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Tax Planning

Tax planning is about taking an efficient view of your portfolio making the best use of taxdeductions, exemptions, rebate and reliefs in order to optimize finances. Tax planning is notjust about saving tax but also taking steps towards your financial goals .

It has been rightly said that ‘A penny saved is a penny earned’, so we should try and save tax byinvesting your hard earned money in options which are aligned with your financial objectives.

Innovative Financial Management helps you in this exercise. Tax planning is a dynamic exerciseas there are changes in the tax laws and we keep you updated and assist you throughout theprocess.

For reference various Income tax sections through which you can save tax are listed in the table below:


Various Products
Section
Deduction Upto
PF/PPF/EPF
80C
1,50,000
Recognised Pension Funds/NSC VIII
80C
1,50,000
Life Insurance Premium / ULIP
80C
1,50,000
Equity Linked Saving Schemes (ELSS)
80C
1,50,000
Home Loan Principal Payment
80C
1,50,000
Stamp Duty & Registeration Charges for Home
80C
1,50,000
Tuition Fee of Dependent Relative
80C
1,50,000
5 Year Bank FDR/Post office deposits
80C
1,50,000
Sukanya Smriddhi Yojana
80C
1,50,000
New Pension Scheme (NPS)
80CCD
50,000
Medical Insurance
80D
25,000
Interest on Home Loan
24B
2,00,000
Transport Allowance
10 (14)(i)
19,200
You Can Save Rs. 4.44 Lakh in Taxes per Year as per details shown in the above table. In addition, you can also save tax by availing the following :
RGESS for New Investors
80CCG
50% of 50,000
Interest on Education Loan for Higher Studies
80E
100%
Donations
80G
100% or 50%
Rehabilitaion of Handicapped Dependent Relative
80DD
125,000
House Rent Allowance
80GG
24,000
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