Sign Up

Sign Up to our social questions and Answers Engine to ask questions, answer people’s questions, and connect with other people.

Have an account? Sign In

Have an account? Sign In Now

Sign In

Login to our social questions & Answers Engine to ask questions answer people’s questions & connect with other people.

Sign Up Here

Forgot Password?

Don't have account, Sign Up Here

Forgot Password

Lost your password? Please enter your email address. You will receive a link and will create a new password via email.

Have an account? Sign In Now

Sorry, you do not have a permission to ask a question, You must login to ask question. Please subscribe to paid membership

Forgot Password?

Don't have account, Sign Up Here
Please subscribe to paid membership

Sorry, you do not have a permission to add a post. Please subscribe to paid membership

Forgot Password?

Don't have account, Sign Up Here
Please subscribe to paid membership
Sign InSign Up

Bondsindia Forum

Bondsindia Forum Logo Bondsindia Forum Logo

Bondsindia Forum Navigation

Search
Ask A Question

Mobile menu

Close
Ask a Question
  • Home
  • User Profile
  • Communities
  • Questions
    • New Questions
    • Trending Questions
    • Must read Questions
    • Hot Questions
  • Polls
  • Tags
  • Help
Home/ Questions/Q 1494
In Process
Mohd Imran
  • 0
Mohd Imran
Asked: September 14, 20222022-09-14T13:21:50+05:30 2022-09-14T13:21:50+05:30In: General Investment

How much do I save on my taxes?

  • 0

I make a lot of money, is there an app that will help me save on my taxes or any other options please give me suggestion

investmentsave moneytax savings
  • 4 4 Answers
  • 0 Followers
  • 0
Answer
Share
  • Facebook

    4 Answers

    • Voted
    • Oldest
    • Recent
    • Random
    1. devlalit42
      2022-09-14T13:37:02+05:30Added an answer on September 14, 2022 at 1:37 pm
      This answer was edited.

      Firstly, let's assume that you have a taxable income of Rs. 5,00,000 per annum and you are in India. Your tax liability on the Rs. 1,00,000 will be as follows:Taxes Payable (Rs.) Tax already paid as 10% of taxable incomeNet tax liability after tax deductionTax payable (Rs.)Net tax liability after taRead more

      Firstly, let’s assume that you have a taxable income of Rs. 5,00,000 per annum and you are in India. Your tax liability on the Rs. 1,00,000 will be as follows:
      Taxes Payable (Rs.) Tax already paid as 10% of taxable income
      Net tax liability after tax deduction
      Tax payable (Rs.)
      Net tax liability after tax deduction
      Rs. 1,00,000 1,00,000 – 0 = Rs. 100,000
      So your net liability is Rs. 100,000. Now let’s assume that you earn a salary of Rs. 4 lakh per annum and you are in India and your employer deducts taxes at the rate of 40% from your salary for Company A where only 15% is deducted at source; so your total taxable income becomes Rs. 2 lakh and so also your net tax liability becomes Rs. (1+40%)/2 = 25%. This means that 25% of the amount of salary is deducted by the employer at the source and therefore this step reduces the amount to which you have to pay taxes by 25%. So all you have to do is multiply this figure by say 45% so that the amount left.

      See less
      • 0
      • Reply
      • Share
        Share
        • Share on Facebook
        • Share on Twitter
        • Share on LinkedIn
        • Share on WhatsApp
    2. Sumit Kumar
      2022-09-15T15:33:02+05:30Added an answer on September 15, 2022 at 3:33 pm

      You are not alone, you see our Government is bad with Money. I don't think the Government has a good idea of how much money one makes in his or her lifetime. One has to be very careful about saving and investing. You can easily save by investing your hard-earned money in Future Growth Mutual Funds tRead more

      You are not alone, you see our Government is bad with Money. I don’t think the Government has a good idea of how much money one makes in his or her lifetime. One has to be very careful about saving and investing. You can easily save by investing your hard-earned money in Future Growth Mutual Funds through ETFs (Exchange Traded Funds) like Nifty 50, Sensex (India’s Stock Exchange), S&P CNX Nifty, etc as they invest in companies that are growing and you will get high returns on your investment. The best part is that these funds do not charge any transaction charges, maintenance charges or commission fees. They also offer Tax saving facility so there is no tax at all on your invested income.
      Simply put this means for every Rs1k invested in Fund A you will get back Rs15-20k (based on average market return). These are low-cost funds which have various schemes of saving taxes like HRA, PPF & Excess HRA etc depending on your annual income. So its really better to optimize your investments by taking these kind of measures instead of going wild with expensive but risky schemes like PPF/EHT/HRA etc.

