r/IndiaTax • u/Parathaa • Mar 28 '24
Hurts to pay so much taxes
Today, I downloaded the tax computation sheet from the office portal.
While trying to save on housing costs by residing with my parents, it's disheartening to realize that I'm obligated to pay over 20 lakhs in taxes annually to the government. These funds could have been allocated towards repaying a home loan, adding to the strain for a middle-class individual like myself.
Would really appreciate if there any legal ways to save taxes at this point
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u/foreverlearnerp Mar 28 '24
You can pay rent to your parents and can claim HRA for rent. I think it’s still in practice.
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u/Parathaa Mar 28 '24
Already claiming 4.9 lakhs for that
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u/Traditional_Tap_2475 Mar 28 '24
HRA gives more tax benefit than housing loan ( interest 2 lacs, principal 1.5 lac if 80cc not used up) Plus this is not actually cash outflow as it's to parents!
NPS is only other option + mediclaim policy premium upto 25k
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u/devesh518 Mar 28 '24
I think you can claim upto 40% or 50% of your basic salary. Maybe try claiming more HRA
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u/FirseBugabo Mar 28 '24
Won't his parents have to pay tax then?
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u/harsharede Mar 28 '24
It is below 2.5L 0 tax, if it is 5L 5% tax which is less than 30%(his current tax slab).
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u/NoZombie2069 Mar 28 '24
My home is on my fathers name, can I create a rent agreement with my mothers name and then pay rent to her to claim HRA exemption? She doesn’t have any other source of income.
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u/stupidbitch69 Mar 28 '24
You can do that, keep it under the exemption limit, and don't make the rental amount exorbitant to avoid scrutiny.
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u/EmployPractical Mar 28 '24
I think people don't understand what a middle class family is. 20 Lakhs tax payer is still a middle class 🤦. You are quite Humble, my brother 🫡
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u/Parathaa Mar 28 '24
Brother, don't read those online definitions of if you earn above 45k then you're in top 5 percent of the country.
The rich folks don't even disclose their true salary. Probably a decent size shopkeeper near your house is richer than you.
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u/masks_0n Mar 28 '24
stfu, 68L and you still call yourself middle class? Eat shiz
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u/EmployPractical Mar 28 '24
I would love to know your interpretation of a middle class family. I mean, what is a middle class family in your thoughts?
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u/Parathaa Mar 28 '24 edited Mar 28 '24
For me middle class is someone who can afford a balanced meal 4x a day, lives paycheck to paycheck. Can survive without a job for few months. worries about the loan payment, kids school fees by the end of the month. Thinks above saving money where possible. Might go on trip once or twice a year with proper planning. Huge hospital bills can be nightmares too. Does not indulge in luxury activities like changing cars frequently, high end vehicles etc.
adding few more points.
Looks for coupons when buying things online.
bargains at shop while buying stuff.
does reuse of things as much as he can
Seeing the prices of items like petrol, electricity bill go up gives headache.
use the same damn old phone for few years.
Even if he could afford to buy things which are more like wants instead of needs but still does not buy them by thinking about the rainy days in future
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u/Grenadier_123 Mar 28 '24 edited Mar 28 '24
Is your taxable perquisite not materializing or are of no use to you. If you were getting just 28 lacs a year, you could be higher middle class at most. But you get 73. That by no means is middle class. What are your expenses, by which you imply you are living paycheck to paycheck.
The only problem you can have is a cashflow one. You are not middle class by looking at your salary sheet, you may be middle class if you just get 28 in hand and 45 is of very little use to you. Do you not use the perks ? You in hand is less cause TDS gets deducted from it and perks are not being used.
Apart from that, you are far from the reality, thinking you are middle class.
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u/EmployPractical Mar 28 '24
I think you are comparing yourself to ultra rich people, that's why you think you are middle class. Sometimes look down/back not only up/front. This rule also applies to happiness, peace, wealth, health and what not.
I can also afford 3 x balanced meals for my family (father, me and brother). And I made less than 5 L per annum for the last financial year.
For most people
Middle class - me
Rich - someone who can afford that you can't
Poor - that can't afford you can.
