Post tax Season networking and outreach tips

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Post Tax Season Networking and Outreach Tips

• People think about and enquire about Income tax
  saving tips only towards the end of a financial
  year. Result of this is they will invest money in
  all familiar and unfamiliar options in order to
  save tax. Taking steps on this earlier itself can
  help a lot in saving money. You can ask
  assistance on this regard to any tax consultants
  or finance specialists.

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Tax saving tips
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• The income tax Act offers many types of
  allowances and incentives to people that can
  substantially help them in reducing the tax
  payments. We will check some of the smart ways
  through which we can save tax.            
• Do you know restricting your salary is able to
  help you in minimizing tax payments? But this is
  possible only when you are having good contacts
  with the HR department. Otherwise, the company
  should permit you to do so.

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• that can be shown as per Section 80C for tax
  deduction are equity linked savings scheme, life
  insurance policies, provident fund, National
  Savings Certificate etc. You can also show 5 year
  bank deposit and post office accounts, other than
  education fees of children.

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• Many people have the habit of searching for tax
  saving schemes only at the time of paying tax.
  This can be avoided so as to make sure you are
  investing in those schemes that have long term
  benefits. Under setion80EE those who have taken a
  home loan for the first time will get tax
  deductions. But there are clauses and conditions
  on this regard.
• The value of the house should not be more than 40
  lakh and the amount taken as loan should not be
  more than 25 lakh. Again, the period on which the
  loan was sanctioned will also be checked. Under
  this section a person will get at least one lakh
  tax deduction.
• The part of the EMI that become part of loan
  amount is eligible to be claimed under Section
  80C of Tax Act. As per the act, a person can
  claim a maximum of rupees one and a half lakh.
• 
  
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• One should plan tax deductions plans in advance
  so as to get maximum benefits. What about NRI
  taxation in India? You should dig more into tax
  related subjects for getting more information on
  this topic.

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