If business owners are the drivers of the economy, then salaried employees are the engine that gives striking horsepower to move the country forward. Yet, often busy with day-to-day pursuits, they neglect their own financial needs and delay tax planning.
When it comes to tax saving most people consider only those products that come under section 80C of the Income tax act 1961. But the truth is you can bring down your tax liability further by considering the expense and income eligible for deduction under sections other than 80C.
Here are some of the sections via which one can curb the outflow of tax.
It is vital to always look at tax planning in the same context as general financial planning; contrary to a hurried “eleventh hour” investment practice. Income tax is the hard truth that every individual in the taxable bracket has to live with. While the avenues for tax savings are limited, a prudent review of these avenues can help in reducing the tax burden significantly