Income Tax is a tax imposed on individuals or organizations against the income or profit they make in a year.
The tax rates for everyone may vary depending on their annual income. You can save these taxes by planning your income tax payout. However, it is crucial to plan your income tax before paying it.
How to plan income tax, you may ask?
Well, income tax planning is a legal way that helps an individual in saving taxes.
Income Tax planning allows a person to reduce the tax to be paid by taking advantage of the schemes offered by the authorities.
Under the Income Tax Act, 1961, an individual can reduce their tax by investing in various benefits offered by the government.
Investing in the schemes under Income Tax Act assures risk-free or fixed rate returns for the investor.
WealthVault experts hold years of experience in the field of taxation and planning.
Our financial advisors will help you in the best scheme to properly manage your income tax. The team can also guide you with the income tax filing procedure to ensure proper safety and support.
If you have a taxable income, you can apply for tax saving schemes under Section 80C, Section 80D, and Section 80E. Under 80C, people can invest their money in tax planning mutual funds that offer the dual benefit of potential capital appreciation.
You can also invest in National Savings Certificate, Public Provident Funds (PPF), Fixed Deposits (FD), etc. Under 80D, taxpayers get a deduction against their premiums for health insurance policies.
With savings under Section 80E, people get deductions on the interest paid for the education loan. The claiming period for these deductions is eight years, starting from the repayment date.
Wealth Vault brings the best support for income tax saving plans.