Hello Hive Fam!
I hope your day is going well and that you're having a good time.
The financial year in India is from April to March, where March is the month that is considered for a lot of tax planning before the year ends. More or less, it is about the tax deduction because for salaried individuals feb and March are considered to get the tax deduction done in two parts. For most of the people, taxation is a complicated part, and they just try not to get involved. They prefer seeking assistance from a professional, which I think is good, but we should not rely on them completely. I do my tax filing on my own, and I have never taken professional assistance because I believe that unless I get involved in my taxation, I'll not have the clarity.
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I plan all my taxes at the beginning of the year and in April, so I do the declaration for the investment that I'm going to make, and accordingly, this is updated in investment planning with the organisation. I have already submitted my documentation for the year in the month of January, and accordingly, post calculation, the tax deduction happened in the Feb salary, and now March is the last month when the last deduction for the year will happen. At some point, if it is not possible avail the exemptions, one has to pay taxes no matter what they do, but still some sort of planning helps to have clarity on how much it is going to be in terms of tax deduction.
Also in India, there are two regimes, old and new. many of my friend and colleagues have opted for the new regime but I did not But this year I'm planning that I should go for the new regime because if I make a switch I will not have to provide investment documents and a exemption limit will be applicable in my case and obviously if that limit surpasses then there will be taxes but at least from the documentation side things are going to be easier in new regime. But before I do that, I am thinking that I'll conduct an analysis between the oldands newregimese to ensure that this decision is the right one that I'm going to take in the next financial year.
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