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That Raise You Got Might Complicate Saving for Retirement, But Advisors Have Workarounds

That Raise You Got Might Complicate Saving for Retirement, But Advisors Have Workarounds
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Tom gibsonSmart tax planningTax savingடோம் கிப்சன்புத்திசாலி வரி திட்டமிடல்வரி சேமித்தல்

Optimise your tax planning: How to best utilise the tax deductions available

Don’t invest a large amount of more than Rs 50,000 at one go. Simple steps to make tax-saving simpler, more efficient Autoplay1 of 5 Tax planning tips With the financial year is drawing to a close, it is also the time to complete and close your annual tax planning and saving exercise, if you have not yet completed the same. If the latter is the case with you and you are not sure about which investment to pick to save tax or if you are haunted by a previous instance when, in a haste, you ended up pouring your money into the wrong products, only to end up with higher overall tax liability, given below are some basic measures you can take to plan taxes more systematically and in an organised manner.

Lifecycle fundBalanced lifecycleConservative lifecycleIncome tax deductionTax savingTax planningவாழ்க்கை சுழற்சி நிதிசமச்சீர் வாழ்க்கை சுழற்சிபழமைவாத வாழ்க்கை சுழற்சிவரி சேமித்தல்வரி திட்டமிடல்

Using only 80C for tax saving? New tax regime may be beneficial for you at this income

(Tax-savings are inclusive of cess at 4 per cent) Alternatively, suppose your gross total income for FY 2020-21 is Rs 10.5 lakh. By claiming a deduction of Rs 1.5 lakh under section 80C, your net taxable income reduces to Rs 9 lakh. By claiming the deduction, you will now be in the 20% tax bracket instead of the 30% bracket. 5 popular investment avenues for tax deduction under Section 80C Autoplay1 of 7 Commonly-availed tax-savers One of the most common deductions available under the Income-tax Act, 1961 is section 80C. The deduction under 80C can be claimed only if an individual opts for the old/existing tax regime in a financial year. If he/she opts for the new concessional tax regime, then he/she will not be eligible to claim these deductions.

Employee provident fundPublic provident fundIncome tax actSuper senior citizenIncome tax savingTax regimeIncome taxSection 80cTax savingTax slabIncome tax regimeஊழியர் வருங்கால நிதிபொது வருங்கால நிதிவருமானம் வரி நாடகம்அருமை மூத்தவர் குடிமகன்வருமானம் வரி சேமித்தல்

ET Wealth Wisdom Ep 113: How to save tax in a financial year | The Economic Times Podcast

Here is a quick look at how you can save tax by using various deductions allowed under the Income-tax Act. Host: Tania Jaleel; Producer: Paramveer Singh

Tania jaleelParamveer singhWealth wisdomTax savingTax deductionTax breakIncome tax actடானியா ஜலீல்பாரம்வீற் சிங்செல்வம் ஞானம்வரி சேமித்தல்வரி உடைக்கவருமானம் வரி நாடகம்

How to save tax without fresh investments

Synopsis Here is a look at expenses/deductions which can be used to reduce tax payable under the old tax regime. Getty Images The month of March marks the end of the financial year and is the time when taxpayers needs to evaluate their tax liability taking into account eligible deductions, based on their income for that financial year (FY). Not availing certain eligible deductions can result in higher tax outflow. It is to be noted that from FY 2020-21, a taxpayer can choose to pay tax under the new, concessional tax regime. In case the taxpayer opts for the new tax regime, he/she will have to forego most tax deductions and exemptions. In some cases, the taxpayer may want to opt for the existing tax regime but due to liquidity issues, especially considering the Covid-19 pandemic situation, may not be able to make further tax-saving investments. Such taxpayers need not get disheartened as certain expenditures are also eligible for tax deduction.

National pension schemeEmployee provident fundSenior citizen savings schemeChildren education allowanceHostel allowanceSenior secondary examinationSenior citizensCentral governmentRent allowanceHouse rent allowanceProvident fundTax saving investmentTax deductionOld tax regimeTax exemptionTax saving