How can I save Income Tax?
You can save income tax through legal methods such as investing in tax-saving instruments, claiming deductions, and optimizing your financial portfolio.
Do I need to change my existing tax planning strategy?
It depends on your current financial situation and goals. Consult a tax advisor to determine if adjustments are needed.
Does tax planning mean tax avoidance or tax evasion?
Tax planning is legal and ethical. It aims to minimize tax liability using legitimate methods. Tax avoidance is legal, while tax evasion is illegal.
What methods are available to minimize my tax obligations?
Methods include investing in tax-saving options (e.g., PPF, ELSS), claiming deductions under various sections (e.g., 80D, 80G), and optimizing tax-efficient investments and financial planning. Consult a tax expert for personalized advice.