{"id":7781,"date":"2024-11-29T05:00:54","date_gmt":"2024-11-28T23:30:54","guid":{"rendered":"https:\/\/aktassociates.com\/blog\/?p=7781"},"modified":"2024-10-08T14:57:44","modified_gmt":"2024-10-08T09:27:44","slug":"save-%e2%82%b913-75-lakh-in-taxes-a-simple-guide-for-salaried-taxpayers","status":"publish","type":"post","link":"https:\/\/aktassociates.com\/blog\/save-%e2%82%b913-75-lakh-in-taxes-a-simple-guide-for-salaried-taxpayers\/","title":{"rendered":"Save \u20b913.75 Lakh in Taxes: A Simple Guide for Salaried Taxpayers"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >In this article, we will discuss about...<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #1e73be;color:#1e73be\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #1e73be;color:#1e73be\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/aktassociates.com\/blog\/save-%e2%82%b913-75-lakh-in-taxes-a-simple-guide-for-salaried-taxpayers\/#Introduction\" title=\"Introduction\">Introduction<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/aktassociates.com\/blog\/save-%e2%82%b913-75-lakh-in-taxes-a-simple-guide-for-salaried-taxpayers\/#The_Trick\" title=\"The Trick\">The Trick<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/aktassociates.com\/blog\/save-%e2%82%b913-75-lakh-in-taxes-a-simple-guide-for-salaried-taxpayers\/#The_Process\" title=\"The Process\">The Process<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/aktassociates.com\/blog\/save-%e2%82%b913-75-lakh-in-taxes-a-simple-guide-for-salaried-taxpayers\/#Negotiating_with_Your_Employer\" title=\"Negotiating with Your Employer\">Negotiating with Your Employer<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/aktassociates.com\/blog\/save-%e2%82%b913-75-lakh-in-taxes-a-simple-guide-for-salaried-taxpayers\/#Impact_on_CTC\" title=\"Impact on CTC\">Impact on CTC<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/aktassociates.com\/blog\/save-%e2%82%b913-75-lakh-in-taxes-a-simple-guide-for-salaried-taxpayers\/#For_Those_Earning_Less_%E2%82%B920_lakh_to_%E2%82%B940_lakh\" title=\"For Those Earning Less (\u20b920 lakh to \u20b940 lakh)\">For Those Earning Less (\u20b920 lakh to \u20b940 lakh)<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/aktassociates.com\/blog\/save-%e2%82%b913-75-lakh-in-taxes-a-simple-guide-for-salaried-taxpayers\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Introduction\"><\/span><b>Introduction<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Today, I\u2019m going to share a straightforward way to save \u20b913.75 lakh in taxes if you&#8217;re a salaried taxpayer. This isn\u2019t something that comes along every day, so it\u2019s worth paying attention to. As salaried individuals, we often feel weighed down by taxes, while others, like business owners and freelancers, seem to have more ways to save. This guide is all about helping you keep more of what you earn.<\/span><\/p>\n<p><b>Here\u2019s what you\u2019ll learn:<\/b><\/p>\n<p><b>1. The Trick: <\/b>A simple method to slash your tax bill.<\/p>\n<p><b>2. The Process:<\/b> Easy steps to put this strategy into action.<\/p>\n<p><b>3. Negotiation:<\/b> Tips on discussing this with your employer.<\/p>\n<p><b>4. Impact on CTC:<\/b> What this might mean for your Cost to Company (CTC).<\/p>\n<p><b>5. Practical Tips: <\/b>How to make sure you succeed with this approach.<\/p>\n<p><span style=\"font-weight: 400;\">This isn\u2019t just theory\u2014it\u2019s a proven strategy that many people I\u2019ve worked with have already used successfully.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"The_Trick\"><\/span><b>The Trick<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">If you\u2019re earning \u20b950 lakh or more per year\u2014let\u2019s take \u20b975 lakh as an example\u2014you\u2019d normally pay taxes on almost \u20b973 lakh of that income under the new tax regime. This is after accounting for the standard \u20b975,000 deduction and a few other minor deductions. So, someone making \u20b975 lakh ends up paying taxes on \u20b973 lakh, which is a lot.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-7787 aligncenter\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2024\/08\/Add-a-heading-2024-08-16T160416.521.png\" alt=\"tax pay\" width=\"500\" height=\"300\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2024\/08\/Add-a-heading-2024-08-16T160416.521.png 500w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2024\/08\/Add-a-heading-2024-08-16T160416.521-300x180.png 300w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">But what if you could be taxed on only half of that? If you shift from being a salaried employee to being classified as a professional, you could potentially pay taxes on just 50% of your income. Thanks to Section 44ADA of the Income Tax Act, professionals can declare only 50% of their income as taxable without needing to explain any expenses. For a \u20b975 lakh income, this means your taxable income would drop to \u20b937.5 lakh. This change could save you around \u20b913.75 lakh in taxes!