what is some indian economics basic terms to understand

TheUltraElite

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Quote from: cafter on July 21, 2023, 03:33:34 AM

I am a lower middle class indian and i want to know how the people who have more than 10lakh of yearly income manage their income and give tax on that?

i never earned these much money but i want to know how to manage and what is the process of giving income tax and crypto tax.

Niether have we mate. Grin

Most of these people have a dedicated CA who works for them and manages their taxes. Going by the calculation system for such an income the New regimen would be better suited to tax, but this also depends on how much they want to show as income.

Crypto tax comes in when you show the capital gains. Unless you are selling any you would not be getting into any taxation.

Bitcoin Smith

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Quote from: cafter on July 21, 2023, 05:39:56 AM

this tax % cut automatically from bank account or we need to do something to pay tax, can we keep all of our income without giving tax?

The tax will be deducted for salaried persons from most of the corporate companies but all others has to report on their own even when you don't have to pay any taxes you still can report about your income since everything became online in India.

pakhitheboss

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You still can save 1.5 lac by showing investment under the section 80c. Then you also have the option to avail home loan and save tax on the interest paid on the home loan. Buying an electric vehicle can also save you tax now days. People who make that kind of money do know various ways to save tax.

If you are salaried class then income tax is taken care by the company. If you are not then you would need to file it yourselves.

cafter

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this tax % cut automatically from bank account or we need to do something to pay tax, can we keep all of our income without giving tax?

Bitcoin Smith

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Quote from: cafter on July 21, 2023, 03:33:34 AM

I am a lower middle class indian and i want to know how the people who have more than 10lakh of yearly income manage their income and give tax on that?

i never earned these much money but i want to know how to manage and what is the process of giving income tax and crypto tax.

10 lakhs INR yearly equals to 83,334 INR monthly income which is almost to achieve by business individuals, IT employees even many professionals such as Doctors, Engineers, Pilots, etc.

You can use old both and new tax regime but here I am taking old tax regime to calculate the taxable amount for 10 lakh INR

₹2.5 lakh at 0%: ₹0 (No tax)
₹2.5 lakh (₹5,00,000 - ₹2,50,000) at 5%: ₹12,500
₹5 lakh (₹10,00,000 - ₹5,00,000) at 20%: ₹1,00,000
Total Income Tax: ₹1,12,500

But to get all the tax benefits then it is better to approach the professional such as financial advisors and auditors to get the most economic value.

cafter

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I am a lower middle class indian and i want to know how the people who have more than 10lakh of yearly income manage their income and give tax on that?

i never earned these much money but i want to know how to manage and what is the process of giving income tax and crypto tax.

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