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Tax Saving
There is more to tax saving than the exemptions available on investments made by you. With the right investments, you will pay the right amount of tax and know how to tax-proof your income and gains. After all, your capital is more productive in your hands and it can work wonders for you if invested properly. It starts with tax savings which can increase the take-home income. These investments can also cater to a few of your needs. Tax saving is not restricted only to tax savings investments under Section 80C. There are several other components e.g. HRA, Home Loans, LTA, Sec 80D, Reimbursements, etc to reduce the taxable income.
With the introduction of the New Tax regime, there are certain aspects that you as a tax-payer must be aware of. Even if you are a little confused about which regime to opt for, and how to save as much as possible, fret not, we’ve got you covered.
By careful understanding of the taxation system, you can reduce tax liability substantially
Avoid waiting till the last minute. Starting in April with monthly investments will not only be easier on your pocket but also help in mitigating the risks on your investments
Choose tax-efficient investment avenues that can save you from paying too much tax on your returns.
While the New Tax Regime came into effect on April 1, 2020, Budget 2023 seems to have added to the confusion among taxpayers. The biggest question remains which tax regime to opt for. A number of incentives were introduced in the recent budget, which clearly indicates the government’s intention to encourage more and more taxpayers to opt for the new regime. But you need to understand the differences between the two regimes, analyse your needs and then pick one.