Need some Tax Saving tricks
Hi Guys,
I wonder how people save maximum tax. I don't see any options for me to do the same. Can anybody give me some tips or tricks to save some Tax? My goal is to save maximum, and the Saving should be ready to use in a need(in case if you advice me to invest somewhere).
My default contribution goes to EPF. I've invested in NPS, ELSS, SIPs. Have bought my first flat(Loan is about get nill) and now I've bought another House. I've a car but it comes under luxury hence isn't covered, right?
One more thing, I come under 30% slab and still want to save the the tax because I don't see my tax money is being used appropriately by the administration. The administration has zero futuristic vision and is regularly creating and destroying the infrastructure which seems to be creation of redundant work(INTENTIONALLY). Around me I see every aspect related to administration is corrupt, or someway or the around isn't okay with ethical operations.
Thanks in advance. Your help is much appreciated.
Apologies to point out administration, but that is what it is. I'm not biased nor pointing out any political party here. Just the concern is to use my Tax money wisely which I don't see happening. My description took a twisting turn, sorry for that :)
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Honestly beyond a point you can’t save tax. If you have trustworthy connects in political party you can donate to them and get cash in return. But this would open a different can of worms - that if black money.
Trust worthy people in political party is like mixing oil with water !
Select old regime as long as it is available.
I hope at your pay scale epf covers entire 80c, else full in the gap by elss only.
Ask your company for car leasing policy, if it available you can get some exemption.
Ask your self if you want NPS? Your money is locked till you are 60 . You already have epf . Do you need nps? This may increase your take home.
Claim hra on your parents or relatives name. Updo 10 lakhs( 70% rental income) attracts no tax for the owner. This will help you save 2 lakhs if your taxable income is 15+
Add additional source of income form your flat, make it 3/4k per month.
Check if your company provides some flexible tax free compensation. Fuel, internet, driver salary, etc.
Medical insurance of your parents and your self can be claimed
Health checkup can be claimed
/// Claim hra on your parents or relatives name. Updo 10 lakhs (70% rental income) attracts no tax for the owner. This will help you save 2 lakhs if your taxable income is 15+///
Guess you should pay tcs on behalf of landlord if monthly rent exceeds 50k. Check on that before you go for big amount.
/// Add additional source of income form your flat, make it 3/4k per month. ///
I didn't understand this, please explain
Skip the matrix 😁