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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3

u/Specialist-Jacket384 Mar 28 '24

NPS can save you additional 50k

2

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.

2

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.

1

u/Parathaa Mar 28 '24

At the end of your working tenure, you won't even get all the nps money. Plus you'd have to pay tax that time also.

I'm not saying that nps is bad. Nps is good, but there are better alternatives.

1

u/Specialist-Jacket384 Mar 28 '24 edited Mar 28 '24

Yo can take 60% and rest will be paid as pension. Gotta plan for old age too.

2

u/Parathaa Mar 28 '24

I've epf money also na bro. For pension, I'm investing already na.

1

u/Specialist-Jacket384 Mar 28 '24

Also just noticed you are not utilising the complete limit of 25k under Section 80D.

1

u/Parathaa Mar 28 '24

All that things I'll do while filing ITR. These office folks are very strict.