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Tax planning is the analysis and creation of a financial plan to ensure tax efficiency with a goal to minimize tax liability. It also includes planning future investments and tracking returns from various tax saving financial instruments available in the market so that all aspects of the financial plan work effectively to save tax.
How Tax Planning Works
Tax planning includes analysis of income size, expenditures, and investments in consideration with tax filling status, Government policies, income tax slabs and deductions available under the various sections of Income Tax Act of India. Basis these aspects a tax saving plan is created for a given period.
There is a wide range of financial instruments in the market designed to serve various short-term and long-term goals for the average investor.
A Few Tips
Know the Tax Benefit on Saving for Retirement
Retirement is the stage where you can relax with your spouse, grandchildren and pursue your hobbies.View Video
Tax Planning refers to an activity wherein tax payers make preparations to reduce their tax liability by...View Video
How Does Life Insurance Help In Tax Saving
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How to save tax with no investment in 2020-21
Filing income tax returns (ITRs) can get tedious for taxpayers. Not only does one have to ensure that they pay...View Video
Have you ever invested in real estate or held a property for two years before selling? If you sold it after two years, you must have heard the phrase long term capital gain tax from your accountant. If not, or if you haven't heard of this before, this article will tell you all you need to know about income on long term capital gains and its tax treatment.
Capital Assets can be grouped into many different categories. These categories receive a different treatment when taxes are calculated on the profits you earn from them.Read More
What is the income tax in
Every country requires financial resources to carry out essential functions, make public expenditures and launch new initiatives for the welfare of its public.
What kind of professionals must apply for Professional Tax in India?
Tax season is fast approaching and everyone, especially first time taxpayers, are preparing themselves. For first time taxpayers, there is a lot to learn and figure out, and it might even get overwhelming at times.
Which are the best tax free investments in India?
Whether you are a millennial paying tax for the first time or a regular taxpayer, the approach of tax season always brings with it tax saving season as well.
Why are imports heavily taxed in India?
In February, Finance minister Nirmala Sitharaman announced a slew of taxes on imports, as part of the Budget 2020-2021.
FD interest or fixed deposit interest income gets taxed as per the income slab rates of individual taxpayer. Banks or post offices deduct tax or TDS when the aggregate interest income on all fixed deposits exceeds Rs 40,000 per financial year. The limit is Rs 50,000 in case of senior citizens.
Tax is a responsibility. It’s a mandatory payment made by the people to the government. The taxes paid by us are used by the government to pay for various services such as street lighting, roads, police, etc., that are offered to us. The amount is not only used for infrastructural development but is also used for paying state and central government bodies. Income tax is the amount paid by an individual on the total income earned in India. As per the Income Tax Act, anyone who earns an income beyond a certain threshold is liable to pay income tax to the Central government, subject to exemptions.
Taxes can be classified into two different types: direct and indirect taxes. Direct taxes, as the name suggests, are the taxes paid directly to the government. Any individual whose annual income exceeds the maximum exempt limit is liable to pay direct tax as per the Income Tax Act. This includes income tax, corporate tax, capital gains tax, etc.
On the other hand, indirect taxes are imposed on the purchase of goods and services and are collected by those who sell the product or offer the service. These taxes are not directly paid by an individual to the government. For example: GST, excise duty, customs duty, etc.
Filing an income tax return is no longer a tedious task that it used to be. Here’s a step-by-step guide that will help you file income tax without any hassles –
Step 1: First visit the income tax department website i.e., https://incometaxindiaefiling.gov.in.
Step 2: Log in or register to file your income tax return.
Step 3: Choose the ITR of the relevant assessment year.
Step 4: Fill in all the details and validate. The details include name, address, PAN, mobile number, e-mail ID, bank details, and other taxable income.
Step 5: The next step is to calculate tax. If any tax is due, then make sure you pay it immediately.
Step 6: Now click ‘SUBMIT’
As per Income Tax Act, 1961, all companies, whether domestic or foreign are liable to pay corporate tax on the income earned by them. According to the law, a domestic company pays tax on its net income whereas a foreign company pays tax only if the income earned by them is earned within India. The net income of the company that is charged under corporate tax includes
The profit from the sale of an asset attracts capital gains tax. Depending on the holding period of the asset, the tax has been categorized into short-term and long-term capital gains tax.Read More
Tax Saving checklist you must follow this financial year
Taxes are unavoidable, but the liability can be reduced through smart planning. Here is a tax saving checlist for this financial year.Read More
Importance and Benefits of Tax Saving
The Indian Government allows tax deductions for a number of investments. Similarly, several types of monetary gains are tax-exempt. Deductions and exemptions together form the core of tax saving.Read More
Type of Tax Saving
With new start of the new financial year, it is time to file your income tax. The government has done away with most tax-saving tools under the new tax regime, but ou can still save taxes under the old system.Read More
Income Tax Calculation 20-21
Step 1 - Calculate your total income
Step 2 - Account for all deductions from your total income
Step 3 - Identify your income tax slab and apply relevant rate of tax on your incomeRead More
5 plan options to choose from to protect your loved ones
Pay premiums for 5,7, or 10 years as per your financial goals
Payor Premium Protection Cover to secure your family’s future
Tax benefits may be available as per prevailing Tax Laws
TERM Insurance PLAN
Life Cover till 99 years of age
Option to Block the premium rate and increase cover by upto 100% at the blocked rate
Option to avail monthly income post attaining 60 years of age
Option to receive total premiums paid in case of no claim
Tax Benefits as per applicable laws
Unit Linked Insurance Plan
8 funds and 4 portfolio strategies to invest
Loyalty additions and wealth booster
Return of Mortality Charge is available on Maturity under all three cover Options
Flexibility of switching between the fund options to take benefits of market movements or change in risk preference