Welcome to yet another informative video on taxes! Ready to achieve financial stability via effective tax planning? Let’s walk through the process.
First, we’ll cover the basics. Know your income— how much you have at your disposal. Next, map out your expenses. This includes your monthly bills, planned purchases, investments, insurance contributions, and any EMIs. Once you have a clear picture, we’ll explore relevant tax-saving sections under the Income Tax Act.
For example, under Section 80C, you can claim up to ₹1.5 Lakhs on investments like ELSS funds, PPF, or tax-saving FDs. Under Section 80CCD(1B), an additional ₹50,000 is available for NPS contributions. You’ll also uncover additional deductions applicable. These include home loan interest (Sections 80EE & 24(b)), education loans (80E), health insurance premiums (80D), and electric vehicle loans (80EEB).
After analysing your finances, we’ll discuss how to plan your expenses carefully. Remember to prioritise necessary payments over optional purchases. This could help you avoid financial strain.
Finally, we’ll help you execute the plan. Begin investing at the start of the financial year. Keep payments timely, declare expenses accurately, and file your taxes on time. Here, you’ll get helpful tips on each step.
Start now, manage your taxes wisely, and take charge of your finances!
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