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
comments
Remember you are donating, but not actually donating if you know what i mean. CA will take a small cut.
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.
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.
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
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.