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 party donation
Need to understand are there any more creative ways to save on taxes than what I'm already using ?? Also am I paying high tax than other people in similar income range ??
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Isn't tax also political party donation😅
Cap salute 🫡
Lol
How does political party donation help you? Can you share more about your reason behind party donation? Is it a small sum or bigger than 10k INR?
Also, I think there are a bunch of govt bonds and investment schemes, some in postal office, some in agriculture that are also tax free.
I heard you can purchase ownership of young teak and sandalwood trees to be sold in 10-15 years. With and without ownership of land.
It's not a donation, it's a "donation"on paper.
You give them 5 lakhs online. They return you 4.5 Lakhs in cash along with a certificate of donation.
They get to legitimise their black money, you get to save on taxes.
Win win for both; but very much illegal if caught 🤐
Bro donate to old age homes, anathalaya instead of polytical parties. You will get blessings at least
He needs money, not blessings!
For salaried employees, nothing can be done. If you are in30% tax bracket, you will pay 4 months of your salary as tax. The only way to pay less tax is to learn less. Nothing can be done. If your CA comes with a proposal, fire him.
Long shot but you can get yourself converted to a consultant by your company (if they allow) and then you can claim 50% of it as profit under 44ADA and save a bunch of tax
Oh, any more documentation that we can refer?
Lol, better to show it as farmer income for 0 tax then! Viral reel reference 😅
You can ask your company for a car lease. That reduces your taxable income and you can use that car as if it's yours. Talk to a CA for more details.
Lease payments attracts a very high GST which you as individual will not be able to offset
Please donate 20lakhs to me my life will settle
Similar bracket. A bit higher tax. No political donations.
Not sure what to do either. Super duper frustrating
Why not double the political donations?
Good point. As tempting as that option sounds... Don't want to come under the evil govt's radar.
I started with a small amount 4 years ago. Have been increasing that amount every year as my risk appetite (read greed) is increasing.
But still I figure there has to be a limit to this option also before it starts to backfire.
Don't want to kill the golden goose too soon 😶