How to get your full salary in March with no additional tax burden

financialexpress.com:

In this world nothing can be said to be certain, except death and taxes.

American statesman Benjamin Franklin’s famous quote about the certainty of death and taxes still holds true. So, as it is clear, it is difficult to avoid income tax if your income is above the minimum threshold limit. Thankfully, there are certain tax-saving strategies which can help you save tax or reduce your tax liability – but only to a certain extent. Beyond that you will still be required to pay tax as per your tax slab.

Sadly, the last few months of a financial year become a nightmare for many taxpayers – mostly for those who don’t plan their investments well or fail to save and invest as per their investment declarations, and their employers start deducting most of the entire year’s due taxes during those few months only.

Sometimes it has also been observed that some salaried people get only 30 to 40% of their salary for the month of March as a major part of it gets deducted as the TDS. This can be very annoying for many taxpayers for obvious reasons.

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For avoiding a situation like this, you need to plan your taxes well and in advance.

Vivek Jalan, Partner, Tax Connect Advisory, a multidisciplinary tax consultancy firm, says, “Many of salaried taxpayers forget to provide their annual income tax declarations for the tax saving investments they have made or propose to make during the year and hence bear the brunt of a higher TDS in February – March. Hence, it is most important that before the salary disbursals for March 2024, one provides one’s income tax declarations to the employers so that they can deduct only such sums as may be