30% income tax.

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 July 2010 A person's annaul income is 75lacs. He comes under highest tax bracket.Lets suppose that the total taxable income is 70 lacs and at rate of 30% the tax comes out to be 21 lacs.......

Now the person is not mentally prepared for paying such high tax...earning with hardwork and paying 30% back to gov...this is his dilemma.....

Are there anyways by which the tax amount can be reduced ?

Aditya Maheshwari

Aditya Maheshwari (Expert)
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27 July 2010 It would advisable if the nature of receipt is known to advise on the same and TDS must have already been deducted on the same.

Ca Aashish Upadhyay

Ca Aashish Upadhyay (Expert)
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27 July 2010 i agree!

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CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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27 July 2010 Without looking into the details of source & mode of income, this answer will not be feasible.

Querist : Anonymous

Querist : Anonymous (Querist)

27 July 2010 The person is having business. The business is of trading in FNO.

He makes an annaul profit of 75 lacs.

Thus this income of 75 lacs is income from business.