March is going on Some Tips to Save Tax in This Time | Income Tax dipartment

by SHAHID HUSSAIN advance tips

Tax planning and savings become the main topic of concern for everybody coming every month in March. Although a good financial plan starts from the first day of a financial year, if you are not able to do this, by the end of March 31, there is some hope for you to save tax.

1) Ensure full use of Section 80C

Section 80C of Income Tax Act provides a comprehensive range of financial instruments providing tax reduction up to 1.5 lakhs. You are investing according to your financial planning, and not only to save tax, it is important to identify the right investment instrument to ensure that. For example, the recently launched Long Term Capital Gains Tax (LTCG) means that the tax on your investment will be taxed. If you are a low-risk investor, you can invest in public provident funds or PPF, National Savings Certificate, Bank Fixed Deposit etc. Invest in a tool that is beneficial to you, do not blindly follow the suggestions of others.

2) Get health insurance

If you have not taken any health insurance plan or are dependent on your group health cover provided by your employer only then this is the best time to get a health insurance. Section 80D helps to take advantage of tax deduction up to Rs 30,000 for up to Rs 25,000 for a health insurance premium given to you and your family, and up to Rs 25,000 for 60 years.Income Tax Department will give you answers from online chat.

3) Find the tax deduction bill beyond Section 80C

You get a tax deduction benefit of Rs 10,000 under Section 80TTA on the interest you get on your money kept in your savings bank account. Similarly, there are many less popular tax saving currencies that most taxpayers ignore. You can find options like Section 80DDB, which can help in claiming the tax deduction for payment of expenses related to medical treatment of a particular illness. Donation or donation given to NGOs or political parties can help leverage tax deduction under Section 80G, 80GGA and 80GGC.

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4) Get help from professional

Starting March, still, a good time to ask for professional help can prove to be how best to save tax. Most taxpayers sometimes forgetting to invest in unnecessary financial instruments in the tax haven, which does not conform to their financial needs and objectives. A financial planner can help you in suggesting the right financial instruments so that you can invest money in the right place and save tax. Since every person has the financial liability and the risk-taking ability varies, so there can not be a uniform tax saving plan for everyone.

5) Start the next year's tax planning

Ensure that you start investing in the right financial instruments from the beginning of the financial year so that you can save tax and get financial benefits on your investment. Getting started quickly gives a lot of time to understand the terms and conditions of each investment, which can help pay attention to long-term wealth creation as well as tax management.