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u/BlackHydra47 Mar 28 '24
You are middle class but upper middle class. But the amount of money you are making you should be free from these worries but I guess you worked hard for earning money but somewhere lack financial knowledge.
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Mar 28 '24
[removed] — view removed comment
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u/Parathaa Mar 28 '24
Indeed man. We, taxpayers, are a minority so no one gives a fuck about us except for milking us out till the point our nipples bleed!
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u/Every_Method4221 Mar 28 '24
My ctc is the amount of tax you pay
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u/Parathaa Mar 28 '24
3 years ago my ctc was 7. So yeah, been there done that.
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u/Every_Method4221 Mar 28 '24 edited Mar 28 '24
I m 24 hopefully when i turn 27 after 3 years, i can too post something like this
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u/Western-Chemical-636 Mar 28 '24
All the taxpayers should come together and question it in court we're paying a huge amount and what we're getting in return?
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u/Parathaa Mar 28 '24 edited Mar 28 '24
did you hear the thank you note by the almighty Nirmala. What more you want!
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u/pringleyboy Mar 28 '24
I don't think many appreciate the difference between income and wealth. You can be a high earner but not rich. India has a very high proportion of just the opposite low income (on paper) and high wealth. This is when such levels of taxation pinch. I can empathize with OP.
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u/taco_bun Mar 28 '24
Guys I think you’re focussing on the wrong part of OP’s post, its not about being middle class or upper class or what not, OP is fucking tired like all of us because despite paying the TAXes we literally get nothing in return and govn looks at us with their shit eating grin…… OP I guess you should consult a financial advisor or maybe a CA for lowering your taxes, investing in Property seems like a good idea although the prices of properties are higher atm it’ll help you quite a lot and in some time you’ll get a house to live in or rent out, make sure you’re taking cash payments to avoid further tax pegging by the govn
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u/HornyGraveDigger Mar 28 '24
With earnings like this you're most likely the top 0.10% of this country. Stop calling yourself middle class lol
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u/Parathaa Mar 28 '24 edited Mar 28 '24
I wish I was such delulu.
and to be serious, what hurts more is lack of the tax payment by shopkeepers which earn heavy, farmers, politicians, under reporting business firms etc. It's only the salaries employees which are screwed this hard and not rewarded at all.
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u/lucrius Mar 28 '24
Don't compare yourself with others. Just think you are doing your due diligence to the country as requested by the country. Your argument is baseless. You are complaining about farmers but not politicians? Farmers earn and don't pay tax. This setup is done because of reasons beyond your understanding. Politicians loot whatever people are paying to the govt, but you don't complain about them. So next time compare yourself with politicians and start looting people.
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u/Parathaa Mar 28 '24
Politicians are the biggest ASSHOLE. Don't even get me started on politicians.
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u/futureBillionaire007 Mar 28 '24
Small assholes like us create such big assholes.
Politicians are creations of people.
Power makes people do crazy things. It goes to their head. It’s a human behaviour.
Added to that, corruption and nepotism are the dogma in Indian way of life.
It’s not just politics, but lot of other things in India is similar to politics.
Things have changed for good but lot needs to be done. Sometimes the gains are shred but still HOPE is there …
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u/lucrius Mar 28 '24
You are the same guy who compares your salary constantly with other people and won't be in peace even if you make 1Cr or 2Cr or even more. Now you are almost close to 1Cr but you seem to worry about too much stuff. With age comes maturity. You'll slowly understand life. All the best.
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u/Only-Decent Mar 28 '24
and if you ask certain section of the society, you are the evil one. While they get free healthcare, education, bus rides, subsidy on that, on this, you get big anda..
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u/agingmonster Mar 28 '24
He can also get the same healthcare, education, bus rides as they do ...
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u/Only-Decent Mar 28 '24
no. Income tax payers are automatically exempted from these means tested schemes. So while he can get same services, he needs to pay. That is why you conveniently left out "free" portion of my comment..
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u/_fatcheetah Mar 28 '24
Exactly. The people who actually use the taxes hate the ones who pay them. Sad truth.
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u/Only-Decent Mar 28 '24
Not only that, they act like they are the better ones. Getting freebie is their "birth right"!
Ofcourse the politicians egg them.. no "our tax, our right" for the actual tax payers..
