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ðŸ“Ē Must Read this to save your Interest Liability in Income Tax



👉 Case 1
Salaried persons who have changed their job during the year must calculate and pay Advance Tax properly in March to avoid additional interest while filing ITR

Reason:
Many times it happens that both employers have considered basic exemption limits and deductions, due to this extra tax along with Interest payment required while filing ITR
(IF salary from Employer 1 is 9 lakh and Employer 2 is 8 lakh then Both not deducting TDS but Tax Is payable while filing ITR as Total Income is 17 Lakh)

👉 Case 2:
Kindly Check your portfolio once because if you have any realised short term or long term profit then Income Tax is applicable on it and if your tax liability exceeds Rs.10,000 then Advance Tax Provisions applicable on it

If You plan currently then you have option of loss harvesting also

LTCG is exempt upto Rs.1,25,000 so every year book LTCG to that extent to save future taxes on whole of LTCG

👉 Case 3:
Most of the salaried Individuals have to pay a small amount of Taxes while filling ITR, even though TDS was already Deducted as per New Tax Regime 

Reason
-In the New Tax Regime Saving Bank Interest, FD Interest, Dividend Income all are taxable and same were not considered by Employer while deducting TDS so Must pay advance tax on all other Income to save your interest liabilities 

#TaxationUpdates

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