Don't panic if you haven't started planning - take time to do it right. But don't procrastinate either, because the older you get, the more your options will narrow.

Tax Planning/Returns

No one can escape from death and taxes. Who likes to pay taxes? But good news is that not everything is taxed.

As we work hard to make a living, it becomes imperative to work a little harder and smarter to save our taxes. Changes in tax code each year, complicated tangle of deductions and rules, insufficient knowledge of tax saving instrument, does all this make your head spin too? We at Fin Pals are prepared to keep your tax liability to the minimum.

Just as financial year draws to a close, all and sundry start feeling the heat and unnecessarily end up buying something irrelevant to goals. Honing tax portfolio for far greater efficiency and especially in congruence to your objectives.

Waiting till the eleventh hour to do your tax planning would lead you merely on a path of "tax saving" rather than tax planning. Tax planning is as much about contributing your financial goals while reducing tax liability.

An early tax planning trim tax bills, slash down taxes but also ensure you giving long term wealth creation strategies while protecting your capital. Find out the fondest options available to you:

ITR Filing

As an Individual you are required by law to file your Income Tax Returns, if your total income without allowing deductions (such as Section 80C etc) exceeds the basic exemption limit.

For Assessment Year 2014-15, the basic exemption limits are the following:

  • India Income tax slabs 2014-2015 for General tax payers and Women: Rs. 2,50,000.
  • For Senior Citizens, whose age is between 60 years to 80 years, the exemption limit is Rs. 3,00,000. This is identical for men and women.
  • For Super Senior Citizens, of the age of 80 years or more, the exemption limit is Rs. 5,00,000.

Not filed your taxes yet? Fin Pals professional guides, provides the right tax advice assistance diligently and accurately. Ensure your tax liability is kept to the minimum.

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