Keep a track of the purchase dates of your assets

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Do not skip checking the conditions that are attached to most deductions. Used prudently, deductions can ensure a large tax free income, says Anil RegoAll investments proposed or made are analysed based on the returns. Ideally canada goose outlet houston these would factor for the risk as investors are rightly concerned about safety and return on capital invested than just the returns on their capital.

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1. Do not ignore the impact of tax on your returns, at your tax slab.

Calculate the final, post tax returns that your investment will earn. For example, 8 per cent taxable return will earn between about 5 and 7 per canada goose outlet factory cent depending on your tax slab.

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Canada Goose online 2. Do not miss opportunities to cut down the cost of your investment. Any discount earned impacts your investment in two ways: it pushes up your earnings beyond the stated rate as the returns are paid on the full value, while canada goose outlet washington dc the discount is free money returned upfront. Canada Goose online

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Section 80C of the Income Tax Act provides deductions of up to Rs 2 lakh on qualifying investments and expenditure. Go the whole hog and do not leave any of your qualifying investment go unutilised.

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3. Do not ignore the alphabet soup that goes from section canada goose jacket outlet uk 80C and goes to 80U.

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80DD and 80DDB are for treatment of handicapped and specific canada goose outlet diseases respectively.

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4. Section 24 is a wonderful deduction. The interest paid on your home loan, up to Rs 2 lakh a year is deductible.

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Canada Goose sale A good incentive to build an expensive and emotionally canada goose outlet us important asset, do not miss out on the tax break which will reduce your effective interest cost. Canada Goose sale

5. Keep a track of the purchase dates of your assets. Special rates are offered as term capital gains tax on assets held beyond a threshold.

Canada Goose Outlet Equity shares and equity mutual funds on which Securities Transaction Tax (STT) is paid offer tax free status on profits if they are sold canada goose outlet online store after a year. Canada Goose Outlet

Property held for two years, as proposed in the Union Budget 2017 18 and other assets held for three years also qualify for long term capital gains status and substantially lower taxation,

buy canada goose jacket cheap Gains, or profits made can be set off against losses on other investments. Losses can also be carried forward for eight years. buy canada goose jacket cheap

Do not bury your past mistakes but track them to reduce taxes when you make profits.

How to pay tax and claim deductions for joint home ownership

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Donations to qualifying charities get canada goose outlet winnipeg a deduction of the entire, or 50 per cent of the amount (depending on the kind of charity) donated, under 80G. Do not tighten your canada goose outlet niagara falls purse strings.

canadian goose jacket 7. Do not delay your tax payments. Advance taxes are to be paid on your income four times a year. If you have income besides salary, calculate canada goose outlet montreal your dues and pay taxes in time canadian goose jacket.

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