PROCESS FOR TAX PLANNING

Hello Friends,

My this blog is related to tell you about the Process of Tax Planning. 
"Tax Planning is an art to get the maximum benefits from the investment he has made to reduce the burden of tax by maximizing the income. It means reduction of tax liability by the way of exemptions, deductions and benefits."

 Let's learn the Process of Tax Planning:
  • Calculate your Estimate income you have earned in a year starting from 1st April, 2019 till date. Income includes:
    • Income from Salary or Pension
    • Income from House Property (Rent Received)
    • Income from Business
    • Income from Other Sources (Commission, Bank Interest, FD Interest etc.)
  • Update your Bank Statements from all the banks for an estimation of your Total Income and check the transactions you have made in a year. 
  • Check your Investment, Saving Plans, Life Insurance policies, Mediclaim Policies  and any other type of Investment you have made last year. Check that these Investments are enough for deductions under section 80 C  and 80 D  of Income Tax Act, 1961 for getting maximum Tax Benefit out of it. 
  • Check your Repayment schedule of your Home loan and Interest on Housing Loan Statement to get the benefit of Section  80 EE. 
  • Check your Interest paid on Education Loan statement to get the benefit of Sec 80 E. 
  •  Check all your TDS certificates from Banks for calculation of TDS deducted on your Fixed Deposits.
  • There are various other kinds of deductions and rebates are also available for the Indian citizens under Income Tax Act, 1961. 
  • Take the help of Financial Advisor to get the maximum benefits from your Investment.
  • If you think there is a need of more investment for tax planning then start investing now because 31st March, 2020 is the last date for investment for Financial Year 2019-20.
I hope it will helpful to you. 

Thanks and Regards
Kulvinder Kaur
B.Com(H), MBA(Finance)

9871580806,8826566751
rightsteptoinvest@gmail.com


Comments

Post a Comment

Popular posts from this blog

AN INITIATIVE TO TAKE A RIGHT STEP

Image
Hello Friends,  This is my first post and need your support to grow.  I am working as a Financial Advisor  and Tax Consultant.   I would like to suggests you that just take   A Right Step: To Save  To Plan  To Invest To make your money grow  and this will help you To move a right step about your financial planning and growth .  Thanks & Regards Kulvinder   Kaur B.COM(H), MBA(Finance) 9871580806,8826566751 rightsteptoinvest@gmail.com
Read more

IMPORTANCE OF BUDGET

Image
Hello Friends, My this blog is related to tell you about the Importance of Budget.  "Budget is a plan in which you decide how to spend money  systematically." Let's take a simple example and starts from your home: Rahul is a married man with two kids earns Rs. 35,000 in a month and get on the 10th of a month and starts spending it in various expenses like bring a ration, pay for school fees, buying vegetables, buy some clothes, pay some medical expenses etc. and at the 25th of the month he already spend Rs. 28,000 and only Rs. 7,000 left with him without any savings for rest of the month and then he worried that how to spend for rest of the month.  Ramesh is a married man with two kids earns Rs. 35,000 in a month and gets his salary on the 10th of a month and makes a budget and spend accordingly and at the end of the month he has left some money as a savings which he uses as an investment as well as for emergency.  In the second examp...
Read more

HAPPY NEW YEAR 2020

Image
Hello Friends , Happy New Year 2020.  Happy New Year is a word which means a coming year will be happy for all of us and gives all the happiness and good wishes for all that our dreams come true.  Yes, So I will give you a secret mantra for all the successful years ahead which makes you happy in all years ahead of your life.  Just take a Right Step: To secure your income. To secure your Life. To secure your loved ones.  To secure your Present as well as Future. Thanks and Regards Kulvinder Kaur
Read more