What is Tax Planning ?
Proper tax planning is the basic duty of every person, which should be carried out religiously. You need not consult an Income Tax Practitioner or a Chartered Accountant for this. In fact, you can do it yourself.
Tax planning is an essential part of your financial planning. Efficient tax planning enables you to reduce your tax liability to the minimum. This is done by legitimately taking advantage of all tax exemptions, deductions rebates and allowances while ensuring that your investments are in line with your long term goals.
Learn the steps of tax planning, how to calculate your taxable income and the various tax saving schemes that will help you minimise your tax burden.
We believe there is a need for salaried individuals to devote adequate time and effort to the tax planning exercise and be aware of the various benefits that they can avail of. In this article, we present 5 tax-planning tips that can aid salaried individuals minimise their tax liability.
Life insurance policies can be useful tax planning tools, because the policy holder is eligible for tax benefits under the Income Tax Act 1961 (Act). Though there are multiple modes for saving tax, life insurance is one of the most effective tax planning instrument. With our unit linked life insurance plans individuals can not only save tax but also look at achieving their long term goals.
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