Money Magazine ( Money logs )

Knowing how much of the income tax you have to pay for previous financial year can help you a lot with managing your finances better. For everyone who pays income tax, it’s absolutely a must thing to know how income tax they pay is calculated.

At the end of every financial year, many tax payers frantically make investments to minimize taxes, without adequate knowledge of the various available options. The Income Tax Act offers many more incentives and allowances, apart from the popular 80C, which could reduce tax liability substantially for the salaried individuals. Here are seven smart tips to help you save more and reduce taxes.