Do I Need Tax Planniing

Any person, who has earned money and subsequently paid taxes, has not thought about the lack of fairness in the way the convoluted and mysterious legal system draws off a large chunk of the fruits of one’s labors in the financial year. What many among these do not know is that the same legal system allows for concessions in several diverse situations, which are just waiting for you to avail of them. A small business owner or wage worker cannot be expected to be familiar with all of the nuances of the nation’s taxation litigation, but if you hire someone who does or do enough research on your own, the payoffs are enormous.

The financial arena in today’s world needs a lot of wise decisions to keep it in balance. Whether you’re a common person who earns a salary or a businessman, you need to protect and save your money. It is to this end that planning for a proper tax saving methodology is very important. 

  
Planning from the initial phase

One should start planning from an early phase in the financial year, even if it seems too early for the task. It saves time and energy if you’re prompt, and relieves you of losing a high percentage of your income as well as personal tension. It may seem to a few that hiring a professional to organize one’s taxes is an overcautious decision and unnecessary for you, but it is an extremely vital one. Some try to avoid it when it comes to personal tax saving but it is a must and should be done in a proper manner. LIC New Jeevan Anand Policy 915, SBI Shub Nives and many more are there to avail benefits. Another common belief is that insurance is the only product that gives you a tax benefit. In depth tax planning shows otherwise.

There are different tax plans each of which has its own benefits. You can handle and plan according to your portfolio. An individual business or tax payer needs a unique tax plan tailor made to suit their form of income, consumption patterns, tastes and personal situation. For example, were you aware you could receive tax concessions by declaring allowable deductions for expenses incurred during common business processes like paying fees to health/retirement plans, hosting clients and making donations to charity? Another simple action is to split your taxable income between family members, thereby reducing your personal income and hence the taxable portion of your income falls. In fact, tax evasion becomes laughable, because the legal system is providing you with an easily accessible avenue to do it legally. Therefore, tax planning is required and a must be it through professional help or personally.

 

Now, invest your money in Jeewan Anand policy by LIC (https://www.mudranidhi.com) and give rest to your mind. This policy is created by keeping in mind the growing needs of people. This plan offers you lifetime security, even after the maturity of the policy up to the age of 100 years. Thus, make investment today and enjoy benefits tomorrow. The term period of LIC Jeewan Anand policy starts from 15 years until 35 years and the person who comes into the age bracket of 18 to 50 years can acquire the policy. Not only this, it avails with the provision of double death benefit which is provided in the cases like accidental death up to the 70 years of age.