Tax Saving Investments India

Tax Saving Investments India

Saving on taxes is important for many people, as it allows them to keep more of their hard-earned money. By understanding the tax laws and taking advantage of tax deductions and credits, you can effectively reduce your tax burden and keep more money in your pocket. This can be especially important for those who are on a fixed income or have a limited budget, as every rupee saved on taxes can make a big difference. Additionally, by saving on taxes, you may be able to reach your financial goals more quickly, such as paying off debt, saving for retirement, or building up an emergency fund.

In India, there are several ways to save taxes through investments. Some common tax-saving investments include:

Public Provident Fund (PPF):

PPF is a long-term investment option offered by the government of India. It offers tax deductions under Section 80C of the Income Tax Act.

Equity-Linked Saving Scheme (ELSS):

ELSS is a type of mutual fund that has a lock-in period of three years and offers tax deductions under Section 80C.

National Pension System (NPS)

NPS is a pension scheme offered by the government of India. Contributions to the NPS are eligible for tax deductions under Section 80C and Section 80CCD(1).

Tax-saving fixed deposits (FDs):

Tax-saving FDs are offered by banks and are eligible for tax deductions under Section 80C.

Sukanya Samriddhi Yojana (SSY):

SSY is a government-supported savings scheme for the girl child. Contributions to the SSY are eligible for tax deductions under Section 80C.

It is important to note that the maximum amount that can be claimed as a deduction under Section 80C is INR 1.5 lakhs per financial year. It is also advisable to consult with a financial advisor or tax professional before making any tax-saving investments.

Withdraw Tax-efficient Happiness Post Retirement

Withdraw Tax-efficient Happiness Post Retirement

Everyone has to retire one day. Some people retire at an early age or some retire at their death bed. Let’s directly switch on a product which will give not only income after retirement but also will help tax planning.

Systematic Withdrawal Plan is a facility for regular cash flow with the help of mutual funds. It gives the investor, the freedom to enjoy life one has always dreamt of post retirement. One can withdraw funds from existing mutual fund outlays at pre-set interludes, be it fortnightly, monthly, quarterly or even annually, which will create a regular cash flow for both certain and uncertain needs. One can plan investments and withdrawals with tax advantage. It gives an investor more potential to gain rewards over a span of time, as one withdraws happiness bit by bit.

A Systematic Withdrawal Plan is a divesture strategy that empowers one to redeem fund units in a planned mannerism, instead of a lump sum sale. Constructively, one can withdraw investments in parts, thereby spawning a rhythmic stream of inflows.

An SWP is the antipodal of a Systematic Investment Plan, wherein one invests in mutual funds in parts. Moving funds from savings to a better performing mutual fund scheme is a SIP, while in an SWP, the movement of funds is back into savings account from already made investments. Alike, investing in mutual funds is easy on the VSRK app, withdrawals are also simple and straightforward on the app.

To execute an SWP, one need to withdraw some part of your investment at periodic intervals. Withdrawal money from investment means selling off or redeeming a chunk of the units one holds. The number of units to be sold depends on the NAV on the date one makes the withdrawal.

The period to start SWPs from one’s own funds need to be conceived well in advance to get the complete benefits. It is advisable not to go for SWP in two conditions, first is when one has cash at hand or when markets begins its downtrend. During such times, one should put money to work to achieve preset goals of wealth creation.

Retirement, the phase of life when incoming paychecks halts, is considered as a favorable time to start an SWP. 

SWP acts as a rewards of the systematic investments made during working years. People generally ask a very complicated question that for how long the SWP will last? Ultimately the length of SWP is determined by two main factors. The first is the size of the corpus and the withdrawal amount is the second one. Principally, the progressive the frequency and amount pulled out, the swifter will be the rate of abatement of the corpus.

The uptrend performance of the markets are directly proportionate to milking higher amounts through SWP. Contrarily, if markets are showing downtrend, the radius of SWP may dwindle. Making systematic withdrawals using an SWP allows you to take advantage of rupee cost averaging. 

Tax implications of SWP

When any investor makes withdrawals via SWP, it allures taxes based on type of scheme. The tax incidence on SWP depends on FIFO method and the holding period.

