abhishreshthaa
Abhijeet S
With the tax-planning season about to end, most individuals are rushing around to make investments to minimise their tax liability. It has been observed that individuals (often salaried ones) end up paying more taxes than they are obligated to.
While lack of sufficient time to conduct the tax-planning exercise is a reason, largely, this can be attributed to lack of awareness about different incentives, allowances and rebates under the Income Tax Act. Apart from the Section 80C deductions which are quite popular, there are various other sections which can help salaried individuals save taxes.
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 minimize their tax liability.
• Utilize the entire Section 80C deduction.
• Think beyond Section 80C
• Restructure the salary
• Claim tax benefits on house rent paid
• Opt for a joint home loan
This research has been carried out by taking primary and secondary data into consideration.
The primary data is yet to be carried out whereas the secondary data has been collected from online journals, newspapers, magazines and research articles.
While lack of sufficient time to conduct the tax-planning exercise is a reason, largely, this can be attributed to lack of awareness about different incentives, allowances and rebates under the Income Tax Act. Apart from the Section 80C deductions which are quite popular, there are various other sections which can help salaried individuals save taxes.
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 minimize their tax liability.
• Utilize the entire Section 80C deduction.
• Think beyond Section 80C
• Restructure the salary
• Claim tax benefits on house rent paid
• Opt for a joint home loan
This research has been carried out by taking primary and secondary data into consideration.
The primary data is yet to be carried out whereas the secondary data has been collected from online journals, newspapers, magazines and research articles.