If you are a tax payer and want tax exemption, then follow these methods.
Here we are telling you about some works which are usually completed in the first month of the financial year. Currently, the first month of financial is April. We are telling you some better ways so that you meet your due time.
Submit Form 15G / 15H
Banks cannot deduct TDS if the annual interest income from FD of the tax payers or the total annual income from the dividend is not up to the limit where tax is covered. In such a situation, senior citizens have to submit Form 15H and for those who are not Senior Citizens, they have to submit Form 15G for not deducting TDS. For this, they have to give a declaration form. This norm has to be deposited every year at the beginning of the financial year.
Start tax planning
Personally tax payers should start investing to save their tax. This investment should not be for short term but for long term. If you start soon, you have a better chance.
Invest in PPF
Public Provident Fund (Public Provident Fund -PPF) is the most secure and best-paying scheme in the country. It is good to invest in terms of retirement. There is also a tax rebate in this. To get better returns one should start investing in PPF as soon as possible. One should start investing in it at the beginning of the financial year.
This should be kept in mind to get better returns on investing in PPF. According to the PPF rule, if you have put the amount before the 5th of any month, then you will get interest in it. So to take advantage of the interest, put the amount before the 5th.
The interest rate paid on a PPF account is calculated at the minimum amount in the account between the fifth day of the month and the last day of the month.
Change the contribution of PF if needed
The central government had announced in Budget 2021 that if more than Rs 2.5 lakh is being invested in your Employees Provident Fund (EPF) and Voluntary Provident Fund (VPF) account, then tax on the interest you get from the additional investment Will have to pay. In such a situation, customers should consider it as soon as possible for this financial year.
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