How to save your tax for the A.Y.2022-23 as per Budget 2021.
Almost everyone has to count income tax. But I also pay taxes on other purchases from the month's market, even restaurants. Then why pay income tax? Some of it has to be paid for their own negligence. However, if you are aware of the whole year, you can easily get rid of income tax! Find out how—
EPF, PPF, tax-exempt mutual funds or equity-linked savings schemes, tax-saving FDs, national savings certificates, senior citizen savings schemes investing in these sectors save taxes.
Capital gains tax is levied on salaried employees. This tax is charged on the purchase of shares, property and gold. The way to avoid this is to pay as much tax for a certain capital gain, to save as much of that tax as possible by showing the capital loss in another sector. This complex calculation must be done by a chartered accountant.
Tax deductions are also available on Travel Allowance and Medical Expenses. In addition, children live tax on school tuition fees. If the fee is through the bank then it is better. If you deposit in cash, you must keep the receipt.
Several allowances in the salary package are tax-free. Such as - Convenience, Driver, Newspaper-Books-Magazine, Uniform, Telephone & Mobile, Personality Development & Office Entertainment.
Life insurance and health insurance U/s 80 D, tax premiums are available on the premiums of both. However, not all policies have this facility. When insuring, take a good look at what sectors tax breaks are available.
Let the Office Accounts Department know at the beginning of the financial year what investments you have made so far and what other plans you have for the current year. If the calculation shows that you have to pay some tax even after deducting all the sectors, then you will have time to save tax by making some new investment.
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