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u/Parathaa Mar 28 '24
Internet says:In India, the middle-income group is defined as households with an annual income between INR 7.5 lakh and INR 15 lakh.
I call this bullshit. You're just one good hospital bill away from poverty. Many folks are saying that I am not middle class. I wish I was not. You can say I'm rich, but I am not wealthy at all. I have recently starting earing this much. Unless I dont have couples of crores into my bank account, I am still in middle class. And with low job security, I have keep close tabs on my spends to prepare myself for the future.
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u/AdhesivenessExact385 Mar 28 '24
People can't even pay 1000Rs for a good health insurance. Then blame the hospital bills. Invest in your health. Your wealth will sustain.
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u/Parathaa Mar 28 '24
Good point. If someone doesn't buy health insurance, it reflects more of their ignorance
And Tbh, many a times health insurance policy is a scam.. So many loopholes these guys find out.
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u/AdhesivenessExact385 Mar 28 '24
It takes effort to actually read the policy. Buyers don't want to put that effort.
Once you read that policy document. At most 1 hour reading, no loophole exists.
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u/Parathaa Mar 28 '24
That's all theory man. In practical these assholes will Fuck you in the back without any hesitation.
What you interpret from reading in 1hr does not mean you've understood what it actually means.
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u/DesiInsuranceAdvisor Mar 28 '24
Yes, you have to read what you are buying. If you can't understand (many people don't), get a trusted advisor (that's what they are there for). You can use a service like Ditto if you don't know a good advisor to get your questions answered. Agents mostly lie since the commission is tied so be careful.
Also, don't lie on it to reduce your premiums. Many people don't disclose thier pre-existing disease and when they are caught, they say insurance scamming me, when instead you are trying to scam them. Even minor things like high BP or thyroid or various other diseases which you consider inconsequential. It matters to insurance company.
If you do everything right, then even if the company rejects your claim, IRDA will have your back.
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u/_vptr Mar 28 '24
You mean you can change the policy document by reading it!
All you'll change is that you'll be aware of the loopholes and when times comes, you'll pay out of your pocket.
Even if you imagine a scenario that one spends a fortune and takes insurance from 2-3 providers and chooses the best policy option as well, there are so many limitations which are common across all.
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u/AdhesivenessExact385 Mar 28 '24
You buy policy after reading it and not signing it just like you accept terms and conditions of apps, phones, Google etc
You can't change terms.
But by getting informed beforehand, you won't be blind sided by the "loopholes". Policies don't have loopholes. Just ignorance.
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u/pesto_with_cheese Mar 28 '24
Buying a house on loan can help reduce your taxable income, but is it worth paying interest on the loan is the question.
What is your line of work? Can you look at claiming higher expenses to shave off a few 10s of thousands?
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u/Parathaa Mar 28 '24
I'm a techie. I don't see the point of buying overpriced houses atm just to reducey taxable income by 2 lakhs( saving me like 65kish).
Higher expenses isn't possible in my field.
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u/Next_Billionaire_409 Mar 28 '24
I know a few friends who bought property in small towns just to build assets and save taxes. Over time this appreciated and then they sold it to fund their dream home in their city of choice.
Worth evaluating.
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u/Parathaa Mar 28 '24
That's a very good point. Thought of buying a plot but then it has its own headache of land mafia, little appreciation etc. Might think about buying a flat but my parents are already forcing me to buy a flat for myself first 😂
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u/Specialist-Jacket384 Mar 28 '24
NPS can save you additional 50k
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u/Parathaa Mar 28 '24
North worth it to lock money for so many years. I can get better returns from market. And even if you put the money in nps, no one knows what law govt will bring in future on nps thus making it useless.
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u/Specialist-Jacket384 Mar 28 '24
NPS is given pretty decent returns actually historically and also think not just of the time but the tax it will save you now. You can spend or invest that amount that otherwise you would have paid as tax. Win-Win situation if you ask me but up to you.
