sveltetsx
sveltetsx
Stealth

What's your TC and how much tax did you pay?

I will go first:

TC - 18 LPA Paid Advanced Tax - 40k (final tax will be lesser)

7mo ago
Tigercow
Tigercow
Startup7mo

What is the benefit of paying advance tax?

Also, by advance tax do you means the amount deducted by employer or you paid yourself?

sveltetsx
sveltetsx
Stealth7mo

I work as a consultant and not as an employer, and for a non Indian company. So, my taxes are not deducted at source.
And I use rhe 44ADA presumptive taxation, for which you are required to pay your taxes in advance.

Tigercow
Tigercow
Startup7mo

Ok

SoftMicro
SoftMicro
Microsoft7mo

Dude... You brought your taxable income around 637500 😮... Could you explain the deductions please...

sveltetsx
sveltetsx
Stealth7mo

I use 44ADA presumptive taxation, which allows you to show upto 50% of your income as expenses.

And the rest of it are ELSS, NPS, Health Insurance, etc.

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