interest income + capital gains from equity. I'm currently paying around 10- 11 L in income tax.
I'm following the old regime Claiming below major deductions Hra 80c Nps Political ...
Isn't tax also political party donation😅
Got an offer, I calculated the tax and it will be around 3L ( currently it was around 1.5L) it's crazy, I don't want to pay 25k each month as tax. My Gross will be around: 22L I'm 24, I don't have any health insurance other than the comp...
I am a software engineer in Bangalore having base CTC 13.8 lpa. Which brings me to a tax of more than a lakh rupees, what are the possible ways to reduce this taxed amount.
