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SparklyNugget
SparklyNugget
Google

What are the ways to save taxes if you are earning more than 60+LPA?

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20mo ago
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GroovyMarshmallow
GroovyMarshmallow
Stealth20mo

Get a CA start a company draw salary to company

DancingPancake
DancingPancake
OPEN Financial20mo

You can’t when you’re employed

GroovyMarshmallow
GroovyMarshmallow
Stealth20mo

You can and the company will oblige. Also shift from a job to consulting position at the company I did it many times and the companies were okay

SwirlyPancake
SwirlyPancake
Jio20mo

You can't. As someone else mentioned, being a contractor is the only way because you pay 10% instead of 30% TDS, however you're then obligated to a 18% GST service tax which can be claimed back as a refund by your CA. It's a lengthy process but would save you around 10L per year

MagicalPanda
MagicalPanda
Student20mo

Challenge there is to get the company to agree. Big companies have fixed employment structure. You can't just go to them and ask them to hire you as a company

SwirlyPancake
SwirlyPancake
Jio20mo

You can he an independent contractor, doesn't require a company. It's just like being an employee but without being classified as one legally.

Also if you can't get that done, then pay 30%, it's either this or that 😂

SnoozyPotato
SnoozyPotato
Apple19mo

Donate it to unfortunate and beggars like me 😭😭😭😭

WobblyPenguin
WobblyPenguin
Google19mo

Beggar in Apple ?

SnoozyPotato
SnoozyPotato
Apple19mo

I am in apple sales department not tech

GoofyDonut
GoofyDonut
Stealth20mo

Reduce base to minimum for lifestyle+emergency+etc, opt for more RSUs instead (assuming it’s a public company). Capital gains tax has much lower rate than income.

Or, erm, donate to politicians

WobblyNoodle
WobblyNoodle
InMobi20mo

Capital gains only come into picture if you sell your RSUs 2 years post vesting. In that case it's considered ltcg and taxed at flat 20%.

DerpyQuokka
DerpyQuokka
Grab20mo

But isn't RSUs taxed during vesting as well ?

SquishyUnicorn
SquishyUnicorn
Swiggy19mo

Someone once said "in this world nothing can be said to be certain, except death and taxes."

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Personal Finance3mo
by DizzyMarshmallowBooking.com

How do People in high salary ranges save on taxes ??

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 ...

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Isn't tax also political party donation😅