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Tax planning focuses on helping us in rationalizing tax liability. It helps us in locating investments or contributions according to the set guidelines which lead to reduction in tax liability.

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Investments u/s 80C  
Under section 80C of the Income Tax Act, certain investments are deductible (up to a maximum of Rs 1 lakh) from gross total income. This tax exemption is available across individual tax slabs. If you earn Rs 4 lakhs per annum and make investments of Rs 1 lakh in 80c instruments then the taxable amount will be Rs 3 lakhs.  
Investments under 80C can be broadly classified under the following 3 categories :-  
Market Linked  
    a. Equity Linked Saving Scheme (ELSS) – The investor has 3 year lock-in and the fund invests its corpus into equities.
b. Unit Link Insurance Plan (ULIP) – It’s a combination of Insurance and Investment
Fixed Income  
    a. NABARD Bonds
b. Public Provident Fund
c. Tax Saving FDs
d. National Saving Certificate
e. Senior Citizen Saving Scheme
f. Infrastructure Bonds
g. Employee Provident Fund
    a. Life Insurance Premium
b. Repayment of House Loan
c. Children’s Tuition Fees
E-Filing of Taxes  
The greatest invention that came in the past 50 years has to be the Internet, it is in the process of making a very profound effect on our everyday activities. Today the phrase "at the click of a button" has come to life, we can do everything in the comfort of our home or office. The age of standing in lines for paying the bill is gone. Today we have information at our doorsteps.  
Today you can do anything online from checking your tax credit, to paying your taxes, filing your return, tracking the process status in real time, and getting your refund which gets directly credited to your account. All these things are possible thanks to the seamless adoption of technology by the IT department.  
Benefits of E-Filing:-  
  1. Convenience: E-filing can be done 24 hrs day, 7 days a week
2. Security: Income Tax return is encrypted and transmitted over secure lines to ensure confidentiality
3. Accuracy: Electronically filed returns are less prone to errors than paper returns
4. Tax Refund: One can have their refund directly credited in to their bank accounts
5. Accessibility: Past records of the taxes can be easily accessed with the help of E-filing.
6. Proof of Filing: An ITR-V form which is nothing but an acknowledgment form, will serve the purpose of evidence or proof for the filing the return.
Saving Taxes by creating HUF  
The Hindu Undivided Family (HUF) structure is a very effective way to save tax and a lot of people are eligible to create HUFs but somehow there is very little awareness about it.  
An HUF is a separate and a distinct tax entity. The income of an HUF can be assessed in the hands of the HUF alone and not in the hands of any of its members. The senior most member of the family who manages the affairs of the family is called the Karta. Minimum two people (at least one male member) are required for the HUF to come into an existence.  
A HUF is a separate and a distinct tax entity and just like any other Resident Individual assessee, it also enjoys a basic tax exemption of Rs. 2,00,000. All other tax slabs are also exactly same as for an Individual. Sikhs, Jains and Buddhists can also create an HUF under the Income Tax Act even though they are not governed by the Hindu law.  
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