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Tax Planning & Management
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:
Understanding the components of your income
Understanding the exemptions and deductions available
Estimating the current tax outflow by using generically available tools.
Understanding the instruments available under various deductions to help you plan tax.
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.
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.
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