8 Ways you can Plan your Taxes

1. Use Tax Deductions

Deduct home loan interest, medical insurance premiums, donations, and contributions to PPF and NPS to lower taxable income.

2. Invest Wisely

Consider ELSS, NSC, tax-saving deposits, and ULIPs for tax benefits and potential returns under Section 80C.

3. Maximize Retirement Savings

Contribute to EPF, NPS, and APY for tax breaks and deferral. Use Section 80CCD(1B) for extra NPS deductions.

4. Leverage HUF Structure

Create an HUF to reduce family tax liability by splitting income among members.

5. Establish Family Trusts

Set up trusts for wealth management, asset protection, and potential tax savings.

6. Use Double Taxation Agreements

Understand DTAAs for international income to avoid double taxation and claim foreign tax credits.

7. Plan Your Estate

Ensure smooth wealth transfer and lower estate taxes with wills, trusts, gifts, and life insurance.

8. Regular Tax Reviews

Stay informed about tax law changes, adapt strategies, and find new tax-saving opportunities through regular reviews and professional guidance