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August 3, 2022

10 Tax planning individuals should do now for FY 2022-23 to avoid paying huge tax & interest at the time of filing Tax Returns

by CA Shivam Jaiswal in Income Tax

10 Tax planning individuals should do now for FY 2022-23 to avoid paying huge tax & interest at the time of filing Tax Return

1) Make rent agreement for HRA claiming when giving rent to parents / spouse / relatives etc . Remember If you miss to make the rent agreement you cannot claim benefit.

2) Keeping hard copy and soft copy of all medical expenses bill for parents above 60 not having medical policy to claim in section 80D Rs 50k.

3) Save all donations receipt to claim benefit in 80G and 80GGC as the same does not reflect in AIS & TIS.

4) Opening an NPS account to claim Rs 50k benefit as deduction from income.

5) Start an SIP in Equity Tax saver MF or PPF till March 2023 to cover deduction in 80C . Balance between two as per age and risk appetite. For Insurance buy only Term Plan and review cover, go for top up cover in case of increase in income or addition in family.

 6) If you are in 30% bracket, Gift any assets generating income to family member without clubbing provision attraction to avoid 30% tax on it.

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

8) Do keep track of turnover in business or profession to check if GST is applicable during the year, take timely registration and pay tax to avoid interest and penalty.

 9) If switching job, ensure your new employer knows and consider previous earnings while calculating TDS or alternatively pay advance tax also if having other income, pay advance tax during year.

10) Review your stock portfolio, if there are long terms capital gains of > 1 lac, check if you have any long term losses and book it before 31 March to take benefit of setoff of losses. Remember Notional losses do not qualify for setoff against actual gains.

Source : Reference Tweet

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