- Contact No +91 9810467194
- Contact Email : ekdant2512@gmail.com
Easy Tax Saving Tips
At our firm, we provide best tax planning services to help individuals and businesses to reduce their tax burden in a fully compliant manner. Serving clients across Delhi NCR, including Noida and Ghaziabad, we design personalized tax strategies based on your financial objectives. If you’re looking for a reliable tax saving consultant near you, our team is here to assist with tailored solutions.
OLD Tax Regime
1. The Power of Section 80C (Limit: ₹1.5 Lakh)This is the most popular bucket. Remind your clients that they can mix and match these:
- Safe & Steady: PPF (7.1% tax-free interest), Sukanya Samriddhi Yojana (for girl children), and 5-year Tax-Saver FDs.
- Wealth Growth: ELSS Mutual Funds (only 3-year lock-in, highest return potential).
- Essential Costs: Children’s school/college Tuition Fees and the Principal Repayment of home loans.
2. Boost Your Savings Beyond ₹1.5 Lakh
- NPS (Section 80CCD(1B)): Invest an additional ₹50,000 specifically in the National Pension System to take your total deduction to ₹2 Lakh.
- Health Insurance (Section 80D): Claim up to ₹25,000 for self/family. If you pay for parents over 60, claim another ₹50,000. Don’t forget the ₹5,000 for preventive health check-ups!
- Home Loan Interest (Section 24b): Deduct up to ₹2 Lakh on the interest paid for a self-occupied house.
3. Savings for Senior Citizens (Section 80TTB)
- Senior citizens can claim a deduction of up to ₹50,000 on interest earned from savings accounts and FDs, providing a significant shield for retired income.
NEW Tax Regime
The New Tax Regime focuses on lower slab rates rather than traditional deductions like 80C or 80D. However, there are still ways to reduce the tax burden:
The “Zero Tax” Threshold
- For Salaried Employees: With the increased Standard Deduction of ₹75,000 and the tax rebate under Section 87A, a salaried person earning up to ₹12.75 Lakhs pays Zero Tax
- For Others (Business / Professional): Income up to ₹12 Lakhs is effectively tax-free due to the ₹60,000 rebate.
- Strategic NPS Contributions: Employer Contribution (Section 80CCD(2)): This is the “hidden gem” of the new regime. If a client’s employer contributes to their NPS (up to 14% of salary), that amount is fully deductible. This is one of the few big deductions allowed in the new regime.
- Marginal Relief – The Safety Net If a client’s income is slightly above the ₹12 Lakh (or ₹12.75 Lakh for salaried) limit—say ₹12.1 Lakh—they don’t have to pay a massive tax.
Common Scenarios for Refunds:
- Bank TDS: Banks deduct 10% on FD interest if it exceeds ₹40,000 (₹50,000 for seniors). If the client’s total income is below the taxable limit, they can get this TDS back.
- Professional Fees: Clients often deduct 10% TDS (u/s 194J). If the business expenses are high and the net profit is low, most of this 10% can be refunded.
- Salary Mismatch: If a client joined a new job mid-year and both employers deducted tax without considering common deductions, a large refund is usually due.
Four-Step Refund Checklist:
- Check Form 26AS & AIS: We ensure all tax deducted by your bank or employer is showing up in the Government records.
- File the Right ITR: The only way to get your TDS refund is to file your Income Tax Return on time.
- Pre-validate Bank Account: Your refund will fail if your bank account isn’t “Validated” on the IT portal. We help you link your PAN and Aadhaar correctly.
- E-Verify: Once we file your return, we help you E-Verify it via Aadhaar OTP so the refund is processed in as little as 20–30 days.