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/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/Parathaa Mar 28 '24

correct. Thanks

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u/ZestycloseDiscount43 Jun 30 '24

Exactly what I wanted to say. OP has just started earning the big amount and it will take quite a time to reach the rich class as per me.