Today is the 1st of March, the first day of the last month of the financial year, so lets try to make the tax times less taxing !!
Trust me, I am making an attempt to simplify taxation for you in a bid to make you understand the taxation structure, its impact on you (now and in the future) with numbers.
The above data is taken as a mean of maximum and minimum savings for ease of understanding. More taxes can be saved by getting additional benefits from various provisions of the Income-tax Act, 1961.
The real essence of the data, is to understand once and for all that, taxes are to be paid there is no running away from it..but not saving what’s available is equal to not accepting a 20% cash back available to you when you buy an expensive gift for your spouse on your anniversary!! What’s more? It can be really expensive over the years – you will make or lose lakhs.
So, now the next important question – how should I save these taxes ? Well, various avenues are available right from Insurance, Mutual funds, FDs, Medical insurance, NPS, etc., but can you align these investments with your financial goals?
If the answer is yes, get your income-tax planning done by an expert, if required and I can confidently say that your wealth with soar much more than the value of investments shown in the table above.
This March, let’s set on a journey with planning and peace of mind…save taxes and create more wealth..
Author: Mr. Nirmal M Jain | Mr. Nirmal M Jain is a Co-Founder at HappyWise Financial Services. He has helped over 100 Families over the last 15 years of his services in the Financial Planning Sector. He has been a mentor to several people to help them better understand investments, stocks, mutual funds, financial planning, personal finance and above all his favorite term “The Power Of Compounding!”.