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Tax Planner
Tax Planning Simplified with Covering Taxes
Discover the Simplicity of Tax Planning with Covering Taxes’s Tax Planner Read our Reviews on Google
Features:
- Maximize Tax Savings by up to 26%
- Access Detailed Tax Reports for Comprehensive Insights
- Identify Lucrative Tax-Saving Investment Avenues
- Receive Personalized Tax Planning Guidance from Certified Experts
Looking for Solutions To These Questions? It's Time for Tax Planning!
Dealing with Taxes on Foreign Income and Assets, and Understanding Tax Treaties with India and Other Countries?
Unlock the Power of Tax Planning: Why Consult a Tax Advisor?
Tax planning stands as the beacon of financial prudence for every taxpayer, whether they navigate tax complexities with ease or wrestle with uncertainties. By embracing tax planning, you bid adieu to the realm of guesswork, gaining confidence in your tax endeavors. Entrusting your tax affairs to a seasoned income tax planner serves as the ultimate shield against burgeoning liabilities, safeguarding you from penalties, and adeptly maneuvering through potential tax code fluctuations. Here’s why seeking guidance from a tax expert proves invaluable.
- Leveraging Tax-Saving Opportunities:Uncover hidden tax-saving gems such as deductions, credits, and exemptions to slash your tax bill significantly
- Optimizing Tax Efficiency:Explore avenues like tax-deferred accounts and retirement plans to not only maximize your tax efficiency but also pave the way for long-term financial growth and stability.
- Navigating Compliance Terrain:Steer clear of compliance pitfalls and legal quagmires by diligently adhering to individual and corporate tax planning protocols
- Realizing Financial Aspirations:Transform your tax-saving endeavors into tangible progress towards your financial goals. By consistently optimizing your tax strategies and staying abreast of evolving tax laws,
Why Opt for Covering Taxes as Your Tax Planning Companion
Tax Planning Solutions
Basic Tax Planner
- Exclusive of 18% GST*
- Tax planning (DIY)
- Maximize your financial potential with Covering Taxes your exclusive access to tax planning resources
Advance Tax Planning Solutions
Covering Tax Pro
- Exclusive of 18% GST*
- For salaried taxpayers
- Old v New Tax Regime: Which is best for you ?
- Increase saving by salary restructuring
- Tax saving opportunities suited to your goals
- Bifurcation of HRA calculation
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Covering Taxes Advance
- Exclusive of 18% GST*
- For Taxpayers with income other than salary
- Sold a property? Get solutions against capital gains
- Tax calculation and saving opportunities based on your tax slab
- Tax loss harvesting solutions
- Advance Tax calculation
- Personalized tax saving options for business income
- Bifurcation of HRA calculations
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Advance Tax Calculation
- Exclusive of 18% GST*
- Advance tax calculation based on source of income
- Quarterly review
- Assistance with Challan payment
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Covering Tax NRI
- Exclusive of 18% GST*
- Guidance for taxation on foreign investments
- Tax implications on NRO/NRE account
- Applicability of DTAA provisions
- Optimizing tax strategies for managing RSU/ ESOP Including advance tax calculations on sale
- Understanding residential status as per Indian law
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Best Tax Saving Instruments
| Section | Deduction for FY 2023-24 (AY 2024-25) | Maximum limit | Who can invest? |
|---|---|---|---|
|
Section 80C |
Popular investment options such as PPF, LIC, Mutual Funds, FD, Sukanya Samriddhi Account, child |
Upto Rs 1,50,000 |
Individual Or HUF |
|
Section 80CC |
Pension Funds |
Upto Rs 1,50,000 |
Individuals |
|
Section 80CCD(1) |
Atal Pension Yojana and National Pension Scheme Contribution |
Upto Rs 1,50,000 |
Individuals |
|
Section 80CCD(1B) |
Atal Pension Yojana and National Pension Scheme Contribution (additional deduction) |
Upto Rs 50,000 |
Individuals |
|
Section 80CCD(2) |
National Pension Scheme Contribution by Employer |
Amount Contributed or 14% of Basic Salary + Dearness Allowance (If the employer is Government) 10% of Basic Salary+ Dearness Allowance(any other employer) – Whichever is lower |
Individuals |
|
Section 80D |
Medical Insurance Premiums, Medical Expenditures, and preventive health checkups |
Upto Rs 1,00,000 |
Individual Or HUF |
|
Section 80DD |
Medical Treatment of a Dependent with Disability |
Normal Disability (at least 40% or more but less than 80%): Rs 75000/- Severe Disability (at least 80% or more) : Rs 125000/- |
Individual Or HUF |
|
Section80DDB |
Medical expenditure for treatment of Specified Diseases |
Senior Citizens: Upto Rs 1,00,000 Others: Up to Rs 40,000 |
Individual Or HUF |
|
Section 80E |
Interest paid on Loan taken for Higher Education |
No limit up to 8 assessment years |