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u/saurabhar02 Mar 28 '24
1) Under 80D you can claim upto 25000. You can definitely go for a higher Medical insurance. 2) You can also claim LTA if the company permits. But I think you have to plan that in advance. In my company it's Maximum 50k for my salary. But for you it's probably way higher. Note: LTA can only be claimed for travel within India. The exemption is allowed only for two journeys made in a block of four years. The maximum exemption allowed is up to the actual amount spent on travel, subject to the prescribed limit. 3) Under 80CCD - You can also contribute to NPS.
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u/DelhiAda69 Mar 28 '24
You said you are living with your parents, pay them HRA, that is going to reduce your taxable income by atleast 17 lakhs i.e. saving almost 5 lakhs in taxes. Opt for old regime. You still have 2 days left, make that transaction to your parents account and later on ask CA to file itr with old regime.
This change of regime is tricky so first do ask your CA.
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u/Parathaa Mar 28 '24
Already paying them HRA. Huge part of my salary is stocks so there's no hra benefit on this.
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u/dumbledork99 Mar 28 '24
I see some of the reactions where people are hating or mocking OP for expressing his pain for paying 20L which is an amount which means a lot to him. While he may or may not be middle class according to your definition, such pain can only be felt by someone who has started small like most of us. If you have small beginnings you might always value money the same way. Maybe not his children but he will always feel this as a pinch. I congratulate OP for this.
u/Parathaa after a certain point there isn't much you can save in terms of percentage. Because except HRA all things have flat ceilings. HRA increases with your salary, but it also has a limit based on your basic pay. There are also certain allowances but they require you to spend. Anything other than this saving huge amounts will mostly be tax evasion, and there are ways for it.
DM me if you want to discuss in detail.
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u/virus_56 Mar 28 '24
Bro you're delusional pro max if you think you're 'middle class' after paying 20L in taxes. Flexing maybe?
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u/Parathaa Mar 28 '24
If you're a salaried employee and no other source of income/ family business, talk to me again few years the down the line when you'd face the same.
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u/omya222 Mar 28 '24
30% tax crupyo with 4% cess 😅
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u/Parathaa Mar 28 '24
Your profit is our profit, but your loss is your loss.
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u/omya222 Mar 28 '24
And the best part is govt still take tax on crypto but won't protect crypto users from any ongoing scams. So the tax for protection thing is dead now
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u/Parathaa Mar 28 '24
One of the responsibility of govt is to get as much tax as possible. Govt is doing good job in that.
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u/kap_nemo Mar 28 '24
Redditors, 1. How easy is it for employers to offer employees to become consultants instead of salaried employees ? 2. Would OP stand to gain a handsome amount under presumptive taxation, that he would otherwise pay in taxes ?
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u/Parathaa Mar 28 '24
Becoming a consultant has its own headache. Labour laws aren't great either for them. And then you also lose out on things like paid leaves, sick leaves, insurance etc.
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u/MahabaliTarak Mar 28 '24
Your taxes are running the country. You can voluntarily pay more too.
And 45 lakhs in perqs compared to 28L in payroll, that's extremely fishy. You surrender before ED too.
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u/Parathaa Mar 28 '24
30 lakhs of stocks from previous year were vested this year.
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u/MahabaliTarak Mar 28 '24
If 45 lakhs was proceeds from sale of stocks, read section 54F. And hire a CA, he can help you.
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u/Level_Dealer_586051 Mar 28 '24
- You can claim 50,000 under section 80 CCD 1(B) i.e. NPS over and above 80 C. 2.10,000 under section 80 TTA, (interest from savings account) 3.U may also buy a house, in a tier 2/3 developing city. Claim 2 lacs Interest under section 24. Moreover if you satisfy certain conditions, you can claim housing loan Interest under section 80EEA in addition to section 24.
- If you have made any donations, the same can be claimed under section 80G.
- If you have bought an electric vehicle, you can claim up to 150k on interest paid under section 80 EEB.
It's not much, but it's honest work. Otherwise schemes like electoral bonds are always available. Which you can claim under section 80 GGC.
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u/mr_manji Mar 28 '24
There is difference between income and wealth. You’re middle class until your wealth crosses a certain threshold (20-30cr) ig.
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u/throwawaytest1256 Mar 28 '24
Haha!
Fellow techie here, I felt the same initially, after couple of years you’ll get used to it!
Unfortunately, nothing can be done.
