How much income tax you are paying for this FY-23-24?
I'm earning 32LPA all fixed cash and expecting 5.8L tax after all 80C, 80D, HRA etc deductions, please suggest how can i lower this amount, it seems like i am paying just too much for the amount i'm earning.
Your effective salary is 26LPA. Your employer has bumped it up to 32L notional, which is an illusionary figure.
If the income tax rates fall to 0% tomorrow, the market will adjust your salary to 26L stat!
Stop focusing on your taxes and focus more on your career and earning.
True but you need to do both, if its on 0% what's wrong in trying to save some extra bucks in tax if you can.
If you plan things properly, you could take benefits of a lot of exemptions on home interests, principals, insurance premiums, health checkups, HRA etc can save lakhs in taxes.
I figured you knew all of this already.
There's nothing else remaining.
Don't be sad.....yet.
It will keep on increasing as the years go by
