How to save tax in India ?
1. Check if you are eligible for any deductions
2. Make sure that you have the right TDS certificates, especially when it comes to interest income and capital gains
3. Invest in a tax saving mutual fund or insurance plan to save on taxes
4. Get your children admitted into an educational institution abroad so they can avail of education expenses deduction up to Rs 1 lakh per year
5. Take care of medical expenses with money saved from taxes!
6. If all else fails, don't forget there is always Section 80C which allows you to invest up to Rs 1 lakh in certain instruments like life insurance policies, PPF scheme, ELSS funds etc!
Tax is one of the three major expenditure categories in any budget. However, there are many things that can be done to reduce tax amount and make it more manageable. Some ways include investing in insurance schemes like ELSS (equity linked saving scheme) or NSCs (national savings certificates). Another way is by contributing to PPF (public provident fund), where your investment qualifies for deduction under Section 80C of the Income Tax Act. You can also invest in mutual funds, stocks and equity shares through SIPs (systematic investment plans) which give you an opportunity to save on taxes as well as grow investments over a period of time. In addition, if you have a higher income then you could look at optimising your exemptions.
India is one of the fastest growing economies in the world. In recent years, it has been a hotbed for development and business opportunities. However, with all the progress being made there are still some challenges that need to be addressed. One such challenge is how to save tax in India. Whether you're a working professional, house wife or student there are certain things you can do to minimize your taxes and keep more money in your pocket! This blog post includes tips on what expenses qualify as deductions when filing your income tax returns this year which will help reduce any potential increase in taxes due to inflation or changes by the government.
The Indian government has recently announced various initiatives to reduce the tax burden on individuals. The Finance Minister in his budget speech for 2018-19 said that the Government will provide relief of 10% in income tax rates for people with annual income below Rs 6.5 lakhs. This blog post is about how you can save taxes legally and legitimately by taking advantage of these new measures.
The Indian Government has made it possible to save taxes legally and legitimately, through its latest Budget announcement!
Be it a salaried person or an entrepreneur, we all want to save taxes and here is how you can do that without compromising on your lifestyle. India has a progressive tax system and there are various exemptions available which can be availed by following simple rules. Be it medical expenses, investments in the right instruments or education of children, everything is deductible from taxable income. The article gives detailed information about these exemptions along with few other tips on how you can save tax in India.
The Indian income tax system is one of the most complicated in the world and it’s not always easy to know which deductions you can claim. However, by following these simple steps and understanding some basic concepts about taxes, we hope that you will be able to save on your taxes substantially while also making sure all your TDS certificates are up-to date. To help with this process, please feel free to join our online accounting course where we cover everything from how to file a return for an individual or company to what types of investments qualify as being tax saving mutual funds or insurance plans. We also have a section dedicated exclusively for students looking at overseas education expenses deduction so don't forget to check it out! Learn more on this on www.isc.online , an online education platform and join course on income tax https://isc.online/course/practical-indian-income-tax-course-certification
When it comes to taxes, there is no such thing as too much planning. You may be eligible for deductions that you were not aware of and by taking advantage of these benefits, your tax liability can go down significantly. It’s important to review all possible deductibles before the end of the year so that you don't miss out on any opportunities! Have a look at our list below and see if anything applies to you: 1) Check if you are eligible for any deductions 2) Make sure that you have the right TDS certificates, especially when it comes to interest income and capital gains 3) Invest in a tax saving mutual fund or insurance plan 4) Get your children admitted into an educational institution abroad so don’t forget to join this amazing course at www.isc.online , course link https://isc.online/course/practical-indian-income-tax-course-certification