The Spiderman is one of the smartest, coolest and popular superheroes of all times. While you may be one of his ardent fans, you may still be unaware that he has incredible power to inspire you towards better income tax planning.
While our Spider Man struggles with extreme villains, the fans need to beat villains of our own to tackle. Yes, we are talking about the taxes in India, the biggest villain to beat.
Besides the online income tax calculator helping you compute tax in advance, even Peter Parker can help you fight with the menace of tax monster. Yes, that’s possible as we provide you with 3 things that the Spidy can train you about.
What can the Spiderman Train you about the Income Tax?
- Opting for a Durable Cover
It is good for anyone to know what may protect him/her and also makes them look good. It is the coverage or superhero costume to make things clear here. As a result, the costumes offer him the coverage and make him look uber cool. It also protects his identity all the time. That’s where a good life insurance policy comes in for us fans. Spiderman recommends you to go for term insurance (online term plan). With an online term plan, you can get extensive coverage at a lower premium.
And the best part is that you can receive income tax savings in the process up to Rs.1.5 lakh as per the Section 80C of the Income Tax Act.
- Go for Attaining some Power
Just like Spider’s ultimate power is being able to cling to any situation and height, even you can grab some cool power and save taxes in India super easy. Fans can draw amazing power via their investments if they are carefully selected. The ULIPs or unit-linked-plans can help you. The ULIPs invest the premiums in debt and equities. Hence, they can over a longer tenor acquire quality wealth for fans. As a result, it can help you plan for children’s overseas education and marriage, down payment for a home, retirement and beyond.
Again, the great thing about selecting such power for you is that you can enjoy some tax benefits or deductions under Section 80C on ULIP premiums. You are also liable to receive free returns under Section 10 (10D).
- Get your Safety Net just like the Spidy
Who does not need a safety let and no one is more aware of its value that our very own Peter Parker! Just like him, even you need a safety net during some unpleasant phases of your life such as post-retirement. We live in an era where you need to deal with overblown expenses, elevated medical and education expenses and inadequate income. It is when a suitable retirement plan could be a perfect safety net for you.
Needless to mention that when you invest some money into these retirement plans, you money keep working overtime even when you sleep! How? It is the insurance or retirement plans offer incredible tax perks as per the Section 80C of the Income Tax Act.
You are now aware of how Spiderman has a lot to contribute to regarding taxes in India planning besides providing the entertainment. His actions and antics should have offered you lessons for the tax-paying investor fan in you.
Hence, you can lower his/her tax burden easily, right? You can also use the income tax calculator to measure your income tax and plan better by opting for suitable plans to help save it. Also, consulting a known financial expert to help you practice the training received by the Spiderman can be a welcome step as well.