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You might be thinking, &#8220;There\u2019s no way my company would agree to this.&#8221; But with the right approach, it\u2019s more possible than you might think. It doesn\u2019t cost companies anything extra to make this change, and with some negotiation, you can make it happen.<\/span><\/p>\n<p><a href=\"https:\/\/pages.razorpay.com\/akt-nri-tax-consulting\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-5193 size-full\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/06\/Consult-CA-Arun-Tiwari-1.png\" alt=\"\" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/06\/Consult-CA-Arun-Tiwari-1.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/06\/Consult-CA-Arun-Tiwari-1-300x64.png 300w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/p>\n<h3><span class=\"ez-toc-section\" id=\"The_Process\"><\/span><b>The Process<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Here\u2019s how to do it. The process is pretty simple. Instead of being hired as a salaried employee, you would ask your employer to cancel your current employment and rehire you as a professional.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This change can work for many professions. Whether you\u2019re in IT services, marketing, a Chartered Accountant (CA), a Cost and Management Accountant (CMA), a lawyer, or a doctor on a company\u2019s payroll, you can benefit from being taxed under Section 44ADA. This section allows you to declare only 50% of your income as taxable, cutting your tax bill in half.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-7782 aligncenter\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2024\/08\/Untitled-design-2024-08-16T145132.876.png\" alt=\"section 44ada\" width=\"500\" height=\"300\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2024\/08\/Untitled-design-2024-08-16T145132.876.png 500w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2024\/08\/Untitled-design-2024-08-16T145132.876-300x180.png 300w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Keep in mind that 50% refers to your taxable income, not the tax itself. With a lower taxable income, you can still take advantage of the existing tax slab rates, reducing your taxes even further.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Negotiating_with_Your_Employer\"><\/span><b>Negotiating with Your Employer<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Now, how do you bring this up with your employer? It might seem intimidating, but it\u2019s definitely possible. The key is to approach the conversation confidently, knowing your value to the company.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Let\u2019s divide salaried employees into two groups:<\/span><\/p>\n<p><b>1. Those in big companies<\/b><\/p>\n<p><b>2. Those in smaller companies or startups<\/b><\/p>\n<p><span style=\"font-weight: 400;\">If you\u2019re in a big company and earning \u20b950 lakh to \u20b975 lakh annually, you\u2019re likely in an important position. Your role and experience are valuable to the company, giving you leverage. You can approach your HR department and negotiate a change in your employment status from salaried to professional. This change can make a big difference in your tax liability.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Some of my clients have successfully made this shift. It might not happen on your first try, but with persistence, it can be done. You can either ask for a raise to offset the high taxes or request a change in status to a professional, similar to a freelancer working for the company. Your new appointment letter would reflect this updated employment status.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you\u2019re in a smaller company or startup, the process might be even easier. Smaller companies are often more flexible and open to negotiating terms, especially if your role is critical to their success.<\/span><\/p>\n<h3><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-7815\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2024\/08\/Designer-1.jpeg\" alt=\"Salaried Taxpayers\" width=\"500\" height=\"286\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2024\/08\/Designer-1.jpeg 1792w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2024\/08\/Designer-1-300x171.jpeg 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2024\/08\/Designer-1-1024x585.jpeg 1024w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2024\/08\/Designer-1-768x439.jpeg 768w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2024\/08\/Designer-1-1536x878.jpeg 1536w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/><\/h3>\n<h3><span class=\"ez-toc-section\" id=\"Impact_on_CTC\"><\/span><b>Impact on CTC<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">A common concern is how this change might impact your Cost to Company (CTC), especially things like the Provident Fund (PF). Most companies calculate your CTC as the total cost they incur on you, which includes PF, medical insurance, and other benefits.