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Tax planning is a crucial aspect of personal and business finance, and with the end of the financial year fast approaching, it's important to start considering ways to save on taxes. That's where Chartered Accountant and Finance Creator Shreya Jaiswal comes in. With her expertise in tax planning, financial management, and wealth creation, Shreya offers valuable insights and practical tips on how to maximise your tax savings before the year ends. In this blog, we'll dive into some of her top tips and strategies for saving taxes and optimising your financial planning.

Acknowledge Your Losses

As investors, we tend to sell off the profitable stocks and hold onto the loss-making ones in the hopes of turning things around. However, selling off these loss-making stocks can actually help you save on taxes.

Reconcile Your Income in AIS and TIS

Although the AIS and TIS features have been around for over a year, taxpayers still face the issue of incorrect transactions appearing in their statements. It is therefore important to download your AIS and check for any misreported income, as well as any incomes that you might have missed while calculating your advance taxes.

Draft a Computation of Your Income Statement

There are two different tax schemes for taxpayers, which can be confusing. To determine which scheme is more beneficial for you, it is important to prepare a draft calculation of your tax liability before the year ends. This will help you decide if you need to purchase any tax saver investments before the year ends.

Pay Your Advance Tax

To avoid any additional interest under sections 234A, 234B, and 234C, it is crucial to pay off your final tax liability before the year ends.

Check for Unrecorded Income and Expenses

For businesses, the last 15 days of the year should be dedicated to preparing draft financial statements and checking for any unrecorded expenses and incomes for the current year. Go follow @the_unconventional_ca for more such personal finance tips and stay tuned for more updates from the world of finance, and upgrades by @thefintroop@dotmediabase