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A Cliché Question – How can I save Income Tax by better Tax Planning

Category: Tax Law

Published On: November 20, 2016

By: AKA

Comment: No Comments

Income Tax….Perhaps the most written, spoken, hated and unavoidable topic before or after Demonetization in India. In Satyajit Ray’s Bengali Film “Hirok Rajar Dese” there was a famous adage which says “baki rakha khajna mote bhalo kajna….” though in a different sense. So we have to pay it… like it or not. But we miss the easier path. Normal mistake is that we all feel we are too small to get noticed OR we feel that we know everything.

To cut the long story short, I will mention ten basic points and if you know nine out of ten, this article is not for you.

  1. You should file your return on your own…at-least, you should know the basic, so that you don’t get a IT notice even after filing the same with your agent.
  2. Even if you are a Self Employed person you can avail NPS benefit extended by Govt.
  3. For NPS, in case of Salaried person over and above your Companies contribution [10% of Basic + DA] you can directly invest Rs. 50,000/-.
  4. Even if you miss the due date of return filing the same can/should be filed within one year from the end of the relevant AY or before the completion of assessment, whichever is earlier u/s 139(4)
  5. Most of the salaried persons choose ITR-1 without checking for the Short Term Capital Gain earned last year.
  6. We don’t keep the bills of Medical Checkup done for our Senior Citizen dependents parents, which is over and above the medical exemption we may get.
  7. Some time we miss our kids School fees receipt.
  8. Do we know all EEE (Exempted in all three level of investment) scheme floated in Market?
  9. After all have you received Intimation u/s 143(1) in your registered mail ID?
  10. Have we ever thought of making a Balance Sheet of our own, it’s not that difficult!

Still if you are with me, you must have understood these are the most basic and easiest ways, other than the complicated ones. There are thousands of Articles in net about these but Tax planning is easier said than done.

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