Close
Close

Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

Kotak e-Term

Protect Your family’s financial future with Kotak e-Term. Know more

Kotak Assured Savings Plan

A plan that offer guaranteed returns and financial protection for your family. Know more

Kotak Guaranteed Savings Plan

A plan that offers long term savings and insurance in one premium. Know more

Kotak e-Invest

Insurance and investment in one plan with Kotak e-Invest. Know more

Close

Get a Call

Enter your contact details below and we will get in touch with you at the earliest.

  • Select your Query

Thank you

Our representative will get in touch with you at the earliest.

Tax Planning Tips for a Newly Married Couple

Understanding income tax saving tips is crucial if you and your partner want to optimize savings and fulfil your financial objectives. Continue reading for more information on how couples' tax-saving methods are compounded. In most of our lives, getting m

  • Feb 15, 2023
  • 1,216 Views

One of the most advantageous tax savings tips for getting married for most couples is the greater standard deduction for filing under the previously mentioned married filing jointly status.

Therefore, setting up a financial plan and conserving money are top objectives for newlywed couples who want a secure future together. Applying some straightforward yet efficient income tax saving tips is one essential way that newlyweds can save money and ensure their future this year.

    Key takeaways

    Some of the tax-saving tips are:

  • Understand Your New Filing Status Options
  • Notify Government and Financial Institutions
  • Utilize Common Tax Credits and Deductions

Continue reading this blog to learn some realistic financial advice to assist newlyweds in saving money on their taxes this year.

Tax Saving Tips

Marriage marks the beginning of a significant life stage and a wonderful phase. A family’s lifestyle, financial situation, and risk profile change quickly, and the same is true of their tax planning. Here are some crucial tax-saving ideas that newlyweds need to remember.

Understand Your New Filing Status Options

Taxes might not be on your priority list as you said, “I do,” but once you are married, your financial condition alters, including your tax situation. It is crucial to understand your new status before you completing next tax return because updating your filing status can have some unanticipated effects.

Due to a higher standard deduction, filing as ‘married filing jointly will typically result in a lesser tax burden for married couples. The alternative is to file as married, filing separately and solely disclosing your personal income, credits, and deductions.

Notify Government and Financial Institutions

Marriage frequently entails one or both partners changing their names and addresses. It’s crucial to inform all government and financial organizations, as well as your employer, of the change to guarantee that you receive all required documents and notices.

And the Indian Revenue Service (IRS) accepts your tax return without issue, and you avoid any potential penalties or fees resulting from a late or incorrect filing.

Utilize Common Tax Credits and Deductions

For many individuals, utilizing available tax deductions and credits is an easy and efficient approach to lowering their taxes. A tax deduction reduces your overall taxable income, but a tax credit reduces the amount of taxes you owe (thus reducing your liability).

One of the most advantageous tax savings tips for getting married for most couples is the greater standard deduction for filing under the previously mentioned married filing jointly status.

Additionally, a married couple can also qualify for greater charitable donation deductions. Being married results in a higher joint income, which may increase the annual deduction cap you can claim for charitable contributions.

Business Expenditure

If you own a business and have constructed a strong tax file for your wife, through careful tax planning, you are permitted to borrow money from her account and deduct the interest payment as a business expense.

Although a new family member aids in the creation of a new tax file, care should be taken to avoid the clubbing restrictions. All the grey areas can be resolved with careful tax preparation. Multiple tax filings should be beneficial rather than add to the burden of tax management.

Use the Tax Exemptions to the Full

Take full use of tax breaks such as 80C, 80D, and others by adjusting your taxable income to the utmost extent possible. If, for instance, you invested your spouse’s money in a way that resulted in a taxable income of ₹4.75 lakh, you can eliminate it by correctly investing it in tax-saving strategies.

Wrapping Up

Newlyweds have wonderful intentions to create an attractive, tranquil, and joyful future. At various phases of their lives, they work toward financial goals to meet their requirements. It is significant to remember that financial planning may involve tax-advantaged investments. And when the investment options are taken advantage of to their fullest potential, tax filing for newlywed couples can result in various benefits.

Marriage does not only include adding your better half to your family, but it also adds to your list of responsibilities. Topping this list is all the financial liabilities. By carefully implementing the above-mentioned tax planning tips and suggestions, you can maximize your savings, increase your investment returns and minimize taxes.

Download Brochure

Features

  • Increasing Life Cover*
  • Guaranteed^ Maturity Benefits
  • Enhanced Protection Through Riders
  • Tax Benefits
  • Dual Benefits: Guaranteed^Maturity + Death benefits

Ref. No. KLI/22-23/E-BB/999

T&C

Download Brochure

Features

  • Enhanced Protection Through Riders
  • Life Cover
  • Tax Savings
  • Multiple Premium Payment Terms
  • Guaranteed @ Loyalty Addion
  • Accrued Guaranteed @ Additions

Ref. No. KLI/22-23/E-BB/490

T&C

- A Consumer Education Initiative series by Kotak Life

Similar Articles

Income Tax Deduction Under Section 80CCC In India

How to Get Form 16?

