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Tax Planning & Management

tax planning

Failing to plan is planning to fail.

Most of us work really hard round the year, but give very little priority to the important activity of tax-planning.

Waiting till the last date of tax filing or submission of investment proofs may not give us sufficient time to think through our investment decisions and at the same time puts undue pressure on our cash flows.

Here are a few points to keep in mind while you start planning for your tax:

payment Understanding the components of your income

vas Understanding the exemptions and deductions available

tax estimator Estimating the current tax outflow by using generically available tools.

save tax Understanding the instruments available under various deductions to help you plan tax.

tax flow Choosing instruments judiciously after taking into account your personal preferences and the impact on your tax outflows

At the time of investing in or buying your chosen instruments, it is advisable to set up a direct debit or create a Standing Instruction to avail the recurring benefits of instruments like PPF or Life Insurance, as applicable. This will also instil financial discipline.

financial planning Maintaining the receipts that you would be required to furnish as evidence of investments made.

Filing your returns on time and avoiding the hassles that waiting till the last day for filing would entail.

Disclaimer: Terms and conditions of ICICI Bank and third parties apply. ICICI Bank is not responsible for third party products, goods, services and offers. Usage of any third party product / service shall constitute a contract between the user and the third party.Nothing contained herein shall constitute or be deemed to constitute an advice, invitation, offer or solicitation to sell/purchase any products/services of ICICI Bank or any third party. The tax write up above is for the general understanding and reference. The user needs to verify all the facts, law and contents with the text of the prevailing statutes and seek appropriate professional advice before acting on the basis of any information contained herein as the taxation implications may vary depending upon the facts in each case/interpretation by tax authorities and the tax laws are subject to change from time to time. ICICI Bank Ltd expressly disclaims any liability to any person, in respect of anything done or omitted to be done by any such person by placing reliance upon the contents of this write-up.

Tax Planning & Management

Failing to plan is planning to fail.

Here are a few points to keep in mind while you start planning for your tax:

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