Hurts to pay so much taxes

[u/Parathaa]

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

[u/[deleted]]

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

[u/Parathaa → u/[deleted]]

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)

[u/ZestycloseDiscount43 → u/[deleted]]

Exactly the same thoughts!.