The financial year is coming to an end in a matter of days. It is time for an investor to assess your success in comparison to your earlier-year investment targets. Sadly, this is when many are starting to explore ways to reduce their tax liability for tax savings investments in India.
It is also recommended that taxpayers begin their tax preparation early. The trick to saving taxes is to consider an individual’s best investing plan and where deductions may be sought. It is equally imperative that, during the early periods of the financial year, taxpayers have a planned long-term approach to taxation and invest in tax-saving instruments.
Here are several tax preparation strategies from financeglad of the last minute that will help you make successful last-minute choices.
Section 80C requires tax exemptions of up to 10 percent (or Rs. 1.5 lakhs) to be provided by a policyholder on life insurance plans (self/ spouse/children/HUF members). Moreover, Section 10 (10D), which covers all the advantages of these unique life insurance plans, offers tax exemptions for statements such as death and maturity benefits.
Section 80C also allows principal repayment of household debts to be withheld from revenue. Similarly, the interest owed on house loans and tuition allowances is liable for tax deductions in compliance with Section 24 and Section 80e.
Early tax preparation is recommended for taxpayers to assess their tax saving plans for the financial year. At the eleventh hour, though, people would be willing to save a significant sum as taxes by mentioning current savings and thinking about deductibles on loan and insurance policies.
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