Tax Saving Tips: The month of March is very important in terms of tax planning. If you want to get the benefit of tax exemption in the financial year 2022-23, then do tax planning today through some easy steps.
Tax Planning Tips: Many times people make investments for tax planning, but make some common mistakes while filing an income tax return. Due to this, they have to bear heavy losses. In such a situation, we are telling you about some smart tips, through which you can do tax planning in the right way.
Submit all the proofs of your investment to your employer to get income tax exemption. With this, the employer will deduct TDS in the right amount.
Make sure that you keep proper records of your investments. It is necessary to keep the investment copy of PPF, SSY, and insurance policy safe. Otherwise, you may have to face trouble at the last moment.
Make sure to invest in tax-saving schemes before the end of March. In case of not do this, you may have to face big trouble later. Under Section 80C of Income Tax, you can invest in schemes like Post Office Schemes, Tax Saver FD, PPF, and SSY, to get a tax rebate of up to Rs 1.5 lakh.
If you live in a rented house and take HRA from your employer, you can claim it for tax exemption. If HRA is not included in your salary, then you can claim tax exemption on the rent paid under Section 80GG of Income Tax.
If you donate, then you can also claim it for tax exemption. This exemption is available under section 80G of income tax. Note that the benefit of this exemption can be availed only on donations made till March 31.
If you have taken health insurance for your parents, then you can claim it under section 80D of income tax. At the same time, you can also claim a discount of up to Rs 5,000 for a health checkup.
