Rule 2: Take Full Advantage Of All Tax Exemptions

The second step of tax planning lies in claiming all the exemptions and deductions which are permissible under the Income Tax Law. A list of most such exemptions and deductions is contained in Section 10 of the Income Tax Act. This list has to be optimised depending on your facts and circumstances. If you and your family members are not claiming the optimum benefit of exemptions and deductions, then it is time to focus on investment planning in the group so that every family member gets full benefit of tax exemptions and tax deductions which covered in detail in Chapter VIII
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Rule-1 : Spread Your Income Among Your Family Members under Income Tax Act.
Rule-2 : Take Full Advantage Of All Tax Exemptions under Income Tax Act.
Rule-3 : Take Full Advantage Of Tax Deductions under Income Tax Act.
Rule-4 : Exempted Incomes under Income Tax Act.
Rule-5 : Don’t Overdo It — Keep Tax Planning Simple under Income Tax Act.
 
 
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