SWP initiated from an equity fund in the 1st year of investment, it is coined as STCG. The amount will be taxed at the rate of 15%. Whereas, if initiated after 1 year of investment, it falls under LTCG. Long term capital gains are completely tax-free. We at VSRK always suggests to do an SWP from your equity fund investments upon completion of one year.

Risk averse investors investing in Debt funds shall note that the holding period for debt funds taxation is 3 years. Any SWP initiated from the debt fund within 3 years of investment, it is considered as STCG and when initiated after 3 years of investment, it falls under LTCG which are taxed at 20%. Additionally, you can get the benefit of inflation indexation.

Concluding the words, SWPs can heavily aid in unifying income needs post retirement. In order to achieve the most of blessings, VSRK helps to plan SWP according to your requirements and tax incidence.

How to Save Tax Without Fresh Investment in FY 2019-20?

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When the month of March is comes to end, the only thing that comes to the mind of a salaried person is Tax Liability and Returns. Tax Liability is a duty levied by the government on your income which aids it to conduct public welfare activities. Tax planning here becomes a necessity as there are a lot Individuals who often pay tax more than they were required. The only reasons are the lack of weakness and knowledge about various deductions and schemes issued by the government in order to help the individuals avoiding excess tax liability. In common parlance, the best time for tax planning is in the starting of the year but people tend to procrastinate till the year end and end up either making errors in filing statements, paying more tax or filing belated returns. 

However the good news is that even if you have been careless towards planning tax the whole year you can still claim certain deductions on expenses that you have incurred in the normal course of your daily routine. Some of the deductions are-

Children’s Education & Hostel Allowance and Tuition Fees (Sec 80C & Sec 10(14))

The most common expense generally an individual incurs is the tuition fees of school, college or any other recognized institution for the purpose of full-time education of any two children of the employee is eligible for deduction.  Please note that any sum in the name of donation, development fees or capitation fees or any other payment of similar nature shall not eligible for deduction. In certain cases where the Children’s Education & Hostel Allowance is provided by the employer, such sum shall be added to the gross income of the individual & deduction of Rs 100 & Rs 300 per month per child upto 2 children shall be eligible.

Medical & Life Insurance (Sec 80D & Sec 80CCC)

Keeping in mind the uncertainty of human life and importance of medical and life insurance, the government has incorporated sums expended in such regards as an eligible deduction. Tax deduction based on health insurance premiums paid for individual, spouse, and dependent children shall be eligible for deduction up to Rs 25,000 per budgetary year.  Similarly, for investments made with respect to life insurance shall be eligible for deductions as per the related provisions. 

House loan and interest (Sec 80E, Sec 80E, Sec 24)

Employer’s contribution to NPS

Every individual whose employer has made contribution under section 80CCD(2) to the notified pension scheme which is not covered within the overall cap of Rs 1.5 lakh for cumulative deductions under sections 80C, 80CCC and 80CCD(1) shall be eligible for the deduction in accordance to the said section. Such deduction under is in addition to the cumulative deduction available under section 80C, where the overall limit is Rs 1.5 lakh, and 80CCD(1B) which is Rs 50,000.

Contribution made towards PPF and other approved schemes

There are a lot of regular investments that a common person invests in for which deductions is allowed under the Income Tax Act. This includes any deposits made with National Savings Certificate, Sukanya Samriddhi Account, Senior Citizen Savings Scheme 2004 (SCSS), NABARD Rural Bonds, 

Equity Linked Savings Schemes (ELSS)

ELSS is tax saving mutual fund that help the investors to save taxes up to Rs 1.5 lakh under Section 80C of the Income Tax Act. ELSS funds are considered ideal for new investors to start their investments in equity mutual funds. They, generally, have a mandatory lock-in period of three years and are among the shortest lock-in period among tax-saving investments permitted under Section 80C.

Standard deduction

A standard deduction up to Rs 50,000 is allowed for all salaried employees. This deduction is is mandatorily available and is considered by the employer while computing tax liability of each employee. The respective deduction is available at the time of filing ITR. However, while planning your taxes for FY 2019-20, you must consider standard deduction as well to compute your total tax liability.

Apart from all the deductions mentioned above there are multiple other deductions under the Income Tax Act 1962 which are available to an Individual.

