Ways to save tax in India [ for TC>60 LPA]

Nov 12, 2021 9 Comments

Just realised I'm about to pay around 20 lac in taxes alone in next financial year. That's a whole lot of money and I believe there are so many of us.

Any ideas which you might have applied in the past to save taxes? I heard some policy around buying a house through stock money but not sure about that.

TC - 67 ( 20 LPA of stocks/year)

#India #taxes #google #amazon #uber #coinbase #airbnb #microsoft

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TOP 9 Comments
  • Amazon
    jeebaat

    Go to company page Amazon

    jeebaat
    Donation to political party / charitable trust. Ask your CA. you can donate 10% of your gross income. So you can save tax on around 6 lakhs. Which is almost 2 lakhs.

    Remember you are donating, but not actually donating if you know what i mean. CA will take a small cut.
    Nov 12, 2021 5
    • Amazon
      jeebaat

      Go to company page Amazon

      jeebaat
      Ok what i mean is that you will get receipts and documents from a legitimate organization/ party.

      You pay 6 lakhs white you get back 6 lakhs black. And the CA gets a cut. So that makes it 5.8 or something.

      Its works out for people who need cash for the family business or part payment of a car or some gold or have recurring monthly cash expenses.
      Nov 13, 2021
    • Uber
      Abey sun

      Go to company page Uber

      BIO
      t
      Abey sun
      This is the exact definition of an evasion. If a single CA is filing multiple claims with donations, he'/she'll get flagged.

      My uncle got a notice in 2021 for an incorrect 80C section that he filed in 2013. There are a lot of people working on this. It's just not worth it.
      Nov 14, 2021
  • New / Eng
    UncleBoobs

    New Eng

    UncleBoobs
    πŸ₯²πŸ₯² 20lacs for shitty roads and power outages.
    House Loan Interest 150k max cap
    80C - 150K max
    Donations if you have someone who can manage that stuff for 10% on amount that you want to donate.

    Its same like any other country tax saving/evading through loopholes is only for businesses not salaried people.

    Even if you end up taking every deduction possible it still won't be cutting your taxable income by more than 10L
    Nov 12, 2021 0
  • Coinbase
    Lulzzzzzzz

    Go to company page Coinbase

    Lulzzzzzzz
    Welcome :)
    Nov 24, 2021 0
  • 80C: 150k
    80CCD (NPS): 10% of base + 50k additonal
    Home loan: 200k on interest
    Buy a car on company lease: Car EMI + expenses (insurance, petrol, driver salary, etc) will be tax-free
    Buy separate health insurance for yourself: 25k

    NEVER try to evade tax via donation route. You will get caught. It is just a matter of time.
    Nov 14, 2021 0