Income tax kaise bachaye tarike saving tips in hindi income tax whose name any person is afraid of. The person wants to save it, or does not want to fill it. While this thinking is very wrong, when we do any work with complete planning, then its effect is positive. In the same way, we should follow the same thing on Income Tax. Just as it is the duty of every person to pay tax, in the same way it is the right of every person to plan for tax while staying within the purview of the law.
Ways to save income tax Income tax kaise bachaye tarike saving tips in hindi
In income tax, where tax is to be paid on income, there is some income which is also tax free. Just as a person always keeps a part of his income as his savings, that savings will be useful in future, in his bad times. In the same way, by filling it with income tax planning, we can take many benefits from it in future.
The main five sources of income have been mentioned in Income Tax –
- INCOME FROM SALARIES
- Income from House Property (INCOME FROM HOUSE PROPERTY)
- Income from Business and Profession (PROFITS AND GAINS OF BUSINESS OR PROFESSION )
- INCOME FROM CAPITAL GAIN
- Income from other sources ( INCOME FROMOTHER SOURCES)
These five incomes include all the sources of income in themselves. This all income avoidance provision is present in income tax. For example, by making savings schemes, trusts, Hindu Undivided Family (HUF), distribution of family income, through gifts, earning maximum tax free income. By including all such income in our income, we can reduce our tax liability. Tax planning is a very detailed subject, for which we should take the help of an accountant to a chartered accountant (CA) and a lawyer and planning should be done keeping in mind the specifics told by them.
- How much income is tax free?
- How is tax planning done?
- How to take advantage of tax free income?
How much income is tax free?
We should first know that how much income is tax free. There is a limit fixed in income tax, till that there is no tax on income. This limit is pre-determined by each person. As soon as we cross that income, we have to pay tax to the government at different rates. We have presented this further through the chart.
Tax Slab Financial Year (FY)2015 – 16 Assessment Year(AY) 2017-18
|income limit||female/male||senior citizen||senior citizen|
|(whose age is less than 60 years.)||(Age above 60 years but below 80 years)||(whose age is more than 80 years)|
|2,50,001 Rs.-500,000 Rs.||10%||10%||NIL|
|500,001 Rs. – 10,00,000 Rs.||20%||20%||20%|
|10,00,000 Rs. more than||30%||30%||30%|
How is tax planning done?
Just as the tax rate on income after deductible income is fixed in INCOME TAX ACT, in the same way the provision for investment in tax planning is present in SECTION 80 C – SECTION 80 U. The main among them are mentioned below –
In INCOME TAX ACT, investments can be made from 1 LAKH to 1.5 LAKH in SECTION 80 C, 80CCC, 80CCD.
SAVING SCHEME OF SECTION 80 C
- National Saving Certificate (NSC SCHEME)
- LIFE INSURANCE POLICIES
- EQUITY LINKED SAVINGS SCEHEME (ELSS)
- UNIT LINKED INSURANCE PLAN (ULIP)
- CONTRIBUTION TO EPF / GPF
- PUBLIC PROVIDENT FUND (PPF)
- TUTION FEES (ANY TWO CHILDREN)
- REPAYMENT OF HOUSING LOAN (PRINCIPAL)
Similarly, in SECTION 80 D, exemption of 20000/- has been given to MEDICLAIM PREMIUM which is self, husband and wife, child (who is dependent on parents) and 30000/- to senior citizen. All these and many other investments are there in income tax, whose exemption we get while doing INCOME TAX RETURN FILE.
Other methods of tax planning
- Tax planning by mutual agreement of family
- Tax planning from birth to death of a person
- Tax planning through GIFT
- Tax planning from all other income
of tax by mutual agreement of the family Planning-
What should we do for this?
- Along with doing your own INCOME TAX RETURN FILE, do RETURN FILE of your family member too.
- Do tax planning for your adult children.
- By filing taxes of your elderly parents, take advantage of higher income tax slabs.
- By will, the property is divided in such a way that the burden comes as a minimum in the form of tax on the heirs.
- Take advantage of tax by filing return of daughter-in-law.
- File tax by making HUF.
In this regard, we should be careful about some things.
- Do not add the income of husband and wife together.
- The minor is of the income of the children, so do not include it in the income of the elders. Invest it in a fund or SCHEME.
Tax planning from birth to death of a person
TAX PLANNING AT BIRTH –
Tax planning from job to retirement –
AFTER DEATH, INCOME TAX PLANNING –
According to the will, as per the will, the way the property is divided, do TAX PLANNING by telling it to your tax advisor. Sometimes some INCOME is such that it is TAXFREE. Eg – Agricultural Income (AGRICULTURE INCOME)
Tax planning through GIFT Gifts up to 50,000/- are TAXFREE after April, 2006. And gifts above 50,000/- will be TAXEBLE.
Tax planning from all other income
Whenever the income of the taxpayer is high, he does such planning of tax so that he can transfer his INCOME to his loved ones. Due to which his tax liability gets reduced. But some things have to be taken care of. like –
- Transfer income without transferring assets
- Proper planning of revocable transfers
- Avoid transferring your income to wife/daughter-in-law/minor children
- loan taken on bill or payment
- Unclear bank dealings, CASH, investments and expenses
In the above point, the liability of tax will be made on the tax payer.
Apart from this, make TAX SAVING by creating a COMPANY and HUF and TRUST.
- If TDS is deducted then claim it.
- If you buy any property, give its information.
- Do not deal in big and cash in business, deal only through cheque.
- If TAX / ADVANCE becomes a liability of TAX, then avoid interest by filling it in the prescribed time.
- If you are operating a big business or company, then take care of small things like making bills and buying from bills, ACCOUNT by filing all kinds of income-expenditure, purchase-sale, receipt of investment made properly. Maintain |