Know the Best Tax Saving Instrument From Tax Consultants
Posted by aravisingh1991 on May 25th, 2017
There is a lot of tax saving instruments available in the market and persons can choose the one the best suited for them. The tax saving plans come with various investment options, which save the money for the person and at the same time provide give the added benefit of interest on the principal amount.
Ideally the person should visit the tax consultant in the first few quarters of the financial year to prudently invest the money and avoid the hasty decision of wrong investment. Only the tax consultant will help the person to take the best plan suited for individual needs and financial goals.
The tax saving plans should not just save the tax burden to the individual but also has to provide other benefits to the person. One can consult the Auditing services in Delhi NCR to know the exact taxable income and then plan the tax saving plans.
Life insurance is one of the best tax saving plan. It is not the investment plan in the true sense, but is give life cover and at the same time it helps to reduce the tax burden. Under the section 80 CC of the income tax act, the money that is paid in premium is deducted from the money counted as total income tax liability. The upper limit of deduction is one lac. Also, the amount that is paid to the person in case of any eventuality is not taxable The health insurance plan may not be viewed as the one of the best investment plan for saving taxable money but the fact is that this is also one of the best that is used for the tax saving benefits . Under 80 D of the act, the person saves the money on the premium that is paid as the premium. The upper case for the deduction is 15, 000 INR and can be the 20,000 INR for the senior persons. The deduction can be up to 35,000 INR for the persons who take the plan for parents as well.
Income tax is the portion of the income that one pays to the government for the payment of central and state government salaries, development of infrastructure and maintenance of the security of the country. The tax is levied on the law that is called income tax act, 1961. Income tax is one of the many direct taxes that we play. The other direct taxes are capital tax, security transaction tax etc. The direct taxes are paid by the person directly.
The indirect taxes are paid by the consumers, when they use services at hotel, restaurants, in the form of service tax, entertainment tax ect. The other major indirect taxes are sale tax, value added tax , octroi etc . The income tax forms that major part of the revenue of the government of India. The functions are managed by the ministry of finance and the direct handling responsibility is given to the central board of direct taxes. In direct tax has the effect of increasing the price of the products on which the tax is imposed.
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