What are the ways to save taxes if you are earning more than 60+LPA?
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Get a CA start a company draw salary to company
You can’t when you’re employed
You can and the company will oblige. Also shift from a job to consulting position at the company I did it many times and the companies were okay
You can't. As someone else mentioned, being a contractor is the only way because you pay 10% instead of 30% TDS, however you're then obligated to a 18% GST service tax which can be claimed back as a refund by your CA. It's a lengthy process but would save you around 10L per year
Challenge there is to get the company to agree. Big companies have fixed employment structure. You can't just go to them and ask them to hire you as a company
You can he an independent contractor, doesn't require a company. It's just like being an employee but without being classified as one legally.
Also if you can't get that done, then pay 30%, it's either this or that 😂
Reduce base to minimum for lifestyle+emergency+etc, opt for more RSUs instead (assuming it’s a public company). Capital gains tax has much lower rate than income.
Or, erm, donate to politicians
Someone once said "in this world nothing can be said to be certain, except death and taxes."
Use vpf, invest 100% of your basic
Use corporate nps, 10% of your basic
Use fuel + driver reimbursement to the fullest
These will reduce taxable income by ~ 20 lakhs
And if you want more.. take home loan 😉
Can you help understand how VPF,corporate NPS works ?
My advise is get a CA. They’ll handle everything. Pay him extra, do political donations ;) and stuff. CA will find a lot of ways to save you money
Best way to give your earnings as a donation under 80G section to your close friends or to your team, this will save your tax. 🤪😀
Have explored tax savings options since I have similar tc.
Legal way - none Illegal way - donations to ngo/political parties.
Following 😬