Do you need to pay tax on your income? What are the ways you follow to reduce your tax burden?

[Salt]

If our earnings are in the taxable bracket then we need to fill out our Annual Income tax return and need to pay tax as per the requirements of the State and there are different ways to save our tax burden like payment of Insurance premiums, donations to registered societies and NGO's, etc.

Do you need to pay tax on your income? What are the ways you follow to reduce your tax burden?

 

[Bisolami]

If our earnings are in the taxable bracket then we need to fill out our Annual Income tax return and need to pay tax as per the requirements of the State and there are different ways to save our tax burden like payment of Insurance premiums, donations to registered societies and NGO's, etc.

Do you need to pay tax on your income? What are the ways you follow to reduce your tax burden?

Payment of insurance premium is very good most especially when it comes to health insurance

 

[Salt]

It does help as we are getting insurance, saving money and can use that to save extra burden of tax too

 

[Nsikan]

In my country, that direct taxation is applied only to civil servants and big businesses. What we have is indirect tax applied on pay as you earn basis.

 

[Salt]

Indirect tax is paid by everyone even if they have lesser salary/income but if our salary or income is taxable then we need to pay as per the rates defined.

 

[Kane]

I do not pay tax on my income as my annual income is less that the taxable income. However, pay taxes on transactions involving foreign income,

 

[Good-Person]

If our earnings are in the taxable bracket then we need to fill out our Annual Income tax return and need to pay tax as per the requirements of the State and there are different ways to save our tax burden like payment of Insurance premiums, donations to registered societies and NGO's, etc.

Do you need to pay tax on your income? What are the ways you follow to reduce your tax burden?

I think that there are many people who are paying taxes on their income and this is what you call "income tax" in almost all the countries.

 

[Salt]

We need to pay indirect tax on our income but my income is also not taxable but still I complete and file my ITR every year