How to save income tax under various sections in FY 22-23?
December, 30th 2022
The start of the new fiscal year (FY) 2022–23 (i.e., April 1, 2022–March 31, 2023) is finally drawing near, and income taxpayers should begin making plans to save tax before there is a rush for last-minute tax burden relief. Here is how taxpayers can reduce income tax under various sections in FY 22-23, according to a meeting with Dr. Suresh Surana, Founder, RSM India.
Dr. Suresh Surana said the prevailing provisions of the Income Tax Act 1961, (‘IT Act’) provides taxpayer with several opportunities to legitimately save tax in various forms such as deductions, exemptions, allowances, etc. Many of the said benefits are subject to certain conditions such as threshold limits, lock-in periods, etc. Some of the widely used sections wherein taxpayers can reduce their tax liability are briefly provided below: