Remember to save your tax before 31 July 2024?

[Tax with Ria]

Hello everyone,
Since FY 23-24 coming to an end, have you planned your investments smartly?

Many of my client come to me after the financial year ends or sometimes even on due date, and ask whether they can save taxes now?
And saying them NO really disheartenes me.
So, it's a gentle reminder to all that please invest smartly on/before 31 march 2024 so that you can smartly save taxes.
Do not forget to invest in LIC, PPF, FD, ELSS, NPS, Atal Pension Yojana, Mediclaim Insurance and some other advance tax saving tools.
Consult your CA before 31 march ends.


Have a good day !

 

[manthan_7520]

Investment planning is the process of identifying your financial goals and devising a strategy to achieve them. It involves aligning your goals with your financial resources and risk profile to find the best investment products that suit you. Investment planning doesn’t end with investing and also includes monitoring the investments at regular intervals. Simply put, an investment plan will help you achieve your financial goals by guiding you throughout your investment journey.Inculcates the habit of saving: An investment plan will help inculcate the habit of saving. By helping you schedule your investment regularly, the investment will increase your financial discipline.
Offers financial security: Having an investment plan provides financial security for the future. In case of any adverse events, you and your family have your investments to lean back on.
Increases financial awareness: An investment plan increases your understanding of your current financial situation. It will help you evaluate your financial position and helps you find the best investment product that will suit your situation.
Helps maintain and improve the standard of living: In times of an emergency, your investments can come in handy. For example, if you lose your job, you can use your investments to pay your bills until you find a new one. Even if there is no emergency, you can use the returns from your investments to fulfil your financial goals, such as buying a car or house.
Manages income and expenditure efficiently: With an investment plan, you can manage your income and expenditure. For example, you can create a budget which will help in planning your expenditure and savings ahead of time.

 

[akash90]

My 80C of 1.5 lakh is completed .
If i invest in nps for 50k, how much tax i can save?

 

[Tax with Ria]

This depends on the TDS deducted by your employer and how much tax you have to pay at the end of year. Though you'll be able to claim deduction of 200000.
Eg- If your Salary is 700000
Other Special allowance is 300000

80C + 80CCD (2) deduction is 200000
Standard deduction 50000

Your net liability will be roughly around 65000

My 80C of 1.5 lakh is completed .
If i invest in nps for 50k, how much tax i can save?

 

[Me_scorpion7]

Hello everyone,
Since FY 23-24 coming to an end, have you planned your investments smartly?

Many of my client come to me after the financial year ends or sometimes even on due date, and ask whether they can save taxes now?
And saying them NO really disheartenes me.
So, it's a gentle reminder to all that please invest smartly on/before 31 march 2024 so that you can smartly save taxes.
Do not forget to invest in LIC, PPF, FD, ELSS, NPS, Atal Pension Yojana, Mediclaim Insurance and some other advance tax saving tools.
Consult your CA before 31 march ends.


Have a good day !

May you please help me in getting the options available for a person with annual income of nearly 11 LPA to get the maximum exemption from the tax which includes loan( type), PF , insurance etc. Under which tax regime and sections with how much limit ?,will be very helpful

 

[Tax with Ria]

OLD TAX REGIME
Salary 1100000
-Interest in house loan u/s 24b deduction maximum limit upto 200000
- Std deduction of 50000
- Deduction under Chapter VI-A
80 C - LIC/PPF/FD contribution/ Principal amt of home loan/Stamp duty value -maximum limit upto 150000
80CCD(2) - pension deduction towards Atal pension yojana of 50000
 80 D - Mediclaim insurance deduction of max 25000 p.a of yourself and if parents senior citizen then aggregate 50000 p.a

80 EE- maximum interest deduction of 50000 and amount of loan taken should be Rs 35 lakh or less, and the property’s value does not exceed Rs 50 lakh. The home loan should be taken between 1st April 2016 to 31st March 2017.
OR
80EEA- maximum interest deduction of 150000 if stamp value of the property is Rs.45 lakh or less. Not eligible to claim a deduction under Section 80EE if claiming under 80EEA. The home loan should be taken between 1 April 2019 to 31 March 2022.

After above deduction your tax will be roughly around 35000 to 45000 p.a

May you please help me in getting the options available for a person with annual income of nearly 11 LPA to get the maximum exemption from the tax which includes loan( type), PF , insurance etc. Under which tax regime and sections with how much limit ?,will be very helpful

 

[srj]

I m investing in penny stocks since last 5 months, and now I know when to buy or when to sell, first off all never expect to much return
You have to be active for 1-3 hour that because it's will be intraday buy/sell,

For full explanation message me or reply.