Wealth Guide – Income Tax Saving Tips: Every 12 months a taxpayer is required to file their Income tax return (ITR). The Income tax return consists of the data of your annual revenue together with the payable tax which it’s essential to file. Under completely different sections of the Income Tax Act 1961, some tax rebates and exemptions are being supplied by the Government of India. Amit Gupta, MD, SAG Infotech, suggests 5 sensible tax-saving methods for FY23.
“The main objective for a similar would encourage individuals to spend money on an even bigger manner. Distinct methods are there which you’ll observe for lowering the tax outgo a few of them are:
Some of the Tax saving methods are:
SMART TIP 1 • Invest in tax-saving devices
Under part 80C of the revenue tax act, the federal government of India permits some tax deductions upon the invested quantity for some devices. It talked about you can declare the tax deduction as much as a most of Rs 1.5 lakh on the investments made in these devices.
Below are some tax-saving strategies for funding in 2022:
• Public Provident Fund (PPF)
• Employees’ Provident Fund (EPF)
• Equity Linked Savings Scheme (ELSS)
• National Pension System (NPS)
• Sukanya Samriddhi Yojana (SSY)
• Senior Citizen Savings Scheme (SCSS)
• Fixed Deposits (FDs) of 5 years or extra
You couldn’t solely save your tax by investing within the above-mentioned schemes but additionally you’ll be able to construct your long-term monetary wealth,” Amit Gupta advised.
WATCH: Paisa Wasool: How To Save Income Tax
SMART TIP 2 • Choose the precise tax regime
“In the present times, there are two tax regimes available for Indian citizens. During ITR filing you can choose either of them. But to have maximum tax savings it is important to select suitable tax regimes. A new tax regime would propose a lower tax rate however it does not permit tax deductions. Hence if you are seeking tax deductions under section 80C of the income tax act then you must go for the old tax regime, and if not then you can choose the new tax regime to reduce your income tax. If you are confused about the new and old tax regimes then you can take assistance from the online income tax calculator,” he opined.
SMART TIP 3 • Purchase medical insurance for your self and your family members
“Buying health insurance policies for yourself including your family will also make you save the tax. Under section 80D of the income tax act, a taxpayer can avail of a deduction of up to Rs 25,000 for paying the health insurance premiums for themselves, their spouses, and dependent children. Under the same section, a senior citizen as an assessee can claim a tax deduction up to Rs 50,000. If you would pay health insurance for your parents then you could save an additional amount of Rs 50,000,” he additional mentioned.
SMART TIP 4 • Claim tax advantages on dwelling mortgage
“If you take a home loan from any bank or non-banking financial institution then from your taxable income you are eligible to claim the deductions with respect to your loan’s interest and principal amount. This law permits maximum deductions of Rs 2 lakhs under section 24 with respect to the home loan interest and Rs 1.5 lakhs under section 80C of the income tax with respect to the home loan principal,” he added.
SMART TIP 5• ITR submitting inside specified timelines
“Everyone needs to file the Income tax return before 31st July every year or the date specified by the income tax department. A penalty will be levied if you miss or fail to file the ITR within the specified timelines. The same would assist you to file the ITR within the due date since it is important for additional objectives, like taking a housing loan, applying for immigration documents, conducting high-value transactions, and others,” he defined.
“To save the tax various people used to invest in tax saving schemes in panic at the end of the fiscal year. But the same will lead to the failure of the main objective of permitting such deductions to motivate people for investing in the future. Hence the start of every calendar year or fiscal year will be the best time to make tax-saving investments. Indeed you are able to invest regularly in multiple tax-saving ways to secure the taxes and make wealth. You must learn about all the tax-saving investment options in the correct way and you should invest only in those types of instruments that are appropriate,” he concluded.
(Disclaimer: The views/solutions/recommendation expressed right here on this article are solely by funding consultants. Zee Business suggests its readers to seek the advice of with their funding advisers earlier than making any monetary choice.)
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