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I work for a European Bank in India.
I have to pay an income tax of one Lac. Are there a better option I can plan my tax?
You have not mentioned your residential status, salary, allowances you receive, other income, investments etc
need more information.. if you are Indian resident and working in other country then take benefit of DTAA sec 90 (if agreement is there) or 91 (unilateral benefit) under Indian income tax act 1961
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