Best Ways To Save Income Tax - AY 2020-21
The due date to file the income tax return for AY 2020-21 has been extended to November 30th 2020, considering the existing pandemic situation. It was extended to July 31st 2020 before and the new amendment in the date was announced by the finance minister of India, Ms Nirmala Sitharaman, in a recent press conference. Pandemic has crumbled economies and have ruptured financial as well as tax plans of many individuals. If you still haven’t planned or considered planning on saving tax by the means of various tax saving schemes allowed under the Income tax act, 1961, here is a vague guide to do the same. Keep in mind that the government has announced a new tax regime with lower interest rates on higher income slabs. Although the numbers are promising, this regime does not allow most of the existing exemptions and deductions allowed by the old regime. So here’s a list of important exemptions that can be claimed under the old tax regime under the Income tax act, 1961. Investment schemes Th