What is the New and Simplified Personal Income Tax Regime

What is the New and Simplified Personal Income Tax Regime

On 1st February, Smt. Nirmala Sitharaman (Finance Minister of India) in the First Annual Budget of this decade announced the Annual Budget 2020-21 which included a lot of changes in the current tax regime to revive our slow economy. Being one of the best Tax planners in Delhi NCR, we think that this was done to revive the economic slow-down and to battle the investment and consumption-led stress factors.

Being the Top Tax Planning Consultancy in Delhi NCR, we can state that the changes that were proposed aim to stimulate growth, simplify tax structure, bring ease of compliance, and reduce litigations and thereby provide significant relief to middle class taxpayers. 

The New and simplified personal income tax regime proposed is as follows: 

Taxable Income Slab (Rs.)  Existing tax rates  New tax rates 
0-2.5 Lakh  Exempt  Exempt 
2.5-5 Lakh  5%  5% 
5-7.5 Lakh  20%  10% 
7.5-10 Lakh  20%  15% 
10-12.5 Lakh  30%  20% 
12.5-15 Lakh  30%  25% 
Above 15 Lakh  30%  30% 

Everything about the new regime is very exciting but there is one set back of the new scheme, the tax payers in the new regime would not be allowed to claim around 70 of the existing exemptions and deductions (more than 100) would be removed. 

We have gone through the fine print of the Annual Budget 2020-21 and providing the Leading Tax Planning Services in Delhi NCR, we would like to please note that the new tax regime is optional and that an individual has the option to continue to either opt the new scheme or pay tax as per the old regime and avail deductions and exemptions. As per the reports, this bold step of the government would cost them estimated revenue forgone of Rs. 40,000 crore per year. 

In addition to the above, measures to pre-fill the income tax return are initiated so that an individual who opts for the new regime gets pre-filled income tax returns and would need no expert assistance to pay income tax. 

Now in order to reap the full benefit under the new regime, you would now have to calculate tax payable under both the tax regimes, old as well as new. You would have to chalk out your taxable income, deductions and exemptions under the old schemes and see whether it is more than or less than the tax payable under the new regime. If the tax payable under the old regime comes less than that under the new one, please opt for the old scheme only, however if the tax amount under the new scheme is less than that the old one, then go for the new scheme.

What Are The Highlights Of The Budget 2020-21 Related To Direct Tax?

What Are The Highlights Of The Budget 2020-21 Related To Direct Tax

On 1st February, The Finance Minister of India announces the Annual Budget 20020-21 which included a lot of measures to revive our slow economy. This was inclusive of various short term, medium and long term measures.  The following actions were made in Direct Tax:

One of the major changes that were proposed to stimulate growth, simplify tax structure, bring ease of compliance, and reduce litigations and thereby provide significant relief to middle class taxpayers. 

The New and simplified personal income tax regime proposed is as follows: 

TAXABLE INCOME SLAB (Rs.)  EXISTING TAX RATEs  NEW TAX RATEs 
0-2.5 Lakh  Exempt  Exempt 
2.5-5 Lakh  5%  5% 
5-7.5 Lakh  20%  10% 
7.5-10 Lakh  20%  15% 
10-12.5 Lakh  30%  20% 
12.5-15 Lakh  30%  25% 
Above 15 Lakh  30%  30% 

However, there is one set back of the new scheme, the tax payers in the new regime would not be allowed to claim around 70 of the existing exemptions and deductions (more than 100) would be removed. 

However, please note that the new tax regime is optional and that an individual has the option to continue to either opt the new scheme or pay tax as per the old regime and avail deductions and exemptions. This bold step of the government would cost them estimated revenue forgone of Rs. 40,000 crore per year. 

In addition to the above, measures to pre-fill the income tax return are initiated so that an individual who opts for the new regime gets pre-filled income tax returns and would need no expert assistance to pay income tax. 

Apart from the above the following changes are also entailed: 

  1. Corporate Tax: 

Tax rate of 15% extended to new electricity generation companies. 

Indian corporate tax rates now amongst the lowest in the world. 

2. Dividend Distribution Tax (DDT): 

DDT has been removed in the hands of the corporate making India a more attractive investment destination. Deductions will be allowed for dividend received by holding company from its subsidiary. Please note that the dividend would be taxable in the hands of the investors.

