NIMIT Consultancy

16/04/2024

My recent article in Dainik Bhaskar

Published in 3 languages - Hindi, Gujarati and Marathi.

NIMIT Consultancy

20/04/2023

You can get a brand-new SUV at approx 50% of the cost through this salary structuring.

This is a practical scenario of how you can save up to 50% of the car cost by getting a car through your company car lease policy.

--> How this is Possible..? Here we go :

Generally, for a person with CTC of Rs. 25,00,000 the net taxable salary after standard deduction will be Rs. 24,50,000 and tax payable will be Rs. 4,52,400. Suppose he buys a car for Rs. 15,00,000 through the company car lease policy.

Assume the car lease rental is Rs. 43,802, the driver's salary is Rs. 15,000 and fuel expenses are Rs 10,000 per month. (Yes, all these can form part of your salary structure)

Total car expense is Rs. 68,802 per month aggregating to Rs, 8,25,624 per annum.

Now the taxable salary will be Rs. 16,24,276 and the tax payable will be Rs. 1,94,805 resulting in a tax saving of Rs. 2,57,595.

Over a period of 4 years (Car lease period) tax savings aggregates to Rs. 10,30,378. After paying a residual value of Rs. 80,000 (Approx 5% of car cost) and a margin to the leasing company of Rs.2,40,000 (This will be included in the lease payment), the net savings is Rs. 7,10,378 i.e. 🤩 47% of the cost of the car.

We did in depth story on the same in MINT Newspaper yesterday

Read more here 👇

https://www.linkedin.com/posts/niteshbuddhadev_personalfinance-carlease-tax-activity-7054398656484974592-iU09?utm_source=share&utm_medium=member_android

02/02/2023

There’s a lot of confusion over which tax regime is better for you - Old or New. But we can tell you this in 10 seconds!

We have worked out various permutations and combinations for hours so you don't have to.

Refer the chart below, explained in the next page with example.

If you find this helpful, please comment here and reshare for better reach.

P. S - I simplify Personal finance, Investing & Tax planning. Follow me.

Stay tuned - Decoding Budget 2023 - changes that matters to you in most simplistic way with examples.

02/02/2023

Live on Budget Day at CNBC. Decoding Budget 2023. Stay tuned for more updates.

28/01/2023

Our Founder Nitesh Buddhadev speaks on most beneficial investment option for Gold

28/01/2023

Our Founder Nitesh Buddhadev speaks to Moneycontrol on whether long term capital gain exemption limit should fo up?

28/01/2023

Our Founder, CA Nitesh Buddhadev speaks to MINT genie newspaper about diversified portfolio.

28/01/2023

Our Founder, CA Nitesh Buddhadev speaks to MINT genie newspaper about diversified portfolio.

10/01/2023

All salaried employees get Rs 50,000 as standard deduction irrespective of their total salary.

We believe the standard deduction from salary should be some % of the total salary instead of flat 50k.

As for someone who has 5 lakh salary it's like 10% of salary eligible as standard deduction and don't have to pay any tax on this however with someone who has 20 lakh salary it's just 2.5% (50k/20 lakh).

Our Founder has discussed in this article published in MINT Newspaper about various such expectations from Budget.

Budget 2023 will be announced in next few days on 1st February 2023. Let's see what budget has in store for us.

Read more such expectations from Budget in the full article

03/01/2023

Our Founder Nitesh Buddhadev's inputs on Tax implications of stock buyback published by ET Wealth - Economic Times Newspaper

28/12/2022

Our Founder Nitesh Buddhadev's inputs on Tax implications of stock buybacks in ET Wealth - The Economic Times

17/12/2022