Tax Saving Tips : Save your tax and save a lot of money

The history of Income Tax in modern India dates back to 1860 when the first Income Tax Act was introduced and which remained in force for a period of 5 years. This Act lapsed in 1865.

There are different ways to save your tax and save a lot of money. Even there are different plans to save your tax in India. New salary is revealed in India in 2010, people get a higher salary or higher current salary beyond their own expectation and the current salary is dependable upon the cutting of tax. All types of new income tax schemes will depend upon the India finance ministry for government employees as well as for private employees in India. India government gives different types of tax discounts and there are different type of popular tax saving options for the people of India such as funds, saving bonds and life insurance etc. There are number of banks in the list of most popular tax saving schemes in India. You can call any of the banks for the information about tax saving options. The tax saver will tell you about the plans and procedure about the tax saving according to your current salary or total CTC. It is better to pay the car loan EMI, home loan EMI and many more in advance because the bank will imply the new interest rate at higher level up to 0.50%. So don’t take your loan EMI very easily.

A powerful systematic investment plans will help people in India. Reserve bank of India has various tax saving tools. The bank will sign the bond for 3 and 5 years at the rate of interest is 7.5% per annum. There are two types of bonds under the reserve bank of India such as cumulative bond and non-cumulative bond. There are so many private sector banks in India for tax saving. The best way to get information about saving tax is get in touch with a tax consultant. He has the complete information about tax implied on your salary and how you can save it. It is suggested to give the exact information about the income you receive from all sources. Mutual funds, Child insurance policies and health insurance plans can give you numerous benefits and you will be able to save tax. An agent will come at your place and help you fill the documents which you need to submit at the time of filing for year’s tax. This is because of the fact that the process may be confusing and tedious.

Getting help from a tax consultant, you will be able to save a lot of time and efforts. It is possible to save tax if you take right steps at the beginning of year. Proper planning and implementation is required so that you can save significant amount of money. One of the best options to get the information about tax saving schemes is to get online and browse various sites giving details about tax saving schemes. You do not have to do anywhere to get information as you can get it at the comfort of your home. You can also contact a tax consultant who can give you the best suggestions.