Tax Planning And You
Tax planning is the process of evaluating and analyzing the optimal tax efficiency for your income, savings and investments. For effectively reducing tax liability, you need to have a proper tax plan in place so that you can avail tax exemptions and deductions in a legal manner. An important part of financial planning, tax planning—besides reducing your tax liabilities—enables you to increase your contribution for your long-term requirement of retirement.
- Permissive tax planning: Planning tax under the framework of the law
- Purposive tax planning: Planning tax with a specific objective
- Long range and short range tax planning: Planning done at the start and end of a fiscal year
Tax saving options for you
- 80C deduction of Rs 1.5 lakh
- 80CCC deduction for insurance premium
- 80CCD on contribution to pension account
- 89TTA for interest earned on savings account
- 80GG deduction for home rent when HRA not received
- 80D benefit for medical insurance
- 80DD deduction for expense incurred for handicapped dependent
- 80DDB for medical expenditure on self or dependent
- 80G for donations towards social cause
Tax saver products
- Insurance premium
- Five-year Fixed Deposit
- Public Provident Funds
- National Pension System
- National Savings Certificate
- Home loan principal and interest amount
- Unit-Linked Insurance Plan
- Equity Linked Savings Scheme
- Interest on education loan
- Medical insurance premium
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