3. Start-ups: 

Start-ups with turnover up to Rs. 100 crore to enjoy 100% deduction for 3 consecutive assessment years out of 10 years.  Tax payment on ESOPs has been deferred. 

4. MSMEs to boost less-cash economy: 

Turnover threshold for audit has been increased to Rs. 5 crore from Rs. 1 crore for businesses carrying out less than 5% business transactions in cash.

5. Cooperatives: 

Since cooperatives are an important instrument of growth of an economy, option to cooperative societies to be taxed at 22% + 10% surcharge and 4% cess with no exemption/deductions is given in order to bring parity brought between cooperatives and corporate sector. 

Also, Cooperative societies exempted from Alternate Minimum Tax (AMT) just like Companies are exempted from the Minimum Alternate Tax (MAT).

6. Tax concession for foreign investments: 

For boosting foreign investment 100% tax exemption to the interest, dividend and capital gains income on investment made in infrastructure and priority sectors before 31st March, 2024 with a minimum lock-in period of 3 years by the Sovereign Wealth Fund of foreign governments has been given. 

7. Affordable housing: 

The additional deduction up to Rs. 1.5 lakhs for interest paid on loans taken for an affordable house has been extended till 31st March, 2021. Date of approval of affordable housing projects for availing tax holiday on profits earned by developers extended till 31st March, 2021. 

What are the Tax Facilitation Measures? 

    • Now Instant PAN would be allotted online through Aadhaar. 
    • Under the Finance Minister’s ‘Vivad Se Vishwas’ scheme, with a deadline of 30th June, 2020, to reduce litigations in direct taxes: 
    • Waiver of interest and penalty – only disputed taxes to be paid for payments till 31st March, 2020. 
    • Additional amount to be paid if availed after 31st March, 2020. 
    • Benefits to taxpayers in whose cases appeals are pending at any level. 
    • In order to reducte corruption and bring transparency in governmental operations faceless appeals to be enabled by amending the Income Tax Act. 
    • For charity institutions: 
    • Unique registration number (URN) would be issued to all new and existing charity institutions. 
    • Pre-filling in return through information of donations furnished by the Donee. 
    • Process of registration would be made completely electronic. 
    • Provisional registration to be allowed for new charity institutions for three years. 
    • CBDT to adopt a Taxpayers’ Charter. 

How does VSRK help you with the new tax planning and filings?

We, at VSRK are a team of highly trained Taxation professionals. We are one of the Best Tax Planning Company in Delhi providing Online Tax Planning Services to all our clients. We are a well-known name for Tax Planning Services in Delhi NCR. As per the new scheme Income Tax Payers has the option to choose between the 2 schemes. We step herein and help you to calculate the amount of taxes, applicable deductions and exemptions in order to assist you in tax-planning and filings and saving you the hassles to compare between the two regimes of the Income Tax. Being a Best Tax Planning Company in Delhi, we provide the best tax planning advisory.

Tax Planning: Best Tax Saving Options For Salaried Employees in 2020

Best Tax Saving Options For Salaried Employees

As this financial year is close to its end, one thing that comes to every individual’s mind is the phrase ‘Tax Liability’. On the other hand, given a choice, most of us wouldn’t even want to pay tax on the income we earn. But we should. As citizens of India, it is our rightful duty to pay taxes as we are also consumers of the country’s public infrastructure and facilities, and income tax is an important source of revenue for the government. So, it is our responsibility to contribute towards building and maintaining the public infrastructure. Paying income tax and filing income tax returns on time ensure that.

However, this amount of tax levy payable often consumes a large chunk of our disposable income but if we are smart enough we could save huge amounts of the same. Since, such amount of taxes paid are often high it is sensible to plan it before-hand.

According to the Income Tax Act, 1962 you can make certain investments and expenses which are in turn deducted from your taxable income.

Following is the list of ways how you can actually save tax by spending smartly:

  • Making an investment under Sec 80C (Limited to Rs 1.5 lakh) to reduce your taxable income
  • Buy Medical Insurance & claim a deduction up to Rs. 25,000 (Rs 50,000 for Senior Citizens) for medical insurance premium under Section 80D
  • Invest in various funds such as the ELSS funds, National Pension System (NPS), 5-Year Bank Fixed Deposit, Public Provident Fund (PPF) and National Savings Certificate
  • Claim deduction up to Rs 50,000 on Home Loan Interest under Section 80EE

What are the Investment Options under Sec 80C?

