Don't Forget This While Planning Your Taxes

Don't Forget This While Planning Your Taxes

Planning your taxes can be a tedious task, but it is important. If you can strategically plan your taxes, you can claim the right deductions and exemptions, which will give you a clear picture of the taxes paid during the year and the amount one can get in a refund in the ITR (income tax return) one needs to file every year.

Step 1

First, ascertain the upcoming payments, expenditures, policy renewals, etc. 

Step 2

Make a rough sheet that mentions all these expenditures and payments with approximate funds allocated to them.

Step 3

Ascertain which expenditures you can claim exemption or deduction.  A quick guide for you to understand these deductions and exemptions is as follows. 

The most famous deduction in an ITR is the 80C deduction, where one can claim a deduction in PPF (Public Provident Fund), NSC (National Saving Certificate), Life insurance or ULIP premium, ELSS (Equity linked saving scheme), Sukanya Samriddhi Yojana (SSY), Senior Citizen Savings Scheme (SCSS), Post office deposit or even a Fixed deposit with the maturity of 5 years. One can even claim exemption on the education fees of their children (but for not more than two children)

The other exemptions are as follows -

Health Insurance Premium: 

An INR 15,000 annual deduction is allowed for self, spouse, and dependent children. A further INR 15,000 is permitted for parents (maximum 40,000).

House Rent Allowance (HRA): 

If you rent an apartment, you may be eligible for this benefit. Established guidelines determine the amount deductible. Please keep in mind that the rent agreement and rent receipts must be submitted.

Individuals considering purchasing a home should consider taking out a home loan. Section 24 allows you to deduct interest payments up to Rs 150,000 per year.

Medical reimbursement: 

Medical treatment expenses of up to INR 15,000 can be claimed as a salary deduction under section 17 each year (2). Actual bills must be printed.

Disclose your sell

One should always disclose the mutual funds, shares or gold purchased or sold in the financial year and the realized gain or loss on the same, known as LTCG or STCG, which is long-term capital gain and short-term capital gain.

Having smart decisions while making these deductions and claiming the right exemptions will save a lot of taxes and get the right refund, which can be used on major expenses.

Since many people are confused about this tax terminology, there is a huge demand for tax consultants in the market, and many people choose to pursue their careers in the same field. The best courses for tax consultants or financial planners are Banking and Finance Course, Banking and Finance Online Training, and Postgraduate Program In Banking and Finance

These courses are majorly focused on two segments. 


You can learn all about retail banking Introduction to Banking, Retail Liability Products, Retail Asset Product, NRI Products, Payment Services, Branch Operations, Regulatory Environment, and Trends in Banking. 


Financial System Overview, Introduction to Investment, Securities Market Overview

Equity as an Asset Class, Investing in Fixed Income Securities, Mutual Funds, Introduction to Tax Planning, Introduction to Personal Financial Planning, Life and General Insurance Products and Positioning.

Honing soft skills becomes easy with Soft Skills Foundation and Campus to Corporate, Cardinals of Communication, Honing Communication, Curating and Perfecting Communication, Corporate and Business Etiquette, Customer Service, Business Writing, Art of Presentation, Sales and Negotiation, Group Discussion Hacks, Personal Grooming, Interview Preparation - HR.

These courses can prepare you for the job of banking professional or finance and tax consultant, which can prove to be beneficial for your career kick-start; these programs even offer career helping tools such as profile enhancement, resume builder, preparation for the interview, etc., which will enhance the opportunities in the market. 

Visit the Imarticus learning website for a proper breakdown of the components and the benefits of the course. Imarticus has numerous client centers in the north, east, west and south regions, including Lucknow, Noida, Mumbai, Delhi, Jaipur, Chennai, Bangalore, Hyderabad, and Kolkata, among other cities. They also have centers in Dubai. The chat centers are open 24x7, so you can chat on Whatsapp and even request a callback. 

Even if one doesn't want to have a career in finance or banking, these courses help one plan their finances smarter and better. They also provide proper guidance on investment, which will help one make the right choices according to their financial status. Keeping in mind the savings and the debt ratio, one can easily bifurcate the finances and set aside the funds for saving. 

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