Income Tax Planning Salaried

Income tax planning aims to minimise tax liability legally. Advantages include saving money, optimising investments, and achieving financial goals efficiently.

Calculate taxable income by subtracting permissible deductions from your total income. Deductions include HRA, standard deduction, and eligible investments under Section 80C.

Begin by understanding your financial goals, assessing income sources, and identifying eligible deductions. Consult a tax professional for personalised advice and strategies.

Salaried individuals could benefit from deductions such as HRA, standard deduction, and medical insurance premiums. Additionally, investments in instruments like PPF, NSC, and ELSS are also eligible for tax benefits under Section 80C.

You could ensure accurate tax planning by staying informed about changes in tax laws, keep records of income and investments, and seek professional advice. This will also help you remain complaint with the tax laws in India.