Tax saving hacks for high earning salaried individuals
Hi, I want to know if there's a smart way to save taxes on income ~50Lakhs for salaried individuals.
No changes happened to old tax regime in recent times and offers few legitimate options to save taxes. Apart from section 80C, 80CCD(1B), 80TTA, 80D, HRA, home loan interest, any other option available?
New regime doesn't provide any option at all to save taxes apart from employer's NPS contribution which is effective way.
Any insights on how do high earning individuals save taxes?
None. Just put your head down and pay, you are the cash cow for the government. How else will laadles get free money?
Section 44ADA. But here, you’d have to talk to a CA and to your org’s HR. The premise of this is, “a business provides employment to 100s of people, but a salary provides employment to 1 person and economic sustenance to maybe 4-6 other people”.
Disclaimer: I’m not a tax expert, I’m just a humble person who knows his way around finances and right now I’m focusing on hard skills of my job than finances, so some of my concepts maybe inaccurate, please use your AI to fact check me.
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