A rise in your income means that you will have to pay more taxes. This is the reason why taxpayers always look for different ways to pay a minimum tax on their salary.
Please note that just by transferring income from your account to her saving bank account, you cannot avoid the tax on the income received by you and on which you are otherwise liable to pay tax. Yes. You can gift any sum to your daughter which will neither attract any tax liability nor any clubbing provisions
Looking to save income tax but don’t know which financial instruments to invest in? Don’t worry, we have got you covered! Here’s a list of investment options that can help you save taxes this year.
Updated Feb 27, 2021 | 05:58 IST
Section 80C of the Income Tax Act includes various investments and expenses you can claim deductions on – up to the limit of Rs. 1.5 lakh in a financial year 5 tax saving schemes with guaranteed returns up to 7.6%
New Delhi: Tax planning is extremely important and the best time to start planning your tax-saving investments is at the beginning of the financial year. Most taxpayers procrastinate till the last quarter of the year, resulting in hurried decisions. Instead, if you plan at the start of the year, your investments can compound and help you achieve long-term goals. The most popular tax-saving options available to individuals and HUFs in India are under Section 80C of the Income Tax Act.