Section 80C of the Income Tax Act, 1962 is one of the most sought after sections as it grants deduction of various expenses. It provides many tax-saving options available mainly to individuals and HUFs in India. However, this deduction is limited up to Rs. 1.5 Lakh.

This section includes deductions payments made in regards to:

  • Life Insurance
  • Sukanya Samriddhi Yojana
  • Home Loan Principal Repayment
  • Investments made toward long-term government-approved infrastructure bonds.
  • Investments made under a government-approved equity savings scheme.
  • Payment of tuition fees
  • Contribution towards gratuity and EPF

Other Tax Savings options beyond Sec 80C

You might be surprised to know that alongside deductions in the amazing section of 80C, there are various other deductions which you can claim under Section 80 to save on income tax.

Following is the list of a few such: 

  • Expenditure on Medical Insurance & claim a deduction up to Rs. 25,000 (Rs 50,000 for Senior Citizens) for medical insurance premium
  • Deduction up to Rs 50,000 on home loan interest under Section 80EE
  • Payment of home loan and related interest.

5 Best Investment Options for a Salaried Person

There are various tax saving options for salaried persons available in the market, eligible for deduction in tax liability. Some of them are mentioned as follows-
Investment in fixed deposit and recurring deposits
Fixed Deposit and recurring deposits are one of the most sought after tax saving options, considered as the safest by its investors. In fixed deposit a lump-sum amount of money is kept aside for a specific period of years on which the investor earns an pre-stated amount of interest. Whereas, recurring deposit refers to the investment option where the user invest a small amount of money like INR 500 per month and owns returns in the form of interest on the maturity of the policy. One can save taxes under Section 80C by investing in tax-saving FDs. However, interest earned is taxable as per tax slab of the depositor. These tax-saving FDs come with a lock-in period of 5 years.

Investment in Mutual Funds

Mutual funds investment have started gaining much popularity due to its characteristics such as high liquidity, diversification of risk and management a professional. Mutual fund is a financial instrument where different investors pool their money for set objective. search fund is managed by a profession portfolio manager or an asset managing magic company (AMC). They offer multiple types of mutual fund options to invest in and each has their own objectives. Due to its various benefits and eligibility for tax deduction some advisors also call them as the best tax saving option. You can either make a lump sum investment or you can start an systematic investment plan (SIP). you can start your SIP with just INR 500 and for making lump sum investment you need to invest at least INR 5000.

Investment in Public Provident fund

Public Provident fund (PPF) is one of the tax saving options which is there in every tax advisor’s tax saving tips. PPFs are another type of safe investment options with almost zero risk because of the sovereign guarantee from the government. Here, the investor has the option to open an account and invest money for a set period of 15 years. The Finance Ministry reviews the interest rate every financial quarter basis the government bond yields. Maximum limit to invest in PPF is Rs 1.5 lakh in a financial year while the minimum amount is Rs 500. Unlike recurring deposits here you are not required to invest on an recurring basis. The investors can put in money whenever he finds suitable. The amount of the deposit can also vary time to time.

Investment in National Pension Scheme (NPS)

The national pension scheme is also being called the best saving plan available in the market as this amount is absolutely tax free. It is also one of the safest investment options because it is backed directly by the central government of India. Although, it is available for all the people but however it is mandatory for all government employees. one can start investing in NPS withy just INR 6000 annually or INR 500 monthly. The affordability and eligibility of tax deduction has made NPS one of the highly sought-after investment options.

Investment in Unit linked Insurance Plan

ULIP is an insurance plan which provides cover for its policyholders along with options to make qualified investments. It provides dual benefits to it’s Investors, wealth and insurance. Such plans are a hybrid of insurance and market linked investments. One part of the premium is invested towards ensuring your life while the other parts are invested and stocks add other financial instruments. Such plans have a locking period of 5 years. These investment plans are also eligible for tax deduction under section 80 C and are considered good for tax saving options for salaried persons.

Why Do We Need Of Tax Planning ?

Tax planning- Tax Planning is the process of arranging your finance and wealth in a way that postpone, reduces or avoid the tax amount. If you plan effective tax strategies you can have more money to save to invest and to for expense, whatever you want. Tax planning minimizes your tax liabilities.

