How To Save More Tax

It is that time of the year when most salaried individuals are filing their income tax returns. If planned carefully, one can substantially reduce the tax outgo with exemptions and deductions, allowed within the framework of Income Tax Act. Salaried taxpayers constantly struggle between income and tax savings. While most people know about the deductions of upto Rs 1.5 lakh under Section 80C of the Income Tax Act, there are various other ways to save you tax. According to Prashant Joshi, Co-Founder and Partner, Financial Research and Advisory Services, Fintrust Advisors, understanding one’s taxable income is a pre-requisite, as allowances and deductions for salaried and self-employed individuals are different. One should know there are tax-saving expenses and tax-saving investment instruments and both help in optimising and maximising tax saving, he says. Tax saving expenses like...