How Not To Pay More Tax in 2019?
Every year, millions of people fry their brains to attend to their tax formalities. However, they are seldom met with any satisfactory results. There could be trillions of reasons that aggravate such predicaments, but there are a handful of them which are too predictable. For instance, your tax preparer. Normally, people do not have time or the desire to look after their tax formalities themselves for which they hire a tax preparer – the man responsible for handling their tax issues. Hiring a tax preparer or a tax consultant is not wrong. However, there is a preparatory drill that needs to be exercised before hiring anybody to look after something as personal as your tax assessment.
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So what’s the Drill?
There are some simple steps that you need to follow before handing over your tax work to anybody. If you are wondering as what you should do, just follow these small tips that will lube up the process of your annual tax filing: -
1. Check the Authenticity of the Status
In a survey conducted in 2017, it was revealed that 65% of the tax consultants in India were not registered with any governing body. This ultimately rendered all their tax filing and assessment work unacceptable, which was a big hassle for their clients. So, before you hire somebody to look after your tax planning, please ensure that the person has a legitimate registration with the Income Tax authorities.
2. Check the Methodology for Tax Planning
There are several methods to save taxes, however, not all are equally profitable. Investing in top ELSS plans is considered to be the medicine to fight against ailing tax problems. They have the least lock-in period out of all tax-saving options, are able to provide far better returns than normal investment options, and are also helpful in saving taxes which may amount to ₹46,800/-*.
3. Check with the Regular Updates from the Tax Department
Though hiring a tax consultant comes with a complete package, there are times when you are deprived of some services. For instance, if your tax consultant forgets or delays the filing of your tax return or payment of your tax liability, then you might have to face fines and penalties that may further worsen your case. Hence, it is always advisable to keep in loop with the latest updates of the Income Tax Department, and also ensure that your tax consultant is abiding by them in all possible ways.
- Lowest lock-in period of 3 years
- Better returns compared to PPF/FD
- Get instant investment proof
MySIPonline is a pioneering firm in the field of online mutual fund investing. It has been providing top investment solutions to all kinds of profiles for years, and have bagged several accolades on account of its exceptional services. Here are some of the best tax-saving solutions available for 2019 that will help you to bring down your tax bill by a great fall. Start with an SIP plan to avail the best benefits.
- ICICI Prudential Long Term Equity Fund (G)
- L&T Tax Advantage Fund (G)
- Aditya Birla Sun Life Tax Relief 96 Fund (G)
- Mirae Asset Tax Saver Fund (G)
- Axis Long Term Equity Fund (G)
Investing in these top recommended tax-saving funds, over and above following the drill explained above, will surely be a treat to your tax budget. Imagine the possibilities with you being able to save a whopping ₹46,800/-* every year on your tax bill! MySIPonline provides you with the ease of investing in these top tax-saving ELSS plans via SIPs, through which you could spread your investment budget over a number of years instead of stashing all of it at once. So, don’t wait anymore! Start investing today and enjoy being a smart taxpayer.
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