Tax Planning should be an integral part of your overall Financial Planning, irrespective of your age.
We have already covered "Tax Planning in your 20s".
🔸Here is a🧵on "Everything you need to know about Tax Planning in your 30s"⤵️
We have already covered "Tax Planning in your 20s".
🔸Here is a🧵on "Everything you need to know about Tax Planning in your 30s"⤵️
🔸Tax Planning in your 30s
▪️The 30s is the time when most of you will get married and start a family.
▪️Your responsibilities are certainly increased from when you were in our 20s.
▪️The 30s is the time when most of you will get married and start a family.
▪️Your responsibilities are certainly increased from when you were in our 20s.
▪️You may also have More Debt on your shoulders and may fall into a Higher Tax Bracket.
Here are some of the Tax Saving Instruments you should consider in your 30s⤵️
Here are some of the Tax Saving Instruments you should consider in your 30s⤵️
🔹Home Loans
▪️If you have taken a home loan, you can claim a deduction on the repayment of the Principal amount under Section 80C of the Income Tax Act.
▪️The limit for deduction under section 80C of is up to ₹ 1,50,000.
▪️If you have taken a home loan, you can claim a deduction on the repayment of the Principal amount under Section 80C of the Income Tax Act.
▪️The limit for deduction under section 80C of is up to ₹ 1,50,000.
▪️You can also claim a deduction on Interest Paid for a home loan, in a financial year under Section 24 of the Income Tax Act.
🔹National Pension Scheme (NPS)
▪️The 30s is when you should ideally start Planning for your Retirement.
▪️The National Pension Scheme is an excellent tool to invest for your retirement. It provides both Equity and Debt exposure in single investment.
▪️The 30s is when you should ideally start Planning for your Retirement.
▪️The National Pension Scheme is an excellent tool to invest for your retirement. It provides both Equity and Debt exposure in single investment.
▪️Any Individual who is a Subscriber of NPS can claim Tax Benefits under Sec 80 CCD(1) within the overall ceiling of ₹ 1.5 Lac
▪️An additional deduction for investment up to ₹50,000 in NPS (Tier I account) is available exclusively to NPS subscribers under subsection 80CCD (1B)
▪️An additional deduction for investment up to ₹50,000 in NPS (Tier I account) is available exclusively to NPS subscribers under subsection 80CCD (1B)
🔹Upgrade your Life Insurance Policy
▪️Depending on your personal and professional situation, you should upgrade your life insurance or add new beneficiaries in this phase of life.
▪️You can continue to claim a deduction from Taxable income of upto ₹ 1,50,000 under section 80C
▪️Depending on your personal and professional situation, you should upgrade your life insurance or add new beneficiaries in this phase of life.
▪️You can continue to claim a deduction from Taxable income of upto ₹ 1,50,000 under section 80C
🔹Health Insurance
▪️Health Insurance is one of the primary investments for any individual to ensure complete security during medical emergencies for themselves and their families.
▪️Make sure that you get a suitable plan for yourself, your spouse, dependent children and parents
▪️Health Insurance is one of the primary investments for any individual to ensure complete security during medical emergencies for themselves and their families.
▪️Make sure that you get a suitable plan for yourself, your spouse, dependent children and parents
▪️Health Insurance provide attractive Tax Benefits as well.
▪️Under Section 80D, premiums paid towards insuring the health of self, spouse, and dependent children are eligible for a deduction of up to ₹25,000 from your Taxable Income.
▪️Under Section 80D, premiums paid towards insuring the health of self, spouse, and dependent children are eligible for a deduction of up to ₹25,000 from your Taxable Income.
▪️In addition to this, if the premium is paid for parents, then you are eligible for an extra deduction upto ₹ 25,000 over and above ₹ 25,000 mentioned above. If the insured is a senior citizen, you are eligible for deduction upto ₹ 50,000 instead of ₹ 25,000.
🔹Unit Linked Insurance Plans (ULIPs)
▪️A ULIP, is an insurance plan that provides the benefits of an Insurance cover as well as a Market-Linked Investment.
▪️They allow the flexibility to invest in equity or debt funds, depending on the investor’s risk appetite.
▪️A ULIP, is an insurance plan that provides the benefits of an Insurance cover as well as a Market-Linked Investment.
▪️They allow the flexibility to invest in equity or debt funds, depending on the investor’s risk appetite.
▪️One of the unique advantages of ULIP is its extensive Tax Saving benefit which can be opted throughout the policy term and at the time of maturity.
That's the end of the thread. With this thread, we have covered
🔸Tax Planning in your 20s, and
🔸Tax Planning in your 30s
More to follow
🔸Tax Planning in your 40s
🔸Tax Planning in your 50s
so, stay tuned!!
🔸Tax Planning in your 20s, and
🔸Tax Planning in your 30s
More to follow
🔸Tax Planning in your 40s
🔸Tax Planning in your 50s
so, stay tuned!!
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