Money Saving Tips for Single Women

Challan 280 - How to Use Challan 280 to Pay Income Tax

What is HRA (House Rent Allowance) and How is HRA Exemption Calculated?

How to Save Income Tax with Insurance

Income Tax Deductions & Exemptions under Sections 80C, 80D & 80DDB for FY 2021-22 & 2022-23

Tips to plan your savings in 2022

How to Check Income Tax Refund Status Online in India

Income Tax Filing For NRI in India

What is the Last ITR Filing Date and Penalty for Late Filing of ITR?

Personal Finance - Meaning, Importance, and Tips for Personal Finance

Tax Benefit of Investing in Term Plan

What is Tax Evasion and What Are The Penalties For Tax Evasion In India?

Income-Tax Liability- The Difference Between Gross Income & Total Income in Calculating Income Tax

How to View 26AS and Download Form 26AS Online

How To Save Tax Better with 80C

What is the Difference between Form 16 and Form 16A?

Why is Form 16 Important?

What are the Different Types of Taxes in India?

What is Rule 132 of Income Tax? How Does it Affect You?

How to File Income Tax Return - Everything You Need to Know

Importance of Savings Plan You Need to Know

प्रत्यक्ष कर और अप्रत्यक्ष कर में क्या अंतर है?

Financial Benefits and Government Schemes Every Woman in India Should Know

Best Savings plan for the middle class in India

What is the difference between TDS and TCS?

How to Pay Advance Tax Online in India

How to Claim a Tax Refund?

Form 16, Form 16A, and Form 16B?

9 Unusual Investments you Didn't Know for Saving Taxes in India

What is Section 10D of the Income Tax Act?

Section 80G of the Income Tax Act

All about TDS Payment Online & Due Dates

All you need to know About Tax on Inheritance

How to create wealth through a savings plan?

Interest Imposed Under Sections 234A, 234B and 234C

What Investment Options Come with Tax Incentives?

Income Tax Exemption for Physically Handicapped Dependent

How to Boost Your Savings with Guaranteed Results

Maximize Your Savings: Tax Tips for Salaries Above ₹20 Lakhs

Guide for Tax Calculation on your Salary

What is TDS Refund Process?

How to e file ITR on Income Tax Government Portal

All You Need To Know About Assured Savings Plan

Tax Rate Chart for FY 2022-2023: What is TDS Slab?

What is TDS Exemption Limit?

How to View 26AS and Download Form 26AS Online?

What is the Difference between Assessment Year (AY) and Financial Year (FY)?

What is Section 80CCC of the Income Tax Act 1961

Tax Exemption and Scope of Coverage

Why January Is an Important Month for Saving Tax?

Received an Income Tax Notice? Your Guide to Understanding Intimations under Section 143 (1)

Difference between Section 80C, 80CCC, 80CCD & 80D

Understand ITR4 Form: How to Fill, Structure & Determine Your Eligibility

Highlights of the Union Budget 2023-24

Types of Riders in Insurance Policy

What is a savings plan?

Should one prefer a guaranteed savings plan over monthly income schemes?

How can I get Form 16B from traces?

Tax Season is Coming- Know How to Save Tax

TDS Due Dates of FY 2022-23 For Return Filing

Union Budget 2023: Impact on Life Insurance

What is the Percentage of Tax Deducted at Source (TDS)?

What is Section 80C - Explained in Detail

How Do Assured Savings Plans Work and Why You Should Consider One?

12 Tax Changes in Budget 2022 that May Impact Your Personal Financial Planning

Tax Benefits of ULIP Plans Available for NRIs

Do Beneficiaries Pay Taxes on Life Insurance?

Complete Savings Plan for Low Income Earners

How To Invest In Guaranteed Return Plans For Higher Returns And Financial Security?

A Comprehensive Guide to Understand the ITR 7 Form

How to Download Form 16?

Types of Income Tax Return (ITR) Forms

Saving Plans to Give Children a Debt-free College Education

Income Tax Deductions Under Section 80C

Income Tax Filing Using Multiple Form 16

Should you prefer a Guaranteed Savings plan over monthly income schemes?

List of Important Income Tax FAQs

Is PF Withdrawal Taxable for NRI?

Income Tax Exemption for Disabled

What is ITR & How to File Income Tax Return?

What is Section 195 of the Income Tax Act? TDS on Non-Residents of India

Income Tax Slabs and Rates in India for FY 2021-22/AY 2022-23

Union Budget 2023 and Tax Exemptions on Life Insurance Premium Over ₹5 Lakhs

Have You Considered Term Insurance a Part of Your Tax Planning?

Presumptive Taxation for Business and Profession

Investment Proofs You Need Submit To Lower TDS Cut From Your Salary

आयकर रिटर्न (आईटीआर) फॉर्म के प्रकार

How to File Income Tax Return without Form 16

इनकम टैक्स रिटर्न कैसे फाइल करें?

What is TDS Slab?

ITR 1: Sahaj Form

How much gold can you keep at home? Limits and income tax rules explained

All about TDS on Salary under Section 192 – Kotak Life

E-Filing of Income Tax Returns in India

Tax-Free Income in India

What are Deferred Savings Plans?

