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:
Recognised Pension Funds/NSC VIII
Life Insurance Premium / ULIP
Equity Linked Saving Schemes (ELSS)
Home Loan Principal Payment
Stamp Duty & Registeration Charges for Home
Tuition Fee of Dependent Relative
5 Year Bank FDR/Post office deposits
Sukanya Smriddhi Yojana
New Pension Scheme (NPS)
Interest on Home Loan
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
50% of 50,000
Interest on Education Loan for Higher Studies
100% or 50%
Rehabilitaion of Handicapped Dependent Relative
House Rent Allowance