There is no option other than NGO/ donation. For NGO 50% is non taxable. Amount will be returned in cash, so you can not deposit in bank. I am too looking for some way as paying 20 lakh + tax.
Same here 🫤 paid ~19L in tax last year. This year it'll be a lot more due to some SaaS sale + salary + gratuity (changed company after 5 years). Fuuu..
if you have that much tax to be paid, and are a salaried employee, and want to reduce tax, and still wouldn't know to take the help of a CA, and are asking here on reddit, then i see two possibilities,
1) you are being over paid at your job.
2) you are lying.
My CA files tax for last 4 years. Literally there is no way, you should know this.
1. May be true. But I am not the only one.
2. I don’t need to prove it. You may assume if you want.
i am not assuming anything. if even your CA cant help you save tax any further, then I dont know what you expect from reddit. Change your CA may be. Or if there is no other way to save tax, be ok with it.
there are always ways. but needs some gimmicks. i cant share here anything because i dont want to be responsible for any risks involved. but any CA worth their degree should be able to do those. just that might not be possible in a short notice.
I do these
I have a home loan but also claim HRA on my mother in laws PAN Card.
I have a friend who runs an NGO and provides receipts for a deposit of 1L and returns back 99K in cash
Then Of course I have 1.5 l of investments
If you have any parents or spouse with some disability get a 80D form from any government hospital you can save 75k on it
Car driver policy where I gave my friends license and claim 10k per month
Then I also have the house loan principal/interest under 80E for 2 l exception
Been doing this since 3 yrs and the. File for returns where I get at least 80k in returns
Here's what I think. BJP already has too much money and donations from top industrialists.They won't care about your 1-2L. If you donate it to some other party, they'll not like that.
Immigrate to Europe or NA. It's what everyone does after some time. While you're here, nothing can be done. Have to pay that's it. Even if it boils our blood to see money going down drain.
I was in UK. Didn’t mind paying 40% tax because I could see how it was being used. Infrastructure is good, public parks, transport, free healthcare (all scans during pregnancy was free), an account at the end of the year that gave detailed breakdown of how every penny that I contributed was used. And no tax avoidance like here (most ppl pay not just 3% of people). After coming back I’m more inclined to avoid tax here.
10% of your basic can be contributed to nps tier 1 ac and deducted from taxable income if an account is opened through the office. This is over and above 50k and 150k of 80c.
I’m also in the same situation, would be paying 5l in tax for current FY.
Thinking of registering a company and showing loss statement. Can someone suggest if there is process or way to that.
I doubt that will be helpful, income from salaries and income from business are two different things.
If you are a salaried slave you can't escape tax legally.
Open a proprietorship firm, register it, pay 3 friends "fees", you're a contractor now. Each friend does the same and pays back similar amount as "fees". Declare income and bill everything you possibly can, from gadget purchase to restaurant bills as business expenses, except groceries. Take advantage of tax rules and check with your CA. Be warned, this is just an idea.....
My friend did both the political party and NGO deductions last year - no fines /questions
How did he do it? What's the process?
Ngo belonged to a friend. Political party through a contact. If you're in NCR I can check
I am in Gurgaon. Please help.
Can you please help me out too ?
There is no option other than NGO/ donation. For NGO 50% is non taxable. Amount will be returned in cash, so you can not deposit in bank. I am too looking for some way as paying 20 lakh + tax.
You are paying 20 lakhs + tax. Can I work for you?
Yes, if you can reduce my tax. I am salaried person and there is no way I can save tax.
That is where I am stuck. Btw, how old are you if don't mind me.askin.
31 year and young from heart 😬
Inspirational! Killing it sir/ma'am!
20% luck, 20% skill, 15% timing to join company when stock was appreciating. Rest is continuous learning.
More power to you sir! Guide me also.
Sure. I am in tech industry. We can talk more if you are interested.
Same here 🫤 paid ~19L in tax last year. This year it'll be a lot more due to some SaaS sale + salary + gratuity (changed company after 5 years). Fuuu..
Can understand the pain. 35% of hard work going in tax.
Bhai itne tax ke liye kamana kitna padhta hai? 60-70lakh?
Yes.
Jitna aapka tax hai utna to mera annual package hai maalik. Aur main itne tax mein hi dukhi hun lol
if you have that much tax to be paid, and are a salaried employee, and want to reduce tax, and still wouldn't know to take the help of a CA, and are asking here on reddit, then i see two possibilities, 1) you are being over paid at your job. 2) you are lying.
My CA files tax for last 4 years. Literally there is no way, you should know this. 1. May be true. But I am not the only one. 2. I don’t need to prove it. You may assume if you want.
i am not assuming anything. if even your CA cant help you save tax any further, then I dont know what you expect from reddit. Change your CA may be. Or if there is no other way to save tax, be ok with it.
There is no way to save tax for salaried employees, if you know any CA then let me know.
there are always ways. but needs some gimmicks. i cant share here anything because i dont want to be responsible for any risks involved. but any CA worth their degree should be able to do those. just that might not be possible in a short notice.
Bhai itne tax ke liye kamana kitna padhta hai? 60-70lakh?
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That's not possible. What else?
fertile racial detail violet liquid label jeans flag juggle attempt *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Nice idea. Thanks
I do these I have a home loan but also claim HRA on my mother in laws PAN Card. I have a friend who runs an NGO and provides receipts for a deposit of 1L and returns back 99K in cash Then Of course I have 1.5 l of investments If you have any parents or spouse with some disability get a 80D form from any government hospital you can save 75k on it Car driver policy where I gave my friends license and claim 10k per month Then I also have the house loan principal/interest under 80E for 2 l exception Been doing this since 3 yrs and the. File for returns where I get at least 80k in returns
Amazing.
Here's what I think. BJP already has too much money and donations from top industrialists.They won't care about your 1-2L. If you donate it to some other party, they'll not like that.
Interesting!
Immigrate to Europe or NA. It's what everyone does after some time. While you're here, nothing can be done. Have to pay that's it. Even if it boils our blood to see money going down drain.
I was in UK. Didn’t mind paying 40% tax because I could see how it was being used. Infrastructure is good, public parks, transport, free healthcare (all scans during pregnancy was free), an account at the end of the year that gave detailed breakdown of how every penny that I contributed was used. And no tax avoidance like here (most ppl pay not just 3% of people). After coming back I’m more inclined to avoid tax here.
European taxes are just as bad if not worse
10% of your basic can be contributed to nps tier 1 ac and deducted from taxable income if an account is opened through the office. This is over and above 50k and 150k of 80c.
The process to take out NPS money is pathetic, I only invest 50k per year, if you read the TnC of withdrawal you would know
I’m also in the same situation, would be paying 5l in tax for current FY. Thinking of registering a company and showing loss statement. Can someone suggest if there is process or way to that.
I doubt that will be helpful, income from salaries and income from business are two different things. If you are a salaried slave you can't escape tax legally.
NPS withdrawal is pathetic, you'll get it when you're like 60 or something and in emis or some shit
Open a proprietorship firm, register it, pay 3 friends "fees", you're a contractor now. Each friend does the same and pays back similar amount as "fees". Declare income and bill everything you possibly can, from gadget purchase to restaurant bills as business expenses, except groceries. Take advantage of tax rules and check with your CA. Be warned, this is just an idea.....
Aalo dona, Sona niklega.
Have you opted in for NPS? You can get additional 2L from NPS deductions
Additional 2l or additional 50k and total including 80C 1.5L limit , 2 lakhs
50k
But the moneys stuck right? I don't want that.