Tax Planning With an Expert #MoneyViewChat

Tax planning is on our minds as we all approach the financial year end. Despite our best intentions, somehow planning our taxes gets pushed off to last minute when most of us scramble to save the taxes that we can. Last week, we did a tweet chat on the topic of tax planning with an expert, Simardeep Singh, who is a tax planning expert and CA. The interaction was very interesting. Here is a recap of the tweet chat which will give you good insights about the commonly asked questions on tax planning:

.@simardeep88 can you tell our viewers about the section 80C of Income tax?#TaxPlanning #MoneyViewChat pic.twitter.com/rueNfwuZyT

— MoneyView (@MyMoneyView) January 12, 2017

@MyMoneyView Section 80C prescribes various investments and payments which are eligible for helping you save tax #MoneyViewChat

— Simardeep Singh (@simardeep88) January 12, 2017

@MyMoneyView few such tax saving avenues in sec 80c are life insurance premium, PPF, tax saver FDs/MFs, housing loan payment #MoneyViewChat

— Simardeep Singh (@simardeep88) January 12, 2017

.@simardeep88 can you let the viewers know, what are benefits of opening a PPF account?#MoneyViewChat #TaxPlanning. pic.twitter.com/LgjIVOiJy7

— MoneyView (@MyMoneyView) January 12, 2017

@MyMoneyView it certainly makes sense to open a PPF account early since it has a minimum lockin of 15 years #MoneyViewChat

— Simardeep Singh (@simardeep88) January 12, 2017

@simardeep88 @MyMoneyView dont you think mutual funds are better than PPF?

— Deepesh (@deepeshg9) January 12, 2017

@deepeshg9 @MyMoneyView it’s a matter of choice between fixed returns and risky returns.
make an informed choice 🙂 #moneyviewchat

— Simardeep Singh (@simardeep88) January 12, 2017

@Minnz89 it’s just that it hs a 15 year lock-in and most of the youngsters don’t find it attractive @MyMoneyView #moneyviewchat

— Simardeep Singh (@simardeep88) January 12, 2017

.@simardeep88 Next question which is very common among many, Does education loan come handy when we are doing Tax Planning? #MoneyViewChat pic.twitter.com/GowGr92BJc

— MoneyView (@MyMoneyView) January 12, 2017

@MyMoneyView while intt on edu loan helps save tax, this is seth for v cant really plan since u pay intt only if u got a loan #MoneyViewChat

— Simardeep Singh (@simardeep88) January 12, 2017

.@simardeep88 next question, when it comes to #TaxPlanning or #TaxSaving does it help to invest in #ELSS? #MoneyViewChat pic.twitter.com/5c5a3n2Fzy

— MoneyView (@MyMoneyView) January 12, 2017

@MyMoneyView My personal experience asks me to recommend ELSS outrightly, since equities perform better in long term #MoneyViewChat

— Simardeep Singh (@simardeep88) January 12, 2017

@MyMoneyView ELSS refers to the mutual fund savings schemes which are eligible for tax savings and come with lockin of 3 yrs #MoneyViewChat

— Simardeep Singh (@simardeep88) January 12, 2017

@MyMoneyView ELSS come with the lowest lockin amongst the eligible tax saving avenues #MoneyViewChat

— Simardeep Singh (@simardeep88) January 12, 2017

.@simardeep88 the last question we have is that, how can you save taxes using Health Insurance?#MoneyViewChat #TaxPlanning pic.twitter.com/MoFPUVScVK

— MoneyView (@MyMoneyView) January 12, 2017

@MyMoneyView Health insurance helps you save tax under Section 80D of the Income Tax Act #MoneyViewChat

— Simardeep Singh (@simardeep88) January 12, 2017

@MyMoneyView Not only by payment of mediclaim premium, u cn also save tax by getting ur preventive health check up done #MoneyViewChat

— Simardeep Singh (@simardeep88) January 12, 2017

@MyMoneyView @simardeep88 #MoneyViewChat The Section 80D tax benefit is on the premium paid towards health policy

— Gunjan (@mehtamadonna) January 12, 2017

Hope you enjoyed this recap which must have clarified many of your doubts on tax planning. Do follow us on our twitter handle @MyMoneyView for many such interesting and informative tweet chats.