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you switch to professional status, your CTC can often stay the same or at least not be significantly reduced. In some cases, companies might even agree to pay you the PF contribution as a bonus or incentive.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-7784 aligncenter\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2024\/08\/Untitled-design-2024-08-16T150525.905.png\" alt=\"CTC\" width=\"500\" height=\"300\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2024\/08\/Untitled-design-2024-08-16T150525.905.png 500w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2024\/08\/Untitled-design-2024-08-16T150525.905-300x180.png 300w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">The key is understanding that the company\u2019s overall cost doesn\u2019t change\u2014just the structure of your compensation does. So, if you\u2019re earning \u20b950 lakh to \u20b975 lakh, it\u2019s worth negotiating. The potential tax savings are substantial, and while it might take some persistence, it\u2019s definitely possible.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"For_Those_Earning_Less_%E2%82%B920_lakh_to_%E2%82%B940_lakh\"><\/span><b>For Those Earning Less (\u20b920 lakh to \u20b940 lakh)<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">What about those earning \u20b920 lakh to \u20b940 lakh annually? If you\u2019re not in a position to influence big company decisions, think about joining a smaller company or startup. These companies might be more flexible, especially if you have critical skills or expertise in high-demand fields like AI or emerging technologies.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Startups, where your skills are crucial to their growth, are likely more open to negotiating your employment terms, including your tax status. If you\u2019re not in a critical role now, consider upskilling or moving to a company where your skills are more valued.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Even if this strategy isn\u2019t straightforward for lower earners, it\u2019s still worth exploring. Even if you\u2019re not immediately successful, you\u2019ll gain valuable insights into what\u2019s possible for future roles.<\/span><\/p>\n<p><a href=\"https:\/\/aktassociates.com\/nri-tax-compliance\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-5176 size-full\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/06\/Are-You-Stuck-In-NRI-Taxation-Process-1.png\" alt=\"\" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/06\/Are-You-Stuck-In-NRI-Taxation-Process-1.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/06\/Are-You-Stuck-In-NRI-Taxation-Process-1-300x64.png 300w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><b>Conclusion<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">In conclusion, a simple change in your employment status can save you \u20b913.75 lakh in taxes. It might take some effort and negotiation, but it\u2019s a practical and achievable solution. Remember, there\u2019s no harm in trying\u2014at worst, they might say no, but at least you\u2019ve taken a step toward reducing your tax burden.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you\u2019re serious about lowering your tax liability, invest in learning skills that make you indispensable to your company. This will give you more negotiating power. The corporate world can be tough, and salaried individuals often bear the brunt of tax burdens. The key is to think creatively, take control of your financial future, and don\u2019t be afraid to negotiate for what you deserve.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Introduction Today, I\u2019m going to share a straightforward way to save \u20b913.75 lakh in taxes if you&#8217;re a salaried taxpayer. &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Save \u20b913.75 Lakh in Taxes: A Simple Guide for Salaried Taxpayers\" class=\"read-more button\" href=\"https:\/\/aktassociates.com\/blog\/save-%e2%82%b913-75-lakh-in-taxes-a-simple-guide-for-salaried-taxpayers\/#more-7781\">Read more<span class=\"screen-reader-text\">Save \u20b913.75 Lakh in Taxes: A Simple Guide for Salaried Taxpayers<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":7785,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[1542,1545,1543,1544],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Save \u20b913.75 Lakh in Taxes: A Simple Guide for Salaried Taxpayers<\/title>\n<meta name=\"description\" content=\"Discover how salaried taxpayers can save \u20b913.75 lakh in taxes by switching to professional status under Section 44ADA.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/aktassociates.com\/blog\/save-\u20b913-75-lakh-in-taxes-a-simple-guide-for-salaried-taxpayers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Save \u20b913.75 Lakh in Taxes: A Simple Guide for Salaried Taxpayers\" \/>\n<meta property=\"og:description\" content=\"Save up to \u20b913.75 lakh on taxes! 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