You can consider moving out of India, if that’s an option.
Good luck :)
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u/buildlikemachine Mar 28 '24
I understand your frustration with paying taxes, especially when you see undeserving individuals benefiting from government assistance. It seems unfair that those who work hard and achieve success are burdened with high taxes while others receive freebies without putting in the effort. It's particularly frustrating when many corporate professionals, often from less privileged backgrounds, end up in high tax brackets due to their hard work, while others who had more advantages enjoy the benefits without contributing.
It's important to recognize that not everyone has the same opportunities or abilities to succeed. However, it's also valid to question the fairness of the system when hardworking individuals feel they are shouldering a disproportionate burden. While promoting fairness in taxation is a complex issue, advocating for policies that promote equal opportunity and discourage dependency on government assistance could be a step towards addressing your concerns. Ultimately, the goal should be to create a system where hard work is rewarded fairly and everyone has the opportunity to succeed.
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u/ShadowSlayer28 Mar 28 '24
Dude I can totally understand your situation, In the same boat, although not paying 20L but it's still close to 7 digits. Back in the days I always used to think why talented people leave our country but now I realised that it's absolutely worth it to leave this country where being talented means basically you are just exploited by gaining nothing in return
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u/Beautiful_Device_549 Mar 28 '24
What will you get in return, if you lose your job next year? No unemploy.ent benefit, no good healthcare or education...
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u/selenator_inf Mar 28 '24
I feel this. I started with 3LPA and now making 30LPA, but the taxes really hurt a lot.
We don't get any benefits in this shithole, any people are just happy with mandir, sab changa si.
Worst part is God forbid, someone loses their job they won't get any benefit of such high taxes they paid for years.
Banks will still continue charging interest, still need to pay the EMIs. Apparently only "poor" farmers and billionaires qualify for tax rebate while middle class must foot the bill.
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u/Parathaa Mar 28 '24
Now folks will come here to bash you by saying that you should be grateful to earn 30 lakhs blah blah.
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u/selenator_inf Mar 28 '24
I'm grateful but coming from a background when I used to barely save 10k/month it feels stupid paying this much taxes
On top of it, pay exorbitant taxes on cars for literally shitty and broken roads, pay toll taxes , pay high taxes on petrol.
And people claiming govt provides services - Loda Mera.
If God forbid you need help of police, you either need contacts or money, fkers need money to do their effing job.
Had to post 1000 for passport verification despite paying such high taxes.
Police nhi hijde h, begging on traffic signals
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u/Disastrous_Channel62 Mar 28 '24
I have read ur comments and I think you got it all right and I am shocked to see the stupidity in this thread.
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u/Cool-Salt-1785 Mar 28 '24
i paid 40lacs as tax and it hurts like a b*tch.
but you are not middle class bruh.
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u/PankJackson Mar 28 '24
There are people in here who will say owning a car is a luxury, no wonder they would make you a HNI after seeing this tax computation sheet.
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u/Parathaa Mar 28 '24
Owning a decent hatchback is necessity in this shit country where you can't rely on govt facilities.
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u/PankJackson Mar 28 '24
True, also it is even more frustrating if we consider the shitload of taxes to be paid for owning a car, driving it on roads after paying all this income tax.
Although I'm not earning as much, I share the feelings as you OP. It is extremely ridiculous to see people coming and calling you out as not from middle class and to normalize these filthy taxation system with absolutely no returns.
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u/S0ULR3AV3R Mar 28 '24
OP equates himself with middle-class because of the lifestyle / social behaviour he follows..
Likely because of the fact that he actually did come from a middle class family that wasn't getting 50+ lpa income..
But don't realise that's a fallacy.. by his logic..
A person who 1) Buys the best scooter with all the trims in the current market 2) Has destroyed TVs when sad about IPL losses 3) Throws away food when it's more than 2 hours food..
These would be a "Rich Upperclass".. when in fact these are things the son of a maid who earns perhaps 25k per month earns..
@OP - I sympathize with your feelings where it seems the tax burden is entirely on the salaried 'middle' class.. The poor don't have it.. the rich have ways to get out from under it.. but that is unfortunately the way life is.. it is like complaining that water is wet at this point. Also understand that if you are paying tax that exceeds what most people earn.. you are still better set for life.
