Research on Individual Income Tax Planning in India
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Questions and Answers

What are some lesser-known deductions that taxpayers can take advantage of?

Deductions for parent's medical costs and school debts

How can individuals reduce their capital gains tax liability?

By investing in the Capital Gains Accounts Scheme (CGAS) or utilizing Sections 54 and 54F exclusions

What trend did the survey observe regarding tax compliance and technology?

A trend towards using technologically enabled methods for tax compliance

What were some of the compliance challenges faced by individuals in understanding tax laws?

<p>Troubles with understanding and implementing complicated tax laws, particularly related to capital gains, overseas income, and tax residency status</p> Signup and view all the answers

What role did tax professionals play in tax compliance?

<p>Tax experts were essential in helping people with tax preparation and compliance</p> Signup and view all the answers

How can individuals maximize deductions through tax-saving instruments?

<p>By utilizing Sections 80C, 80D, and 80G of the Income Tax Act</p> Signup and view all the answers

What is the importance of planning income taxes according to the report?

<p>Crucial for Indian individuals to plan their income taxes well to reduce tax obligations and maintain legal compliance</p> Signup and view all the answers

What are some ways to cooperate with authorities during tax assessments?

<p>Being transparent and providing accurate information</p> Signup and view all the answers

How can individuals benefit from interest deductions on home loans?

<p>By claiming deductions on home loan interest payments under Section 24 of the Income Tax Act</p> Signup and view all the answers

What type of deductions can individuals claim for health insurance premiums?

<p>Deductions under Section 80D of the Income Tax Act for health insurance premiums</p> Signup and view all the answers

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