Tag Archive: save tax

The Mad Tax Rush

Mad-Tax-Rush

Come December,and our Tax worry starts multiplying, not because you didn’t plan it, but due to the chatter outside.

HR/ CA asking for “Tax investment proofs” submission, colleagues/ peers giving their super-human stories on “Best investments”, and banks/ individual insurance agents offering “Mouth-watering” deals.

I’ve been writing blogs on Tax savings instruments since last few years, and my experience with family, friends &Moneyfrog customers, more-or-less remains same, i.e. despite of planning or knowing about Tax saving instruments, we make mistakes.

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#*X – The most dreaded three letter word

Tax

I know what you are thinking. STOP. I am talking about TAX 😉

It is, as a matter of fact, the most dreaded word currently, since demonetisation. But from our parlance, where most of us fall under the mass-market or mass-affluent or even higher category, why worry?

We should only look at, how much more can one save, against annual earnings. Here again, it’s so simple that we run to CA’s or Tax consultants to understand same & decide.

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January 15th, Deadline by HR

Tax Saving

This is a usual scenario with all corporate employees in India, where in Dec one gets a mail from HR to submit tax saving proofs to avail tax saving benefits, given by the Tax department under various heads, key being 80C, 80D & section 24.

Confused, where to go, contradicting advice, & above all big Gyan by all on do’s & don’ts. Today I thought of writing something different, a guide to make you plan & execute same, which will not take more than 10 minutes of your time & easy to use.

I have divided this feature into three parts, where part one covers 80C, to avail exception for 1.5lacs, part two will cover 80D, to covers 0.35lacs & part three covers section 24, towards 2lacs.

In short, your investments amounting to 3.85lacs will attract no tax… if you plan well.

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