Tips For Tax Saving in India


Welcome to SmartCA Blog +91 93808-02000 How to Save Tax in India

The tax deductions available to an individual are numerous, but a few of the most common ones are mentioned. Tips For Tax Saving in India

 Gifts made and inheritances from wills are tax-free. For example, medical insurance is deductible, even if the recipient receives less than Rs 20,000 per day. Businessmen may use travel and food expenses to save money on taxes. This way, they can claim a deduction that will save them even more money in the long run.

 

Another tax saving option is investing your money in a tax-free investment. You can use Section 80C to deduct certain expenses and investments from your income. However, the amount of these deductions is limited to Rs. 1.5 lakh per financial year. Most people procrastinate until the last quarter of the year, which results in rushed decisions. It's better to start your planning early so that your investments can compound and help you meet long-term goals.

 

A third tax-saving method is to invest in non-tax-deductible investments. These include insurance premiums, child's tuition fees, EPF contributions, home loan repayment, and more. Investing your income in tax-saving investments doesn't have to be difficult if you have the money to invest. You can choose investments that match your risk profile, such as fixed deposits, PPF, or NPS funds.

Contact SmartCA for How to Save Tax in India +91 93808-02000

 

 

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