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| Income Tax |
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Income Tax, among the largest revenue generators for the Union Government, is a form of direct tax that is levied on individuals as well as firms and companies, whereby a portion of their income (or profits incase of non-individuals) is chargable as income tax.
While this tax collected by the Government is used for development of the country, there are various provisions in the law that can be used to reduce our tax liability. In order to minimise our tax, we need to plan well and use as many tax saving techniques as possible.
An individual A, with a CTC of Rs 10 lacs pays a tax of Rs 80,000 while Mr B, who has the same CTC pays a mere Rs 40,000. This is because Mr B has planned his taxes well, and hence ends up with a much lower tax burden, in a legal manner.
The above situation illustrates the importance of tax planning for individuals, and as a smart individual you must take the help of professionals to reduce your tax liability.
Section 80C is the most popular under which individuals save tax, though it isn’t the only one. To understand where else an individual can save taxes, refer to out section on tax saving tips (link).
In an era of specialisation, like all other spheres of life, even for effective tax planning we need the advice of experts. For individual tax advice, you may also consult our expert team.
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To discuss your tax planning, simply fill in the query form above or write to us at
query@moneyminar.in |
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