{"id":185,"date":"2020-08-31T17:14:00","date_gmt":"2020-08-31T11:44:00","guid":{"rendered":"http:\/\/www.financialhospital.in\/blog\/?p=185"},"modified":"2021-07-06T19:09:43","modified_gmt":"2021-07-06T13:39:43","slug":"tax-planning-demystified","status":"publish","type":"post","link":"https:\/\/blog.fintoo.in\/blog\/tax-planning-demystified\/","title":{"rendered":"Tax Planning Demystified"},"content":{"rendered":"\n<p>Income tax is always a complicated subject. It&#8217;s difficult to understand for a layman.\u00a0\u00a0For a salaried person understanding complicated and confusing tax terminology is a nightmare. Through this article, we will make your life simple and make you understand tax jargon in an easier manner.\u00a0\u00a0In today&#8217;s article, we will discuss the basic difference between Exemption, Deduction, and Rebate.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Exemption<\/h4>\n\n\n\n<p>Is an amount that is part of your total income but it&#8217;s exempt from tax. It means while calculating taxable income some sources of earnings are exempt. For example u\/s. 10(10D) maturity proceeds of the Life Insurance policy are exempt from taxes. In this case, while calculating taxable income we will not include life insurance maturity proceeds. In simple terms, Tax exemption means tax-free sources of earning. It&#8217;s advisable to include more and more exempt sources of earning which will help us to reduce taxable income and in turn tax liability.<br>A few of the popular examples to understand Exemption are<\/p>\n\n\n\n<ul><li>From salary income based on specific calculation House Rent allowance (HRA) is exempt<\/li><li>Gratuity received on retirement from employer is also exempt&nbsp;&nbsp;upto a specific amount<\/li><li>Maturity proceed from PPF account is exempt<\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">Deduction<\/h4>\n\n\n\n<p><br>It is an amount invested or expenditure allowed under a specific section to be reduced from total taxable income. For example, if we invest in 5-year tax-saving Bank FD, the investment amount is allowed to be deducted from total taxable income. Amount paid towards mediclaim policies for self and dependents is allowed to be deducted from total income.<\/p>\n\n\n\n<p>A few<strong> of the popular examples to understand deduction are:<\/strong><\/p>\n\n\n\n<ul><li>U\/s. 80C \u2013 Investment or expenditure up to 1.5 lacs p.a. is allowed as a deduction from total income. For e.g. Investment in the ELSS Scheme of Mutual funds or expenditure towards school tuition fees for two kids is eligible expenses for 80C.<\/li><li>U\/s. 80D \u2013 Payments for medical insurance premium for self &amp; dependent and for dependent parents is allowed as a deduction from total income.<\/li><li>U\/s. 80DD \u2013 Expenditure towards medical treatment of disabled dependents is allowed as a deduction from total income up to a specific amount.<\/li><\/ul>\n\n\n\n<p>Must read &#8211; <a href=\"https:\/\/www.fintoo.in\/blog\/what-is-form-16-upload-form-16-and-file-income-tax-return\/\">What Is Form 16? Upload Form 16 And File Income Tax Return<\/a><\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Tax rebate<\/h4>\n\n\n\n<p>It is a different concept altogether. A tax Rebate is an amount that is deducted from the total tax payable. Unlike deductions which are reduced from total income, a Tax rebate is an amount that is deducted directly from your taxes.<br>An individual can claim a rebate of Rs 12500 if he has taxable income less than Rs 5 Lacs. In this case, Rs.12500 is reduced from the total tax payable before the education cess.<br>To conclude, All three are important tools for tax planning. Understanding these three tax terminology will help us to increase tax-free income and know tax-deductible investment\/expenditure. Exemption and Deduction will reduce taxes indirectly. While tax rebates will help us to reduce tax liability directly.<\/p>\n\n\n\n<p><em>A financial planning platform where you can plan all your goals, cash flows, expenses management, etc., which provides you advisory on the go. Unbiased and with uttermost data security, create your Financial Planning without any cost on:&nbsp;<a href=\"http:\/\/bit.ly\/Robo-Fintoo\" target=\"_blank\" rel=\"noreferrer noopener\">http:\/\/bit.ly\/Robo-Fintoo<\/a><\/em><\/p>\n\n\n\n<p><em>To Invest and keep regular track of your portfolio download: Fintoo App Android&nbsp;<a href=\"http:\/\/bit.ly\/2TPeIgX\" class=\"broken_link\">http:\/\/bit.ly\/2TPeIgX<\/a>&nbsp;\/ Fintoo App iOS&nbsp;<a href=\"http:\/\/apple.co\/2Nt75LP\">http:\/\/apple.co\/2Nt75LP<\/a><\/em>\u2018<\/p>\n\n\n\n<p><em><strong>Disclaimer:<\/strong>&nbsp;The views shared in blogs are based on personal opinion and does not endorse the company\u2019s views. Investment is a subject matter of solicitation and one should consult a Financial Adviser before making any investment using the app. Making an investment using the app is the sole decision of the investor and the company or any of its communication cannot be held responsible for it.