Increase Your Tax Savings Today

Every one of us is eager to know ways of saving tax. We are not very delighted to watch our savings moving out of our pocket. Let’s get the advantages of the new tax proposals of Budget 2014-15 that has been passed by both houses of Parliament and get some better savings. Let’s revise the tax-saving strategy for increasing our take home pay. After the release of new Budget, many organizations have asked for revised investment declarations from their employees for reassessment of their liabilities according to the new tax laws. 

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Kuldip Kumar, executive director of tax regulatory services, PWC said that you will have to bear higher tax outgo every month if you do not revise the declarations soon. You can avail a higher take home pay immediately after resenting revised declaration.

You can even have tax refund with the revised investment declaration. As informed by Raghvendra Nath, managing director of Ladderup Wealth Management, the employer would have already deducted tax for 5 months based on earlier calculations.

You are expected to experience lower liability than what is already paid after revising of tax saving plan as the basic exemption limit has been adjusted upwards to Rs 2.5 lakh. So an individual with a salary of Rs. 3.5 lakh, section 80C would be enough to decrease his liability to zero.  For people with higher salary bracket can get their liability decreased significantly with the payment of interest on their home loan. You could also be eligible for a refund from the Income Tax Department.

For availing benefits of higher deduction on interest on home loans you need to declare investment details. No extra efforts are required to avail the benefits of the increase in basic exemption limit. You can bid a goodbye to your last minute hassle by finalizing your additional tax saving investments.

It is better not to delay the process till February or March 2015. You are likely to lose out on tax savings and you may land up making wrong investments. Plan out your investments and invest the additional amount according to your investment plans.

Past 5 Year annualised returns as on 01-05-2024

^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.

*All savings are provided by the insurer as per the IRDAI approved insurance plan.

Tax benefit is subject to changes in tax laws. Standard T&C Apply
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^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

#The lumpsum benefit is calculated if policyholder invested ₹10000 monthly for 10 years in the fund with a policy term of 20 years. This Point To Point past performance data of last 10 years has been used to illustrate a scenario for the customers benefit. It is assumed that the past 10 years returns would have also been delivered in last 20 years. This is not guaranteed and not in anyway indicative of what the customer may actually get 20 years from now. The investment is subject to market risk and the risk is borne by the policyholder.

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