Tax Saving: Make your own tax saving Investment plan

  • Posted By : reliancesmartmoney.com
  • Tuesday Jan 22, 2019

There is a famous saying attributed to Benjamin Franklin: In this world, nothing can be said to be certain, except death and taxes. Unless somebody discovers the elixir to eternal life, you can do nothing about the former. But the good news is, through proper tax planning, you can minimize how much you pay each year in the form of taxes.

In this piece, let’s discuss why it is essential to make your own tax saving decisions and the different options you can explore.

Importance of tax planning

As a responsible citizen of the country, you should honestly pay your taxes. But that said there is no obligation for you to pay even one rupee more than what is legally required. This is where tax planning comes into play. By understanding where you can minimize your tax payments, you can save a considerable amount each year. The less you pay in taxes, the more money you have for yourself. You can deploy these funds for better use for your family’s financial growth and future.

Tax saving instruments

The Income Tax Act offers various tax deductions to the Indian taxpayer. Here are a few tax planning options you can consider:

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