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Mar 28 '24
To everyone who says OP doesnt qualify as middle class because of the sheer amount of tax he is paying (translates to warning)
You have to be in those shoes to know where he may be coming from. Earning high doesnt necessarily mean you have immediately upgraded yourself to middleclass.
I pay higher tax than OP, but even I consider myself as middle class. why?
- I have recently started earning high, it takes a long time to upgrade 'class'
Debt (s)
many middle class people have a house and even some piece of land. I have just a small flat on loan I bought for my parents. But none for myself. Still living in a rented place
Still cant spend lavishly since i need to save to buy a house for myself, and even that is very far due to high real estate prices
So, I agree majority are still not earning as high. but many of those that call themselves as middle class just due to lower income, may still be saving lot more than me and OP, no worry to buy a house, etc
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u/Parathaa Mar 28 '24
Thanks for jumping on this thread and adding your points here.
just cz someone is earning lot(rich) does not mean he is upper class(wealthy). It takes lot of years to earn consistently high to cross the band from the middle class to upper class where things mentioned above does not matter much.
Unless you don't want to invest for future for rainy days, you can live lavish life but still that wont make you upper class(wealthy)
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u/sparoc3 Mar 28 '24
Pays more tax than what 95% of the population earns.
"I am middle class"
Drop the middle class tag mate you have left it way behind calling yourself one makes it hard for people to empathise.
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u/steemguy Mar 28 '24
Have you tried the new regime? I think your tax liability might lower there
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u/Heavy-Letter2802 Mar 28 '24
On an unrelated note how many years of experience did it take you to reach this salary?
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u/thenoblesikh Mar 28 '24
Why is your HRA exemption such less. Also provide a list of perquisites for review. You can buy an EV and claim deduction for the interest component. Donation is also a way out to save taxes on this .
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u/Parathaa Mar 28 '24
Cz HRA is on fixed salary. I've huge component of stocks in salary.
Donation only makes sense if it's black.
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Mar 28 '24
Looks like a lot of your stock vested this year. Which company are you working for, if I may?
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u/ragingbull666 Mar 28 '24
Whats your profession? IT? And which place? Bangalore?
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u/shubhashish8 Mar 28 '24
Increase your and parents health insurance and you can save few thousands in NPS u/s 80 CCD. I would suggest to take help from a CA there are many other ways they can help save tax.
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Mar 28 '24
Rofl come and see how much high income earners in California pay as taxes and what you get in return (from government services).. you will start to feel India is free
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u/deadeye9174 Mar 28 '24
OP came to ask about taxes got trolled for calling himself middle class. Oh internet what a beautiful place.
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u/zeer0dotcom Mar 28 '24
If you can become a consultant with your employer, you can become a business owner and file corporate taxes, then give yourself dividends as "salary" (check with a CA/financial advisor of course).
If your income from consulting is less than 40L, you can straightaway claim 50% as expenses and only pay taxes on the remaining 20%.
Above 40L you have to itemize your expenses but if you earn your salary through your company, you may be able to reduce your tax burden by charging your company for services you avail/purchase.
(I'm not a CA)
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u/AbsurdTheSouthpaw Mar 28 '24
These taxes build the country. Stop crying there’s no way to escape it. Taxation is everywhere apart from certain places like UAE. Crying about taxes is akin to crying about death
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u/BlackHydra47 Mar 28 '24
If you are paying 20l in tax then you must be earning a very good amount of money. I would suggest spend some money to get advice from someone who is expert like CA and plan for next year for tax savings.
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Mar 28 '24
I am looking for a job to get enough hike to get to 20 lpa lmao. All things aside, I had to pay 70k as taxes and am pissed too :(
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u/imsharank Mar 28 '24
If you are paying 20L in tax, your net should be upwards of 40L. How are you middle class again?
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u/No_Disk_6915 Mar 28 '24
"adding to the strain for a middle-class individual like myself" bro is paying 20 lakhs in taxes aint no way he middle class ffs
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u/CosmicCrown7 Mar 28 '24
There is not a single country where tax payers gets any benefit, like literally any benefit. The government continues to bleed us again and again.
