There are numerous opportunities for minimizing the amount of income tax you pay.
In order to achieve that, you need intelligent income tax planning.
Some Tips:
• Combine your Tax Planning with your Financial Plan so that the products you invest in match your risk profile and your future goals
• A home loan is not necessarily a bad debt. Consider getting a loan while buying a home to claim deductions under section 24 (b) and 80 C
• Charity is good- not only for the receiver, but the giver as well; Check on the validity and receipts before you claim that deduction u/s 80G
• Take advantage of the tax breaks that the IT sections 80C, 80 CCF, 80D and 80DD offer.
• Insuring oneself makes sense- as the premium is exempt u/s 80C (upto 1 lakh) and the maturity amount is tax free
• By taking medical insurance, you not only insure your family against medical expenses, you also get a tax deduction u/s 80D- so take that cover today!
• Always maintain a Record of Your Investments
• File your taxes on time!
Following up with explanation of the above section
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