VANG And Company, Chartered Accountants

12/12/2023

YOUR GUIDE TO SAVE TAXES: A description of Section 80C
Series1: Salary Income
WHAT ARE TAX-SAVING INVESTMENTS FOR A SALARIED INDIVIDUAL IN INDIA?
Section 80C is a lifesaver for salaried individuals in India, offering us a way to reduce our taxable income and, consequently, their tax liability. Here's a breakdown of what you need to know:
This section offers deductions for various investments up to a maximum limit of Rs. 1.5 lakhs per year. Investing under Section 80C helps you build wealth for the future. You can claim deduction u/s to reduce your taxable income, leading to lower taxes.
What can I claim deductions for?
1. Public Provident Fund (PPF):
• Government-backed long-term savings scheme, guaranteed returns.
• High safety, fixed maturity, For the sake of saving more tax you should contribute the max i.e. 12% instead of 1800.
• Low risk, moderate returns.
2. Equity Linked Savings Scheme (ELSS):
• Mutual funds investing in stocks, offering long-term capital appreciation.
• Affected by market volatility.
• High risk, moderate returns.
3. National Pension Scheme (NPS):
• Retirement corpus building scheme, market-linked returns.
• Professionally managed, tax-free maturity.
• Moderate risk, moderate to high returns.
4. Unit Linked Insurance Plans (ULIPs):
• Investment with life insurance cover, market-linked returns.
• Dual benefit, flexibility in withdrawals.
• Moderate risk, moderate to high returns.
5. Tax-saving Fixed Deposits (FDs):
• Bank deposits with fixed interest rate and tenure.
• Guaranteed returns, low liquidity.
• Low risk, low returns.
6. Senior Citizen Savings Scheme (SCSS):
• Government-backed savings scheme for senior citizens, high interest rate.
• Highest safety for seniors, limited withdrawal options.
• Low risk, moderate to high returns.
7. Sukanya Samriddhi Scheme (SSY):
• Small-deposit scheme tailored specifically for the girl child.
• It offers one of the highest rates of interest among small-savings schemes, tax benefits.
• Low risk, moderate returns.

Remember, claiming Section 80C deductions can significantly reduce your tax burden. So, choose the right investments and expenses, claim your deductions, and save on your taxes. Let me know if you have any other questions.

Here is my LinkedIn profile:

Our company, Fair CFO, is one of the leading companies in India providing finance effectiveness services across industry verticals. The new evolving nature of today's businesses has let the Fair CFO services in demand to work with consultants and minimize the risk of any financial state; it can be n...

05/12/2023

Friends , launching my first series on tax knowledge . Hope you will find it useful.

MAKE TAX EASY
Ep 1: SALARY INCOME
Are you a salaried individual ? Should you go for the new tax regime or the old tax regime?

If you’re a salaried employee, you have to make intimation to your employer for opting for anyone of the two schemes, normally at the beginning of the financial year.

If intimation is not made by the employee, it shall be presumed that the employee continues to be in the default new tax regime and has not exercised the option to opt out of it. In such a case, the employer shall deduct tax at source accordingly.

But if you’re filing your tax returns and you realize that you can pay less tax if you choose the old tax regime instead of the new regime, or vice versa, you can alter the tax regime while filing ITR.

The new tax regime is the lower tax regime which means it has reduced rates of taxes but the system does not allow any reduction in tax based on tax-saving investments like the old tax regime.

On the other hand, the tax slabs under the old tax regime remain untouched but here you can avail deductions on tax-saving investments.

Employee’s intimation to the employer is only for the purpose of tax deducted at source (TDS) obligation and that the employee shall still have the option to choose old or new regime at the time of filing his tax return irrespective of the stand taken in such intimation furnished to the employer

05/12/2023

Are you an salaried individual? Should you opt for the old tax regime or the new tax regime?

https://www.linkedin.com/posts/ca-vipin-agrawal-chairman-nicasa-gurugram-93843924_make-tax-easy-ep-1-salary-income-are-you-activity-7137764979780272128-7n-5?utm_source=share&utm_medium=member_ios

See my complete profile

https://www.linkedin.com/in/ca-vipin-agrawal-chairman-nicasa-gurugram-93843924

View CA Vipin Agrawal Chairman, NICASA GURUGRAM’S profile on LinkedIn, the world’s largest professional community. CA Vipin Agrawal has 5 jobs listed on their profile. See the complete profile on LinkedIn and discover CA Vipin Agrawal’s connections and jobs at similar companies.

31/03/2023

My brother-in-law and sister-in-law (Founder Sarthak Education Trust for differently abled persons) get honoured from President Mam for winning of their students in International Abilympics 😊 Pround moment for all family and team Sarthak Education Trust 🙏

21/03/2023

My chacha Ji (CA MS Goyal, Past Chairman NIRC 2003-04), with President & Vice-President at Amarjeet Chopra Uncle office (Past Preseident-ICAI) 😊

06/03/2023

B’day celebration in office, branch office and lastly at home ❤️😍

26/02/2023

Happy to share to my well wishers, my friends, my seniors, my young colleagues, my dear student who like like my family, that

I have been elected as NICASA Chairman of Gurugram Branch again for year 2023-24.

Thanks to all of you for your love and affection, you all are like my family members. Last one year memory is still alive with me as my first year tenure and will be continue for coming year also. I have learnt a lot in the past year.

I need you guidance and support throughout the coming year. Please be connected and I promise will have a lot of experience and memories to store in coming year also.

Yours,
Vipin Agrawal
NICASA Chairman
Gurugram Branch of NIRC of ICAI

25/02/2023

Pleased to announce that Gurugram Branch of ICAI has won the first place award for Best Branch in the Northern Region in Mega Category. This feat is a testament to the dedication and hard work of the complete managing committee.

We express our sincere gratitude to the members of Gurugram ICAI for their support and trust bestowed upon us during the year. It is an honor to serve you all and we take pride in the strides we have made as a team.

*Team Gurugram*

18/02/2023

28/01/2023

Glimpse of some images of flag hosting on Republic Day at ICAI Branch Manesar Building 😊

27/10/2021

Required 3-4 CA Trainee / Paid Article Assistant for our 10 Year old CA firm (VANG AND COMPANY) based in Gurgaon , Sohna Road.

Attractive Stipend will be given.

If any connect, Please Mail Resume at :
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