TAXATION
With only a few weeks to go, 2020 is fast approaching. Following close on the heels of the end of the old year is another ending of sorts. Come March 31st, 2020, and you’ll have to bid goodbye to financial year 2019-20. Before the next financial year rolls around, you might want to look at some tax saving tips that can help you with your year-end tax planning. You have until the end of March to make investments or avail loans that you think can help you reduce your tax burden. If you’re unsure about where to begin, here are some useful end-of-the-year tax planning tips.
Alternatively, if you plan to send your kids off to college in the coming year, you may need to pay for their higher education by availing an education loan. By borrowing the funds before 31st March, you can claim the interest paid on the loan as a deduction, as per section 80E.
Conclusion
With these tax-saving tips, you’ll find that it becomes easier to reduce the burden of high taxes. And while last-minute tax-planning is certainly possible, keep in mind that tax-saving is generally an exercise that you need to indulge in over the course of each financial year, so you do not make any hasty decisions as the end of the year approaches.
Disclaimer:
The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. You are recommended to obtain specific professional advice from before you take any/refrain from any action. Tax benefits are subject to changes in tax laws. Please contact your tax consultant for an exact calculation of your tax liabilities.
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