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Tax Planning
Tax planning is a focal part of financial planning. Tax planning is the analysis of a financial situation or plans to ensure that all elements work together to allow you to pay the lowest taxes possible. The primary concept of tax planning is to save money and mitigate one’s tax burden. Tax planning examples include tax diversification, investing in schemes such as PPF, National Pension System, Sukanya Samriddhi Yojana and more. Additionally, claiming deductions for payments like home loan premiums, Mediclaim premium tax deductions, etc. also helps in tax planning by reducing overall tax outgo.
Life Insurance
(comes under 80C with limit of Rs 1,50,000)
Premium on life insurance policy can be claimed as deduction under section 80C.In case of an individual, deduction is available in respect of policy taken in the name of taxpayer or his/her spouse or his/her children. In case of a HUF, deduction is available in respect of policy taken in the name of Karta.
Mutual Fund ELSS
(comes under 80C with limit of Rs 1,50,000)
ELSS is the only investment option that not only provides tax deductions under the provisions of Section 80C of the Income Tax Act, 1961 but also helps in wealth growth. ELSS mutual funds come with a lock-in period of just three years.
Mediclaim
(comes under 80D with limit upto Rs 75,000)
A taxpayer can deduct tax on premiums paid towards medical insurance for self, spouse, parents, and dependent children. Individuals and HUF can claim this deduction. The limit of the deduction varies with insured age.
Other deductions under Chapter VI A
Tax payer can reduce its tax liability by opting for various other tax saving options under Sec 80CCD NPS, 80G DONATION, 80GGC Donation to political parties, 80E & 80EE interest paid on loans..etc. Smart Planning and application of these deductions gets your income tax liability to almost NIL.