In India people who are earning beyond 70 lpa. They tend to fall under the high tax bracket which involves surcharge on tax too. Which could level up their tax too. Now is this tax worth it when compared to what tax payers get from the govt? Total tax % could really be higher for an individual. Given the tax %, would it be wise to consider moving out from India for better value for tax? Now this tax is considering after exhausting all the tax savings sections and FBPs except the political donations. Genuine answers only. Coming days I would be asking a few more tax related questions.
If u think of leaving this country just to save tax...
Move fast âŠ
Nation doesn't need u!
@Sherlock007 thanks for schooling me.
Btw did you understand the question? Did I mention that I want to move out?
Did you understand the last but 1 line?
If not then read it carefully and then answer it. For goodness, stop quoting a third person self appraisal post. BS:1 Answer :0
Wrestling with a pig in mud...
Very legitimate feeling! I have been pondering on this for few months. Moving out would have made sense for me in early stage of life where I had flexibility of time and responsibilities.
Currently I feel after exhausting all tax saving options is to think about setting up your own side venture by starting small and taking calculated risks. It also helps keep your thoughts forward looking when you precisely know moving out cannot be an option unless the opportunity is multifold.
Again the thought of getting the quality of services for the tax you pay may not be good for your mental wellbeing as the grass seems to be always greener on the side!
Sure this is a problem here but let me tell u that if u move out, uâll discover that other nations have different problems. Just a small e.g. where there is free healthcare, uâll not get appointment with a specialist for a long time. Anyway, js keep an open mind.
Get a contract job
Contract jobs are good. Definitely makes sense for an individual with good calibre. This would definitely help someone with a high salary to save more taxes.
How much do you guys generally pay in taxes with an income between 50-100 LPA in India? What are the options to save tax apart from the normal 80C, 80D, insurance, donations etc.?
Bro, you are earning. Shouldn't you just be grateful that you are not born in war torn Afghanistan or disease ridden Africa. I mean life could be so much worse. In fact, the only difference between you and the office boy is the household...
Oh, I thought this must be some smart argument, the moment I read âdifference between you & the office boy is the hou...
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