For most people, saving tax is all about investing in life insurance policies, PFs, or ELSS mutual funds. However, once you have maxed out the tax savings under various sections of the IT act, how do you reduce your tax liability further?
Scripbox suggests you ways to save tax by automating your tax saving and management along with making it easier to file your taxes.
#1: Automate investments in tax-saving (ELSS) Funds
Investments in ELSS funds are eligible for tax deduction under Section 80C. Scripbox provides you a pre-selected portfolio of ELSS funds to choose from. Track your holdings, invest, or withdraw on maturity (3 years) online.
Your tax investment overview screen
#2: Smart withdrawals for saving tax
With Scripbox smart withdrawals, you can withdraw only your long-term holdings. This ensures that your investments get maximum returns over the long term.
Scripbox withdrawal screen
#3: Capital gains statements for filing your returns
Having trouble filing your tax returns? Scripbox gives you a simple downloadable capital gains statements which you can use while filing your tax returns. You can either use it to file returns on your own or hand it over to your CA.
Find the capital gains statement download under
Account Statements & Capital Gains & Realised Gain/Loss
Download your capital gains statement in excel format or pdf
You'll also get a tax saving statement to provide as proof of tax saving investment to your HR.
#4: Tax-efficient rebalancing
Scripbox recommends the best tax saving mutual funds to invest every year.
Withdrawing the money from the no longer recommended fund and investing in the new fund, without attracting exit load or tax, manually takes a lot of effort. To make it easier, Scripbox provides an automated rebalancing feature that takes into account the tax and exit load implication.
Once your account is eligible for rebalancing, you’ll receive an email notification to rebalance.
Open a free Scripbox account to grow your wealth, save, and manage your taxes efficiently.