Right tax planning strategies permits you to do what you want along with reducing your taxable amount. You can achieve these benefits through Tax planning  Which we have bring for you with the consultation of our financial expertise.

  • Lowering the amount of Taxable Income- The most important benefit of planning tax is that correct tax planning can reduce the amount of tax to be paid. Tax Planning helps you to save money.
  • Minimizing the Litigation- There is always a war between the taxpayer and the tax collector. Taxpayer wants the Tax amount and liabilities to be minimum, And the collector wants that amount to be maximum. So in these cases Proper Tax Planning can minimize the litigation between both of them.
  • Helps in achieving the Financial Goals- Proper Tax planning can also help businesses and individuals to achieve their Financial goals. Because if the tax amount is reduced, one can use that money in other investments and needs with consulting the Certified Financial planner in Delhi, And this will benefit in achieving financial aims, and get more money into pockets.
  • Avoid Legal Trouble- Right tax planning and paying that tax on time with right legal laws will avoid the legal trouble. Because if you don’t pay tax on time then you will be liable for some legal actions. So tax planning can avoid your legal troubles.
  • Economic Stability Proper tax planning gives you and your Business economic stability. You can count your Financial crisis and growth . When you plan tax you evaluate your total growth and losses and then you can find ways to avoid unnecessary expenses. This can help you to stabilize your growth.
  • You Can Take Advantage of Tax Laws- Every year government make changes in the tax laws. These law changes can benefit you if you plan your tax before that particular law (which can give you benefit) changes or expires. Or maybe you have to wait for the next year to get benefit from new law. Planned tax can help you to take advantages of particular laws.

If you are looking for best tax planning services you can contact and plan your Tax through the help of VSRK Wealth.

Top 5 Ways to Control Your Expenses and Increase Savings

We all have many needs and desires. Our most of desired wishes are related to doing or purchasing something. To fulfill all desires and basic requirements we all need money. Money doesn’t come easy, so before spending money we all need to think about how to spend it correctly. From purchasing grocery to paying bills somewhere we all encounter some financial issues. Today maintaining Lifestyle is so expensive. We all need to plan our budget and expenses according to our Income. Saving money is Very important.

There are so many methods, Tricks and strategies to save money and to achieve your money goals. Below are five of the simplest but most effective Methods to save money .

Always Trace Expenses

First of all you need to check where most of your money spends. It will give you an idea of your needful expenses and extra spending’s. It can help you to cut down those spending’s which is not that important for you. Before purchasing something you should ask yourself Do I really need this? The amount which I am spending on particular thing is in budget or not. When you will think about spending money, then this will help you to stop purchasing unnecessary things.

Invest your Money

If you have a goal to fulfill all your financial needs then you will have to save money. There are many Certified Financial planners and Financial advisory firms that can help you to plan your finance. These financial advisors will suggest you according to your earnings and financial condition which Investment plan and Insurance will be best for you. If you select Good financial planner then the half work is already done, Because right advisor will give you the right planning and will help you to meet your financial goals.

Make Budget

Well it is most easiest way to plan your money matters. From top priority things to less needy things you can make budget.  List your Liabilities according to balance, then handle them accordingly. It will give you an idea of how much amount you need to plan your monthly financial aims. In that way you can cut down unnecessary expenses, and so on and so on until you finally reach debt freedom. It can also benefit you to save money for things which you want to buy other than your daily requirements. In general, the idea is to make sure your that priorities are taken care of before you spend that money on less important things.

Make future Finance Goals

Always plan your future finance. Talk to your partner, and plan what you expect from yourself after n number of years. Then plan accordingly. If you Picture your future then you will be able to save more money. Set your financial targets. When you set targets for your future you become more responsible in money management. Commit and challenge yourself towards Financial targets.

Keep yourself Motivated and up for Savings

First of all you have to keep yourself Motivated for completing your financial goals. This Attitude of keeping yourself active towards your goal will give you more innovative ideas to save money. It will also give you new ways to earn money.  Try to save money whenever you find a way. If you are you’re not sure how much you should save, Save 10 percent of your income, no matter how much you earn. This can help you to meetup all your financial expectations.

Empower yourself by following these methods. You can Talk to Financial Advisor For more better Investment and saving plans.

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