From Insurance Policies To Investments, 4 Effective Ways To Save Taxes And Do Adulting Right!
Yeh knowledge zaroori hai!
The world is certainly becoming an expensive place. No matter how much an individual earns, making ends meet still becomes a hectic task. And many people also pay taxes to the government from their salaries. However, there are a few ways in which an individual can efficiently reduce their taxes. Some of the Finance Influencers have also shared their inputs on the same and this knowledge will help you understand the processes better.
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Tax Regime
It is important to first decide which tax regime one wants to follow. There are two tax regimes, one old and the other new that became effective in the financial year 2023. As per finance influencer Anushka Rathod, individuals can opt for online calculators that will help them decide the tax regime depending on their salary structure and investments.
Insurances
The finance influencers collectively are of the opinion that investments are a good way to save taxes. Anushka Rathod says that the investments made in buying health or life insurance also have tax benefits. Adding to this, Shreyaa Kapoor states that an individual can claim tax deductions in health insurance premiums for not themselves but also spouses and children.
Investments
Anushka Rathod shared her financial knowledge on this, as per which Voluntary Funds and Public Provident Funds are good ways to save taxes. She further adds that there are many tax-saving fixed deposit options available too!
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Also Read: How To Negotiate Salary With HR? Remember These 4 Tips Because Yeh Skill Bhi Zaroori Hai!
Unconventional Methods
Finance Influencer Chandralekha shared her knowledge on this topic and gave some unconventional methods to save taxes. As per her, an individual should make a strategic beneficial plan after joining any company and should also increase Employee Provident Fund (EPF) contribution.
We hope these ways help you save your taxes. Always do thorough research before taking any kind of finance-related decisions!
First Published: July 04, 2023 5:32 PM