9 Income Tax Myths That Could Cost You Money while Filing returns

How to File Form 10E for Tax Relief on Salary Arrears?

Are Financial Planning and Tax Planning the Same Thing?

Tax Saving Tips: Best Ways to Save Income Tax for 2021

5 Popular Tax-Saving Schemes in India

Why Tax Planning Should Be an All-year Round Activity

52 Weeks Savings Plan: Daily Savings Plans for a Better Tomorrow

What is Form 26AS - All You Need To Know

Home Investment Plan to Buy Dream Home

Invest in Tax-Free Bonds: Understanding the Benefits and Who can Invest?

What is the Difference Direct Tax and Indirect Tax

What is EEE in income tax? 5 tax-free investment options to become crorepat

All You Need to Know About Section 80C

Tax Saving Guide for 2019-20

What is ITR 5 Form and How to File ITR 5?

What is Form 16B?

Who Should Invest In Savings Plan

How to save tax for salaried person?

LTC Cash Voucher Scheme October 2020 – Everything You Need to Know

भारत में महिलाओं के लिए सरकारी योजना

What is Section 80C Deduction?

Can You Get Term Insurance Without Income Proof?

Understanding Tax Exemptions in ULIP (Old and New)

What is the Maximum Maturity Benefit in Assured Savings Plans?

What is Section 80C Deduction Limit?

Section 80D - Medical and Health Insurance Tax Benefits Under Section 80D

Section 80C Deductions as per Income Tax Act, 1961

A Complete Guide for Filing ITR 3 Form

How to Check Income Tax Returns Status Onine?

What is indirect tax and its types?

Income Tax Benefits for Doctors

Saving Income tax in 2017 - 18

Income Tax Calculator: How Life Insurance Policies are Taxed? Explained

धारा 80डी आयकर अधिनियम, 1961

Tax Planning and Tax Benefits of Life Insurance

Why PAN Card is Essential for Income Tax Filing?

Section 16 of the Income Tax Act (ITA), 1961

What Is Advance Tax and How Is It Calculated?

How to File ITR Online

What To Do If Your TDS Is Not Deposited With The Government?

3 Tips to Buy Guaranteed Savings Plan

How can NRIs prevent double taxation in India?

What is capital gains tax, and how it works?

Tax Benefits for Startups in India

Tax-Savings Investments and Options in India

How to Check Income Tax Refund Status Online in India

Section 80E: Tax Exemption on Interest on Education Loan

धारा 80सी आयकर अधिनियम, 1961

Tax Saving for Self Employed in India

ITR-6: Guide to filing ITR-6 Form online

How to Save Tax on Salary Arrears?

Difference Between Guaranteed Savings Plan and Guaranteed Income Plan

Pradhan Mantri Suraksha Bima Yojana

How to File Income Tax Return for First Time Tax Payers

Plan your Daughter's Wedding With Best Monthly Savings Plan

What is Salary Protection Insurance and Why You Need It

Impact of GST on Life Insurance in India

How to e-Verify your Income Tax Return

Insurance and Endowment: Everything You Need to Know!

Investing Lump Sum Amount

Tax Structure in India

How to File TDS Return?

How to File Form 16 for Salaried Employees?

8 Things to Help You Select a Savings Investment plan

TDS rules on the sale of jointly owned property

How To Save Tax Using Life Insurance?

How Should I Allocate A Monthly Savings Plan For Long-Term Benefits?

Section 10 (10d) of Income Tax Act, 1961 on Payouts of Life Insurance Policy

Tax Deductions You MUST Know

What are Direct Taxes? How to Avoid being Overtaxed?

Section 44AD of Income Tax Act for AY 2021-22

Things to Do After Filing Income Tax Returns

Difference Between Guaranteed and Assured Returns

Penalty For Late Filing TDS Return

Problems People Face with Tax Returns after a Job Change

Basics of Guaranteed Savings Plan

Everything You Need to Know About Tax Benefits of National Pension Scheme (NPS)

Tax Saving Options other than Section 80C

How Much Money This Budget 2019 Can Help You Save

How Inflation Affects Savings and Investment?

ITR 2 Form – Complete Guide

How to Calculate returns on an assured savings plan?

What is Tax Deduction at Source (TDS)?

सुकन्या समृद्धि योजना (SSY) के कर लाभ क्या हैं?

Financial Planning and Best investment options for Housewives

How to file Form 16 online?

What is the TDS Rate on Salary?

Income Tax Deductions for Disabled Persons Under Section 80U

How to create a savings plan and make good investment choices

Top 8 Tax-Saving Methods in India- Budget Planning

What is Form 16A?

When Should TDS be Deducted and Who is Liable to Deduct it?

A Guide to Life Insurance Policy’s Tax Benefits and Taxability

Easy ways to make personal savings plans

Sub-sections Under Section 80C of the Income Tax Act, 1961

Budget 2019: Impact on the Common Man in India

Tax Saving Options for Salaried Employees

Guaranteed Return Plans-Why is it a must for you?

Post Office Savings Scheme - All You Need to Know

आयकर स्लैब 2021-2022

Save Income Tax by 31st March: Here Is a Checklist