Is it possible to avoid taxes

If you hold them for three years, you also get the benefit of lower tax. The income from debt funds is treated as long-term capital gains after three years. Those living in rented accommodation can avail of deduction under Section 10 13A.

Even, if you are living in your parents' house, you can pay them rent and claim HRA exemption. This is possible only if the property is registered in the name of your parent. This can be especially useful for someone who has booked profits on debt funds this year.

However, there are some conditions to be fulfilled. One, you should file your tax return before the 31 July deadline to be eligible for carrying forward the losses. Also, one cannot set off short-term gains from stocks against long-term capital losses from other assets. It is levied on dividends paid by mutual fund schemes other than equity funds and equity-oriented balanced schemes. Instead of dividends, one should go for the growth option in non-equity funds. If you are looking for a regular monthly or quarterly income, start a systematic withdrawal plan SWP.

A predetermined amount is redeemed on the day of the month fixed by you. If you are looking for a lump sum, just redeem the amount when the need arises. How your Family can help you save Tax? All you need to know about Income Tax Returns. What happens if ITR is not Filed?

How to do e-Verification of ITR? Home Loan Tax Benefits. Section H of Income Tax Act. Section A of Income Tax Act. Last updated: Switch to Digit Insurance. COVID covered. Enter Your Car Registration number. View Prices. View Prices View Prices. Terms and conditions. I Agree. Oops, we have a mismatch! Registration Number. Previous policy expiry. Which countries are you visiting? Leaving date. Return date. Get Quote Try agian later.

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Notify Me. Nice email address! We have some cool stuff going on our channels, join us. How to Save Income Tax in India. Income Tax Slab Rates in India. How to Save Tax on Salary in India? Avail a Home Loan and enjoy Tax benefits under Section 80C Availing a home loan is associated with dual benefits, as it comes with diminished tax liability, along with the satisfaction of owning your own home.

Buy a Health Insurance Policy With rising medical costs in India, coupled with deteriorating health quality owing to multiple factors, availing health insurance is becoming a necessity. The above rates are as per the Income Tax Act, as amended from time to time. Undertake Investments Investments in the capital market and government-mandated schemes can lead to wealth accumulation through higher returns, as well as tax-saving benefits. Park your Money in Government Schemes Numerous government-mandated schemes offer high returns on total investments along with tax waivers.

Opt for Life Insurance Plans Life insurance policies enjoy tax waivers on both premium payments and the amount disbursed on maturity, respectively.

However, the total tax exemption on rent paid is calculated as the minimum value of three components, stated as: Annual HRA received.

Support a Political Party All donations made to political parties or contribution to electoral trusts are eligible for tax waivers, under Section 80GGC of the Act of Few other Tax Saving options in India All these above methods will give an inclusive idea about how to save tax in India. Which is why as a business owner, it is your responsibility The IT Department is constantly trying to make the income tax filing process more efficient, transparent, and easy for the taxpayer as well Investments are an essential part of financial planning.

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