Tax savings for the fiscal year 2022–2023 must be achieved before March 31st, 2022. Although most people begin their tax planning early in the fiscal year, occasionally a lot of people put it off until the very last minute.
According to the Income Tax Act, you are allowed to deduct certain expenses from your gross income, which lowers your tax obligation. These advantages primarily apply to Section 80C of the Income Tax Act. In accordance with Section 80 C, your GTI is reduced by the same amount as any investment you make in certain specified instruments or any expense you incur, up to a maximum of Rs 1.5 lakh per financial year. In essence, this lowers your taxable liability and, consequently, the tax due.If it’s you, here’s how to diversify your investments in tax-saving mutual funds, NPS, and Ulips to reduce your tax liability and increase your wealth.
Equity-linked savings schemes
The tax saving mutual fund or equity-linked savings scheme (ELSS) is a type of mutual fund, similar to any diversified equity mutual fund routes investments into the equity market. Your investments in ELSS should never be for the sole purpose of saving tax rather link it to a long-term goal to help you save funds to meet the goal.
Denne historien er fra December 2022-utgaven av Investors India.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra December 2022-utgaven av Investors India.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
ASK THE EXPERT
Ques. One of my friends told me that your company provides detailed Retirement plans. I want to know what is the procedure to get my Retirement plan. I will be retiring in March 2025. R.P Gupta, Noida
How to Naturally Reverse Fatty Liver Disease
The liver, located on the upper-right side of the abdomen, is the body’s largest internal organ and plays a critical role in detoxifying the blood and processing nutrients.
Banking sector which has underperformed in the last two years, now offers a favorable risk-reward profile
Do you think the market is overpriced? Is yes, should investors refrain from investing in index schemes at the current valuation?
India will continue to enjoy benefits of a close US relationship and trade will continue to grow
Q1. The US elections are said to be one of the closest till date, what impact will the election of a Republican / Democratic party have on the US economy and how is that going to affect India in the short as well as the long term?
Understanding Momentum Funds
Momentum funds are a type of investment fund that focuses on companies experiencing positive momentum in factors such as earnings, revenue, and stock price movement.
Risks and opportunities associated with Small Caps
Small-caps are a stock-picker’s paradise.
How to navigate your portfolio through bull market a
Indian equities have been in a bull run for the past four years.
Choosing mutual fund schemes depending on your age to achieve life goals
The choice of mutual fund (MF) scheme might be influenced by one’s risk profile or age.
Thematic Fund Or Sectoral Fund, Which Fund Suits You?
A thematic fund is a type of mutual fund that focuses on investing in companies based on specific themes or trends.
Be Kind To Your Kidneys
The kidney is a vital organ in our body which is four inches long and two and a half inches in width.
