TAX PLANNING

Tax planning is not as hard as it seems. Every taxpayer should look to optimise their tax outgoing. Tax-saving investments should be considered as they not only save taxes but also help in accumulating a corpus which can be used to cover various life events. If you do not keep a regular watch on your expected tax liability then at the end of the year you will find it difficult to invest a huge amount all of a sudden to save tax.

Tax Planning is an activity conducted by the Person to reduce the tax liability. Tax planning is a legitimate way of reducing your tax liabilities in a financial year. It helps you utilise the tax exemptions, deductions, and benefits offered by the authorities in the best possible way to minimise your liability.

Indian law offers a variety of tax saving options for taxpayers, allowing for a large range of options for exemptions and deductions through which you could limit your overall tax output.

The deductions are available from Sections 80C through to 80U and can be utilised by eligible taxpayers. There are many other sections under the Income Tax Act, 1961 such as exemptions and tax credits that can lower your tax liabilities.

How to save taxes?

Section 80C, sections in the Income Tax Act, 1961,tax-saving avenues under Section 80C is investing ELSS, National Savings Certificate (NSC), Public Provident Funds (PPF), tax-saving FDs, etc.. You can also claim deductions towards your payments made towards children’s school tuition fee, Life insurance premium and home loan principal repayment under Section 80C.

Under Section 80D taxpayers are offered deductions on the premium paid towards health insurance policies. a taxpayer can claim the following amounts as deductions:

Up to Rs 25,000 on the premium for health insurance availed for self, spouse, and children.
If your parents are covered under the insurance policy, then a maximum deduction of Rs 50,000 is allowed.
If either of your parents is a senior citizen, then the maximum deduction allowed is Rs 75,000.
Section 80E of the Income Tax Act, 1961 relates to deduction for the repayment of Interest on Education Loan...Education Loan should have been taken for the purpose of pursuing higher studies of Individual, Spouse, Children of Individual.
Contributions made to certain relief funds and charitable institutions can be claimed as a deduction under Section 80G of the Income Tax Act. Only donations made to prescribed funds qualify as a deduction...This deduction can be claimed by taxpayer.

Advantages of Tax Planning

"Passion, knowledge and a genuine interest in achiving the best for clients is what makes a truly professional financial adviser. Mr. Sagar Sancheti has this and more. His dedication to clients and the way of explaining critical things in a simple and laymans language makes him different from others. I would highly recommend him to anyone wanting to secure future and achieve better financial outcome as well as security."

- Prashant Shinde, Lawyer

"Overwhelmed with the services and financial guidance from your side. Your knowledge has helped me to grow my wealth and enjoy the benefits."

- Hemant bayad, Health Counsellor

"Have known Mr. Sagar Sancheti for more than 15 years. He is one of the most committed person I have ever met. He has assisted my family with numerous mediclaim application and approvals and is always responsive at a single call. No wonder he is the best insurance management person in Pune"

- Dr.Mayur Kardile, Orthopedic Spine Surgeon

"Sagar has been my financial assistant since 15 years. All my insurance policies and investments are under his guidance. I am very fortunate to have him guide my investments. Above all he is a very good friend. I wish him all the best for his future endeavours"

- Naresh Patre

"Sagar has been my insurance and mediclaim consultant since over 8 years now. Apart from being a thorough gentleman, he is accurate in his knowledge and trustworthy in terms of information he provides. I can trust him whole heartedly. He has always advised me and my family about the most relevant updates from time to time accurately. We feel safe with him. His follow ups on premium payments are perfect. Never faltered. I am completely satisfied with his services and I wish him all the best. "

- Jaikumar Suchak

"Explains everything in simple and clear language so that it is easy to understand. Very good and prompt service"

- Dr.Kumbhare Jayshri, (Govt Service)