[India] Uncommon tax saving options
Dec 14, 2021
18 Comments
Does anyone know tax saving options other the usual 80c, 80ccd, housing loan, insurance, nps etc. ( not considering donation to politicians )
Everywhere only these are mentioned. Just now starting to feel the tax pinch.
People earning high salaries: have you consulted any well reputed auditors on tax saving options ? Is there nothing else ? 🥲
15lpa, 2 yoe
comments
Ask for a pay cut. Reduce your income and lower your income tax. Simple right?
lump sum at retirement. All of this is tax exempted.
The remaining 40% needs to be invested in an annuity. Yes it is likely that the overall annuity will be at the 30% tax slab, but that still means you are only paying 12% tax of the overall NPS corpus.. Good deal
Also, invest in NPS only after exhausting 80C (for the additional 50k savings)
2. Donate all your income to yourself
3. Get 100% of your income exempted
Saw one point that we need to file IT for the political party which I think is prohibited by employers (considered as running a side job)