Individuals |
|
Section 80EE |
Interest paid on Housing Loan |
Upto Rs 50,000 subject to some conditions |
Individuals |
|
Section 80EEA |
Interest paid on Housing Loan |
Upto Rs 1,50,000/- subject to some conditions |
Individuals |
|
Section 80EEB |
Interest paid on Electric Vehicle Loan |
Upto Rs 1,50,000/- subject to some conditions |
Individuals |
|
Section 80G |
Donation to specified funds/institutions. Institutions |
100% or 50% of the Donated amount or Qualifying limit, Allowed donations in cash up to Rs.2000/- |
All assessees |
|
Section 80GG |
Income Tax Deduction for House Rent Paid |
Rs. 5000 per month 25% of Adjusted Total Income Rent paid – 10% of Adjusted Total Income – whichever is lower |
Individual |
|
Section 80GGA |
Donation to Scientific Research & Rural Development |
100% of the amount donated. Allowed donations in cash up to Rs.10,000/- |
All assessees except those who have an income (or loss) from a business and/or a profession |
|
Section 80GGB |
Contribution to Political Parties |
100% of the amount contributed No deduction is available for contributions made in cash |
Companies |
|
Section 80GGC |
Individuals on contribution to Political Parties |
100% of the amount contributed No deduction is available for contributions made in cash |
Individual, HUF, AOP, BOI, Firm |
|
Section 80QQB |
Royalty Income of Authors |
Rs.3,00,000/- Or Specified Income – whichever is lower |
Individuals (Indian citizen or foreign citizen being resident in India) |
|
Section 80RRB |
Royalty on Patents |
Individuals (Indian citizen or foreign citizen being resident in India) |
Individuals (Indian citizen or foreign citizen being resident in India) |
|
Section 80TTA |
Interest earned on Savings Accounts |
Upto Rs. 10,000 |
Individual Or HUF (except senior citizen) |
|
Section 80TTB |
Interest Income earned on deposits(Savings/ FDs) |
Upto Rs. 50,000 |
Individual over 60 |
|
Section 80U |
Disabled Individuals |
Normal Disability: Rs. 75,000/- Severe Disability: Rs. 1,25,000/- |
Individuals |
Frequently Asked Questions
Tax planning is advantageous for a wide range of individuals and entities, including salaried employees, entrepreneurs, freelancers, and large corporations. Anyone looking to minimize their tax burden and enhance their financial efficiency can benefit from implementing effective tax planning strategies.
The ideal time to commence tax planning is at the start of the financial year. This approach allows individuals and businesses to organize their financial matters efficiently and capitalize on the most favorable tax-saving opportunities. Nonetheless, engaging in tax planning at any point during the year can still provide significant benefits.
Starting with tax planning is most effective when you collaborate with an experienced tax planner. A professional who comprehends your unique financial circumstances can provide tailored advice, guiding you through the process and ensuring that you make informed and beneficial decisions.
There are numerous strategies to reduce your tax liability in India. You can claim various tax deductions, invest in tax-saving instruments, and utilize legitimate tax credits. A skilled tax planner can assist you in leveraging these strategies effectively to achieve the lowest possible tax bills.
Tax planning is essential for enhancing your financial health and minimizing your tax obligations. By strategically organizing your finances, you can leverage various tax laws and provisions to maximize your savings. Effective tax planning helps you utilize all available tax-saving opportunities, leading to greater financial efficiency and long-term wealth accumulation.
In addition to Section 80C, there are various other methods to save on taxes:
Claiming Tax-Deductible Expenses: These include insurance premiums, tuition fees for children, rent payments, home loan principal repayment and stamp duty payments, interest on home loans, and medical expenses for dependent family members.
Exploring Investment Options: Consider investment vehicles like the National Pension Scheme (NPS) to optimize your income structure and reduce taxable income.
To achieve comprehensive tax planning, it is essential to diversify your tax-saving investments across different asset classes and utilize a combination of deductions and exemptions.
Several frequent errors can impede effective tax planning:
Over-Reliance on Tax-Saving Mutual Funds: While these funds are popular, relying solely on them may not optimize tax savings. It’s advisable to diversify across various tax-saving instruments.
Delaying Investments: Waiting until the last quarter to make tax-saving investments can lead to rushed and suboptimal decisions. It’s better to plan and invest strategically throughout the year.
Lack of Diversification: Concentrating all tax-saving investments in a single asset class is risky. Diversifying your investments helps manage risk and can potentially enhance returns.