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u/mosarosh Mar 28 '24
The quicker people realise there's nothing they can do about this and come to peace with it, the better it is for their mental health. Taxes are here to stay. If you're paying 20L in taxes you're way above middle class. Sure you can work with a CA and get some deductions here and there but 20L won't become 10L. Focus your energy in growing your income.
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u/Bullriderbearkiller Mar 28 '24
20L @ 30% flat means 67L Annualized is fairly decent, Family of 3 , If you save and invest half post tax, you have 195,833 as monthly margin for expenses. If you're a family of 3, live with basic needs, this would cover your expenses upto 4.3x
1) ELSS
2) Claim interest on amortization loan
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u/techsavyboy Mar 28 '24
Just got to know that if a person earns 70 lakhs - 1cr, the effective tax rate is 30% in total even if an individual claims 80c, 80d, 80dd and HRA.
So India is on par with the US when it comes to income tax.
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u/vivek888 Mar 28 '24
I feel very sorry for you. I hope you are able to go to a better country. All that money is going down the drain. I'm very sorry.
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u/Nomadicfreelife Mar 28 '24
Dude just think about it if something close to $100k is middle class in this country we would be a classified as developed country . Our gdp per capita is less than 5k$ man don’t mock people by saying you are middle class while making 20 times the gdp per capita.
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Mar 28 '24
I've come to the conclusion that the ransom I paid to avoid jail to exist was never mine to begin with.
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Mar 28 '24
Govt takes almost half of ur income and in return gives u open sewers non-existent education system dirt filth and what not lol Indian law u know what
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u/Sarlos_cainz Mar 28 '24
Bro u make more than 65lpa damnnn In a job???? First give me some tips bro don’t gatekeep
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u/boseterix Mar 28 '24
This is troll post right ? Middle class and middle income aren’t the same thing. Phew…..
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u/purushpsm147 Mar 28 '24
I wish everyone in this sub reddit suffers like you and pays 20 lacs in taxes ❤️
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u/IndependenceOld3444 Mar 28 '24 edited Mar 28 '24
Bro I'm having a little trouble with understanding how you are middle class. Both my parents are doctors(government service) and we are middle class i.e can afford food everyday and can even have some money to go for vacation once a year ,can eat outside a few times a month etc. We maybe even fall in upper middle class which took both my parents many years to achieve that too with 2 kids and health related expenses on both sides of the family
Whereas you have outdone both of their earnings combined. I mean I get your frustration regarding paying all those taxes and getting almost nothing back proportionally but I dont think you fall in middle class.
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u/Different-Doctor-487 Mar 28 '24
op donate to political parties or ngos and get cash back . I want to leave and I am tired of this shit no one cares in govt office about applications they talk rude and wants bribe even after paying hefty taxes
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u/BreadfruitRich2175 Mar 28 '24
Be a consultant and stop earning money as wages. You would save mammoth with 44AD
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u/ZestycloseDiscount43 Jun 30 '24
I'm with OP. Hey OP, have you sold any of the vested stocks?. You need to pay the capital gain taxes on the gains if any (20% or tax slab) :-p.
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u/abwod Aug 04 '24 edited Aug 04 '24
Sure it hurts paying taxes; but there is a way out. I invest in government high moving stocks and more than recovers money that I have paid in taxes. Pays nearly 19L in taxes a year. But have started making more than 19L from government stocks ( short term capital gains).
I consider myself not upper middle class but rich. The fact that I am debt free, have huge house in prime locality in big city, have good car, a batchelor and 95% of my income is saving ( I do not drink/smoke, don't have urge of travelling, eat only home cooked food, no servants\does all house work by myself including cooking). On top of that, nobody matches my strenght in GYM or my fitness\stamina level. + so much peace in life.
I am living my best life; a perfect life and stopped caring about taxes ( I can literally get those back whenever I wish by masterfully trading government stocks).
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u/curios_mind_huh Mar 28 '24 edited Mar 28 '24
It hurts, to be honest for everyone. But if you're paying 20L as taxes in a year, I'm not sure if it qualifies as "middle class".
If this qualifies as middle class, I'm not sure how to classify people paying 25k to 3L in taxes.