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The taxation system in India is an extensive platform for revenue generation and the rules and regulations in place are very elaborate. Taxation forms the backbone of the economy and acts as the primary source of revenue generation for the country. In India, both-the Central as well as State governments levy taxes with constitutionally defined duties and assigned roles. While the State governments are responsible for collection of agricultural taxes, state excise, VAT (Value Added Tax) etc. the Central government is responsible for collection of Income Tax, Customs duty, Goods and Services Tax, etc. In India, taxes are broadly defined into two categories direct and indirect. Direct taxes are the taxes that are liable to be paid directly by the individuals, HUFs (Hindu Undivided Families), commercial and corporate bodies etc. These taxes are therefore, paid directly to the government by the mentioned entities and include income tax, corporation tax, wealth tax etc. The governing body for direct taxation in India is the CBDT (Central Board of Direct Taxes).
January being the first month of the year is the exact beginning point of all financial transactions that are then carried forward into the year. It is like a fresh beginning for financial-resource building and the reserves that you intend to create for meeting the expectations. Starting from the beginning of the year will give you a leverage that can be consolidated further as you head on to the details of the monetary planning. This includes the important part of tax-savings as well. Any investment choice or a decision that you take assumes significant implications only when there are tax-saving strategies in place. This is why taking a timely decision is very important so that the factor of time stays in your favour and you can avoid last minute tax-related hassles.
There are several advantages of early investments that you make in the beginning of the year:
HDFC Life presents various saving and investment plans that offer multiple avenues to help you save and grow your money. For more details, click on the mentioned link: https://www.hdfclife.com/savings-plans
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