Nischal Mittal's Tax Saving Hacks: A Financial Guide Before March 31, 2024

Nischal Mittal, a renowned finance content creator, is back with another insightful reel that every taxpayer should watch before March 31, 2024. As part of his 100-day learning series, he shares valuable tips and tricks for effective finance management, focusing on tax-saving hacks that can significantly impact your financial planning.

How To Maximize Your Tax Planning Game

Profit Exemption: Nischal highlights a lesser-known fact that profits up to 1 lakh rupees from shares are tax-free. For example, if you invested 5 lakh rupees in shares and they are now valued at 5,90,000, you can sell them by the end of March, make a 90,000 profit, and enjoy tax-free gains. This strategy can be repeated to optimize tax savings.

Strategic Loss Offsetting: For those who have experienced losses in shares this year, Nischal advises selling them before the deadline. This allows you to offset losses against profits, a smart move to minimize your tax liability. Whether the shares were purchased this year or last, this strategy can help in reducing taxable income.

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Nischal Mittal's reel is a must-watch for anyone looking to make informed decisions about their finances before the fiscal year ends. By following his expert advice on profit exemption and strategic loss offsetting, you can navigate the complexities of tax planning and potentially save a significant amount on taxes. Don't miss out on these opportunities to enhance your financial well-being before the 31st March 2024 deadline.