Navigating tax season can feel overwhelming, but with the right approach, it becomes an opportunity to save more money. In this article, we’ll explore simple yet powerful strategies to help you maximize your tax refund. From uncovering commonly overlooked deductions to making smart financial decisions, we’ll provide practical tips to empower you – whether you’re a seasoned taxpayer or new to the process. Our goal is to equip you with the knowledge and tools to confidently handle tax filing complexities and secure a brighter financial future. Get ready to unlock the secrets to boosting your tax refunds and taking charge of your financial destiny. Saakar S Yadav, Director & Founder, myITreturn.com, shared key steps that can help you get better refunds:
* Tax-Saving Tools: Investing in tax-saving instruments such as Employee Provident Fund (EPF), Public Provident Fund (PPF), National Savings Certificate (NSC), and Tax-saving FDs,(ELSS), Life Insurance can help reduce your taxable income and thus minimise the deductions.
* Knowledge Of Tax Exemptions: You should be aware of various components that allow you to claim the deductions and exemptions available to you under the Income tax laws. This includes deductions for expenses such as medical bills, education loans interest, house rent, home loan interest, investments in tax-saving instruments like ELSS (Equity Linked Saving Scheme), insurance premiums, etc.
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* Tax Filing Status: Review your tax filing status to ensure you have chosen the most beneficial option. For example, if you have multiple tax-saving investments (such as EPF, PPF, NSC, etc), file under the old tax regime, otherwise opt for a new tax regime.
* Reconcile Returns With 26AS: Make sure to claim all the tax credits available to you as tax credits directly reduce your tax liability. Always reconcile your return with Form 26AS and take credit for tax paid reflected in 26AS.
* Seek Professional Help: If you are uncertain about the tax laws or want to optimize your tax refunds, it’s better to consult a tax professional or some assisted services.
If you have filed your tax return but missed to claim some deductions, or tax credits you can file a revised return within the prescribed time to take benefits of things you missed while filing your original return.
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