Tax Saving Plans - A Must for Everyone

Tax saving is a necessary part of your savings foray and one has to comply with different tax laws to save tax with investment in various instruments. For tax saving one of the best instruments that is quite popular among the mass is the tax saving insurance policies. Without doubt it has become one of the best products.


What does one mean by income tax savings? What are the different tax saving plans etc. These are some of the terms which one needs to be aware of. To make sure that your hard earned money stays with you, it is important for you carry out an extensive research when it comes to tax savings. The income that you earn annually is subject to the Income Tax laws governing that country. The tax rates are not fixed and are based on the income that you earn throughout the year. But, one can save a lot on tax money, only if he or she plans it the proper way and takes wise steps at different stages of life.

So if the question how to save tax is mind boggling you, well we'll help you out with the best solutions. To extract maximum tax benefits, you need to invest your earnings in various tax savings schemes. These tax saving investments come with loads of features and benefits. With the help of tax deduction, a break granted by the government, some part of your income is excluded when it comes to calculating government tax.

Apart from this, you can also invest in long-term tax saving investments like pension savings plan for a life after retirement or a life cover to secure your family's future. Which means that tax saving plans do not just reduce your taxable income but also help you and your family have a secured future.

Now let's come to saving tax through life insurance policies. Life insurance policies are one of the best ways to save tax as under the Income Tax Act 1961 (Act), when investing in a life insurance plan, the premiums that you pay when calculating taxable income are waived off. So the assured sum and the profit which you receive are all exempted from tax. What's more? By investing in a Life Insurance Scheme, you get double the tax benefits. Now isn't that what you call a win-win situation.

Moreover, apart from this investing in a health insurance scheme can also generate great tax benefits. Along with money saved from tax, you secure yourself from any uncertainties in life like illness, accident etc. So to make sure that your money stays in your hand and you can give your family a good life, go ahead and invest in the best schemes as far as your taxes are concerned. It is a time-tested that only the best investment plans guarantee a safe and sound return.

P Chhajed & Co LLP, a renowned Chartered Accountancy Firm, is a Limited Liability Partnership Form of organization, a highest form of organization a Chartered Accountancy Firm is permitted to form. We provide tailor-made solutions to satisfy the clients' needs through a flawless and dedicated process, technology and innovation. For more info, visit www.pchhajed.com 

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