      See less
      • 0
      • Reply
      • Share
        Share
        • Share on Facebook
        • Share on Twitter
        • Share on LinkedIn
        • Share on WhatsApp
    3. Danish
      2022-09-17T11:02:32+05:30Added an answer on September 17, 2022 at 11:02 am

      I do not use a tax software at all. I simply file my taxes on paper and have the receipts in case I need to write back with the IRS. IF you are a legitimate business owner, an accountant will be able to help you get some of your tax liability taken off your taxes as an employee or contracting is oneRead more

      I do not use a tax software at all. I simply file my taxes on paper and have the receipts in case I need to write back with the IRS. IF you are a legitimate business owner, an accountant will be able to help you get some of your tax liability taken off your taxes as an employee or contracting is one thing but as a business owner you’re legally required to pay taxes on whatever you earn. Shareholders and employees get away with some things but if you’re operating a business, then paying taxes is just part of how it goes down. You’ll realize pretty quick that there are major advantages to getting your own accounting software and filing everything electronically. Also, for those of us who are professionals we can buy our health insurance separately from our companies (unless we use a group plan). If you want to save money on taxes, this is one area that could help out a lot.

      See less
      • 0
      • Reply
      • Share
        Share
        • Share on Facebook
        • Share on Twitter
        • Share on LinkedIn
        • Share on WhatsApp
    4. Akshit1512
      2022-09-26T11:42:04+05:30Added an answer on September 26, 2022 at 11:42 am

      It depends on your income, but the IRS has a handy calculator that can give you an idea of how much you might save. I've been tracking my taxes and here's what I found: As a freelance writer, I had little to no taxable income before deducting health insurance, mortgage payments, etc. My net adjustedRead more

      It depends on your income, but the IRS has a handy calculator that can give you an idea of how much you might save. I’ve been tracking my taxes and here’s what I found: As a freelance writer, I had little to no taxable income before deducting health insurance, mortgage payments, etc. My net adjusted gross income was just over 750000 per year after deductions. My federal tax rate is 10%, so this means my savings over 10 years would be roughly 2500000! That’s huge considering that I’m still in the early stages of my career. The amount of money saved comes from the marginal tax bracket, which is the percentage of your adjusted gross income that goes to taxes (ie: if your federal tax rate is 20%, then half of all your adjusted gross income will be taxed).

      See less
      • 0
      • Reply
      • Share
        Share
        • Share on Facebook
        • Share on Twitter
        • Share on LinkedIn
        • Share on WhatsApp

    Leave an answer
    Cancel reply

    You must login to add an answer.

    Forgot Password?

    Need An Account, Sign Up Here

    Sidebar

    Ask A Question

    Stats

    • Questions 132
    • Answers 275
    • Best Answer 1
    • Users 106
    • Popular
    • Answers
    • Rajiv Kumar

      Is Sovereign gold bond taxable after 5 years?

      • 10 Answers
    • Bheema Bharti

      Which investment gives the highest return?

      • 8 Answers
    • Neha Sharma

      Which government bonds are best to buy?

      • 7 Answers
    • pallavi Rajput
      pallavi Rajput added an answer When it comes to seeking higher interest rates, investors often… August 10, 2023 at 5:38 pm
    • pallavi Rajput
      pallavi Rajput added an answer Determining the ideal percentage of your monthly income to invest… August 10, 2023 at 5:38 pm
    • golddytalwar
      golddytalwar added an answer The legal and regulatory landscape in India can be complex… July 25, 2023 at 3:50 pm

    Related Questions

    • Rohitsingh

      What are the tax implications of investing in mutual funds?

      • 0 Answers
    • Sumit Kumar

      How does India's demographic dividend impact investment opportunities, particularly in ...

