Master The Tax-Saving Game

With the income tax filing deadline for the last financial year, FY2020-21, getting pushed to December 31, 2021, many investors, savers or taxpayers may not have had the time or funds to invest for the next financial year, FY2021-22, from the tax planning perspective. But with the deadline for making tax-saving investments for FY2021-22 fast approaching (the last date being March 31, 2022), now is the time to start planning, if you haven’t already done so. “The Income-tax Act, 1961, allows various deductions and exemptions from the taxable income to encourage savings and investments amongst taxpayers. Few of them are short-term, whereas others are long-term investments that come with a lock-in period,” says Archit Gupta, CEO, ClearTax, a fintech software as a service startup. Note that tax deductions and exemptions are only allowed under the old tax regime and not the...