How To Save Income Tax At The Last Minute
Mutual Fund Insight|March 2023
These simple things can help you save thousands of rupees but you must act fast while you still have time
How To Save Income Tax At The Last Minute

Sheila, 32, works with a media company and has an annual salary of ₹9.5 lakh. She made a further ₹50,000 by freelancing during the year. Her husband is employed with an IT company and the couple has a five-year-old daughter. The family lives in Delhi.

Even though Sheila hasn't done any tax planning in the last year, she can still reduce her tax liability. In fact, she may not even have to pay a single rupee to the taxman. Here's how.

Opt for the old tax structure

There are two tax structures currently. While the new tax regime has a simplified structure and has its own advantages, Sheila should opt for the older system. It will allow her to optimise tax deductions and exemptions. If you would like to know which tax regime is suited to you, you can check our tax calculator at www.vro.in/tax-calculator/. Sheila's tax calculations under the old and new regimes are given in the table 'Old is gold'.

Here is how the old tax system reduces Sheila's tax liability by 26 per cent.

Denne historien er fra March 2023-utgaven av Mutual Fund Insight.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

Denne historien er fra March 2023-utgaven av Mutual Fund Insight.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

FLERE HISTORIER FRA MUTUAL FUND INSIGHTSe alt
International Mutual Funds Find Flavour But Lose Favour
Mutual Fund Insight

International Mutual Funds Find Flavour But Lose Favour

Despite stellar performance, these funds are cold-shouldered by investors

time-read
3 mins  |
September 2023
The Dose Makes The Poison
Mutual Fund Insight

The Dose Makes The Poison

Are your fund investments diversified? Or are they diworsified? Here’s the solution

time-read
5 mins  |
September 2023
'Since Sahi Hai drive launch, industry has grown over twofold'
Mutual Fund Insight

'Since Sahi Hai drive launch, industry has grown over twofold'

The AMC’s marketing and corporate communication head also lauds MFCentral and MF Utility

time-read
3 mins  |
September 2023
'Earlier, not many knew of mutual funds; now SIP is a verb'
Mutual Fund Insight

'Earlier, not many knew of mutual funds; now SIP is a verb'

The CMO also explains how 4G, fintechs have elevated mutual funds’ reach

time-read
4 mins  |
September 2023
'MFCentral is the most impressive of online platforms'
Mutual Fund Insight

'MFCentral is the most impressive of online platforms'

Shah says though passive funds are growing, there’s a long road ahead

time-read
3 mins  |
September 2023
'Fintechs are driving mass financial inclusion'
Mutual Fund Insight

'Fintechs are driving mass financial inclusion'

Shah also lauds the pace at which distributors have embraced technology

time-read
2 mins  |
September 2023
'A Maldives tour guide knew of the Mutual Fund Sahi Hai drive'
Mutual Fund Insight

'A Maldives tour guide knew of the Mutual Fund Sahi Hai drive'

Interaction with Edelweiss’s senior VP and head of products and marketing

time-read
3 mins  |
September 2023
'More distributors will come to MFCentral, MF Utility'
Mutual Fund Insight

'More distributors will come to MFCentral, MF Utility'

Goyal feels they can grow their business five times, 10 times with tech

time-read
3 mins  |
September 2023
'The size of passive funds has grown 36 per cent in a year'
Mutual Fund Insight

'The size of passive funds has grown 36 per cent in a year'

Parija explains how mutual funds have gained traction

time-read
5 mins  |
September 2023
Tomorrow, and tomorrow, and tomorrow...
Mutual Fund Insight

Tomorrow, and tomorrow, and tomorrow...

There are a total of about 1.1 lakh crores of rupees invested in India’s mutual funds and the number of investors is now about 12 crore

time-read
4 mins  |
September 2023