Overview
A simple framework to plan your income tax legally: regime choice, deductions, timing and advance tax.
Step-by-step
- Estimate your income for the year across salary, business, interest and capital gains.
- Compare tax under the old and the new regime using a calculator.
- List the deductions you can really use under the old regime (such as 80C, 80D, HRA, home loan interest).
- Plan investments by need and goal, not only for tax saving.
- Estimate advance tax and pay it by the due dates if your liability is above the threshold.
- Review mid-year and again before the year ends.
Documents you will usually need
- Salary slips and Form 16
- Investment and insurance proofs
- Rent receipts and landlord PAN where applicable
- Capital gains statements
Practical tips
- Do not buy products only to save tax.
- Keep proofs organised through the year.
- Revisit your plan after any major income change.
Official source: Income Tax Department
General information for awareness only. Rules, forms and due dates change; confirm on the official portal or consult a professional before acting.