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Don’t miss this Prime Tax planning opportunity for FY 2022-2023

10 Tax Planning Individuals Should Do Now for FY 2022-23 to Avoid Paying Huge Tax and Interest While filing Income Tax

1) Enter into a rent agreement for HRA while paying rent to parents/spouse/relatives. Remember you can't claim benefits if you miss the tenancy agreement!

2) Keeping hard copy and soft copy of all medical expenses bills for parents above 60 without medical policy to claim under section 80D Rs.50 thousand

3) Save all donation receipts for claiming benefit in 80G and 80GGC as it is not reflected in AIS and TIS

4) Opening of NPS account to get the benefit of Rs.50 thousand as a deduction from income

5) Start SIP in equity tax saver MF or PPF by March 2023 to cover deduction in 80C. Balance the two according to age and risk appetite. Just buy a term plan for insurance and review the cover, go for top up cover if income increases or the family grows.

6) If you are in the 30% bracket, gift any income-generating assets to family members to avoid the 30% tax.

7) Open an HUF account for the family and use it for better tax planning and investment

8) Keep track of business or business turnover to check whether GST is applicable during the year, register on time and pay taxes to avoid interest and penalties.

9) If changing a job, make sure your new employer knows and considers past earnings while calculating TDS or pay advance tax as well as other income, advance tax during the year if any.

10) Review your stock portfolio, if long-term capital gain > 1 lac, check if you have long-term loss and book before 31st March to avail loss setoff. Note that hypothetical losses do not qualify for setoff against actual gains

Regards

Santosh Patil

9769201316

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