Tax Saving – Lunavat Financial Services

Tax Saving

The Indian government offers the different opportunities to save on taxes with the intention of incuring money saving habits among the citizens of India. Our tax saving solution is a legal way of reducing your tax liabilities. It will help you to utilize the tax exemptions, deductions, and benefits in the best possible way for minimizing your tax burden.

Objectives of Tax Saving:

To reduce tax liabilities:
Every taxpayer wishes to reduce their tax burden and save money for their future. You can reduce your payable tax by arranging your investments within the various benefits offered under the Income Tax Act, 1961.
To leverage productivity:
One of the core tax planning objectives is channelizing funds from taxable sources to different income-generating plans. This ensures optimal utilization of funds for productive causes.

Best Tax saving investments:

There are various sections in Income Tax Act, 1961, under which an individual tax payer can claim exemption, deductions and benefits. Amongst these, the following are the most popular options.

Mutual Funds: Save up to Rs. 45,000 in tax through investments under Section 80C – Most of us consider this as just a tax saving technique, but investing through some of the best ELSS funds can help you save tax and create wealth at the same time!

NPS: Save up to Rs. 15,000 in tax through investments in NPS u/s 80CCD– Invest Rs. 50,000 annually to save tax over and above Section 80C.

Health Insurance: Save up to Rs. 7,500 in tax through Health Insurance – Annual Premium paid towards your own Health Insurance is eligible for tax benefit under Section 80D. You get further benefit if you pay the premium for your senior citizen parents also.

Home Loan Interest: Section 24 of the Income Tax Act lets homeowners claim a deduction of up to Rs. 2 lakhs on their home loan interest if the owner or his family reside in the house property.

For more details or to start your tax saving journey.

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