      • 1 Answer
    • tanmaybhatt

      What are the potential risks and challenges associated with investing ...

      • 1 Answer

    Top Members

    aldabelton2

    aldabelton2

    • 0 Questions
    • 0 Answers
    doylemif6042180

    doylemif6042180

    • 0 Questions
    • 0 Answers
    vbSDUDsTPMaVr0y

    vbSDUDsTPMaVr0y

    • 0 Questions
    • 0 Answers

    Trending Tags

    2 year apcrda bonds best debt mutual funds best investment best investment for salaried individuals best investment options for salaried individuals bond investment bond market bonds bonds india bonds in india bonds interest rate bonds investment bonds market bonds market risk bonds ratings bonds risk bonds vs ncds bse budget budgeting build wealth buy bonds buy bonds india buy corporate bonds buy corporate bonds india buy corporate bonds in india buy government bonds buy government bonds online buy tax free bonds buy tax free bonds in india buy zero coupon bond in india buy zero coupon bonds india capital gain bonds central goverment bond corporate bond corporate bonds corporate bonds india corporate bonds online corporate bond work coupon rate creditworthiness debentures debt debt funds debt market debt mutual funds decoding tax planning with the fixed income diversification diversify your investment equity market finance financial bonds financial returns fixed income fixed income securities fixed income security fixed maturities floating-rate bond gdp goal of the young investor good interest rate good investment good time to buy gov bonds government bonds government bonds india government bonds interest rate government bonds work government policies government tax gsec high-yield bonds higher interest higher returns highest return investment high returns high returns investment high yield income tax indexation benefits indian bonds indian government bonds inflation interest rate invesment options invest invest 1.5 lakh invest in bonds investing investing in bonds investing in fixed income securities investing in government bonds investing in mutual funds investing in rental properties investing in stocks invest in india invest in ncd ipo invest in zero coupon bonds investment investment for salaried individuals investment in bonds investment in india investment opportunities investment portfolio investment strategies invest money invest money in india investor investors ipo is sovereign gold bond taxable issuer loan against investment loan for investment long-term fixed income securities long term savings maturity maximize returns municipal bonds nbfcs ncd ncd bonds ncd ipo ncds nominal non convertible debentures non convirtible bonds nri nri bonds nse online platform online platforms perpetual bonds personal finance portfolio ppf in early age primary bonds purchase bonds real estate investment repo rate retail investors retire retirement retirement plan returns risk free investment risk of invest in bonds risks risk tolrence safe bonds safe investment safest bonds save money save tax savings saving tax saving tax bonds sebi secondary bond secondary bonds secondary market sell bonds senior citizen senior citizens short-term bond options short term short term investment sip sip in bonds source of income sovereign gold bond sovereign gold bond 5 years sovereign gold bond taxable after 5 years stable returns state goverment bond stock stock exchange stock market tax tax-saving for senior citizens tax benefits tax free bonds tax free bonds in india tax free investment tax saving tax saving investments tax savings tax saving schemes in india trade type of bonds types of bonds types of investment way to build wealth what are bonds what is corporate bond yield yield rate young investor zero coupon bond zero coupon bond issued by whom in india zero coupon bonds

    Explore

    • Home
    • Communities
    • Questions
      • New Questions
      • Trending Questions
      • Must read Questions
      • Hot Questions
    • Polls
    • Tags
    • Help

    Footer

    Bondsindia Forum

    #BondsSimplified

    BondsIndia is a part of Launchpad Fintech Pvt Ltd, an e-business platform for fixed income securities that uses technology as a means to provide financial solutions to users.

    About Us

    • Blog
    • Home
    • About Us
    • Contact Us

    Legal Stuff

    • Terms of Use
    • Privacy Policy
    • Cookie Policy
    • Disclaimer

    Help desk

    • Knowledge Panel
    • Customer Service
    • Weekly Report
    • Client Stories

    Follow Us

    All rights are reserved by Launchpad Fintech Private Limited having its brand name Bondsindia , its associates and group Companies.

    Insert/edit link

    Enter the destination URL

    Or link to existing content

      No search term specified. Showing recent items. Search or use up and down arrow keys to select an item.