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Introduction Tax planning and tax management are strategies for minimizing taxes and optimizing financial outcomes. Tax planning is the act of assessing your finances and making informed decisions that reduce your tax bill . Tax management is a more complete method that focuses on properly managing all tax matters. For a taxpayer, it is crucial to understand the difference between tax planning and tax management and the broader ramifications of each of them. Table of Contents

Fixed deposit interest does not qualify for any deduction under Section 80TTA of the Income Tax Act. This provision is restricted to interest earned from savings bank accounts and offers a maximum deduction of ₹10,000, but only under the old tax regime and only for individuals and HUFs below 60 years of age. FD interest continues to be fully taxable at slab rates under “Income from Other Sources,” while senior citizens may claim relief through Section 80TTB. Understanding th

The New Tax Regime for FY 2024-25 allows only a limited set of deductions, focusing on simplified taxation under Section 115BAC . Standard deduction of ₹75,000, employer’s NPS contribution, deductions for Agniveer Corpus contributions, family pension relief, home loan interest on let-out property, and savings account interest for eligible taxpayers remain available. Popular tax breaks such as Section 80C investments, Section 80D medical insurance, and HRA exemptions are not

Medical expenses for aging parents often form a major part of household spending. Under Section 80D of the Income Tax Act, taxpayers can claim deductions for medical insurance premiums and certain medical expenses incurred for their parents. This benefit is particularly valuable when parents are senior citizens without health insurance. By claiming this deduction correctly, taxpayers can reduce their taxable income and manage healthcare costs more efficiently. Table of Conte

Section 54EC of the Income Tax Act, 1961 offers taxpayers an effective way to save long-term capital gains (LTCG) tax. By investing the gains from selling property or other eligible assets into government-backed 54EC Bonds, individuals can claim an exemption on the taxable amount. These bonds, issued by entities such as NHAI, REC, PFC, and IRFC, provide a secure avenue for reinvestment while ensuring tax relief under specific conditions. The investment must be made within six

Section 54  of the Income Tax Act, 1961 offers a major tax relief for homeowners selling a residential property. If the profit from the sale is reinvested in another residential house, the capital gains can be exempted from tax. This provision ensures that taxpayers who continue investing in housing assets are not burdened with capital gains tax, provided they meet specific timelines and conditions. The exemption applies only to long-term capital gains and is available to ind

Chapter VI-A of the Income Tax Act provides taxpayers with significant opportunities to reduce taxable income through various deductions. TaxBuddy helps users seamlessly identify and claim these deductions, ensuring every eligible investment, expense, or contribution is utilized effectively. By leveraging AI-driven analysis, personalized recommendations, and automated document tracking, TaxBuddy maximizes tax savings for salaried individuals, freelancers, and business owners

Tax planning is a crucial step for individuals and professionals looking to optimize their income tax liability. Utilizing available...

Agricultural income is a critical aspect of India’s tax system. It plays a significant role for farmers and individuals earning income...

Filing income tax returns  as a Non-Resident Indian (NRI) can often feel complicated due to multiple income sources, foreign tax credits,...