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Income tax is always a complicated subject. It&#8217;s difficult to understand for a layman.\u00a0\u00a0For a salaried person understanding complicated and confusing tax terminology is a nightmare. Through this article, we will make your life simple and make you understand tax jargon in an easier manner.\u00a0\u00a0In today&#8217;s article, we will discuss the basic difference between Exemption, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12386,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","footnotes":""},"categories":[423,403],"tags":[256,425,316,261],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tax Planning Demystified - Fintoo Blog<\/title>\n<meta name=\"description\" content=\"Tax Planning is always a complicated subject. It&#039;s difficult to understand for a layman. For a salaried person understanding complicated and confusing tax.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/blog.fintoo.in\/blog\/tax-planning-demystified\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tax Planning Demystified - Fintoo Blog\" \/>\n<meta property=\"og:description\" content=\"Tax Planning is always a complicated subject. It&#039;s difficult to understand for a layman. For a salaried person understanding complicated and confusing tax.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/blog.fintoo.in\/blog\/tax-planning-demystified\/\" \/>\n<meta property=\"og:site_name\" content=\"Fintoo Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/fintooapp\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/fintooapp\" \/>\n<meta property=\"article:published_time\" content=\"2020-08-31T11:44:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-07-06T13:39:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/blog.fintoo.in\/blog\/wp-content\/uploads\/2020\/08\/Tax-Planning-demystified.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"fintoo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@FintooApp\" \/>\n<meta name=\"twitter:site\" content=\"@FintooApp\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"fintoo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/blog.fintoo.in\/blog\/tax-planning-demystified\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/blog.fintoo.in\/blog\/tax-planning-demystified\/\"},\"author\":{\"name\":\"fintoo\",\"@id\":\"https:\/\/blog.fintoo.in\/blog\/#\/schema\/person\/80d83d5d650c11b0fffaf636bea491c3\"},\"headline\":\"Tax Planning Demystified\",\"datePublished\":\"2020-08-31T11:44:00+00:00\",\"dateModified\":\"2021-07-06T13:39:43+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/blog.fintoo.in\/blog\/tax-planning-demystified\/\"},\"wordCount\":632,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/blog.fintoo.in\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/blog.fintoo.in\/blog\/tax-planning-demystified\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/blog.fintoo.in\/blog\/wp-content\/uploads\/2020\/08\/Tax-Planning-demystified.jpg\",\"keywords\":[\"income tax\",\"Tax\",\"Tax Benefits\",\"tax planning\"],\"articleSection\":[\"Income Tax\",\"Tax Advice\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/blog.fintoo.in\/blog\/tax-planning-demystified\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/blog.fintoo.in\/blog\/tax-planning-demystified\/\",\"url\":\"https:\/\/blog.fintoo.in\/blog\/tax-planning-demystified\/\",\"name\":\"Tax Planning Demystified - Fintoo Blog\",\"isPartOf\":{\"@id\":\"https:\/\/blog.fintoo.in\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/blog.fintoo.in\/blog\/tax-planning-demystified\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/blog.fintoo.in\/blog\/tax-planning-demystified\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/blog.fintoo.in\/blog\/wp-content\/uploads\/2020\/08\/Tax-Planning-demystified.jpg\",\"datePublished\":\"2020-08-31T11:44:00+00:00\",\"dateModified\":\"2021-07-06T13:39:43+00:00\",\"description\":\"Tax Planning is always a complicated subject. 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