Income Tax Saving: If you are also a taxpayer then there is useful news for you. Taxpayers look for ways to save tax. The Income Tax Department provides the benefit of exemption to the taxpayers.
Income Tax Saving: If you are also a taxpayer then there is useful news for you. Taxpayers look for ways to save tax. The Income Tax Department provides the benefit of exemption to the taxpayers. If you are also looking for a way to save tax, then this news is useful for you.
In FD with a tenure of 5 years, you can get tax benefit of Rs 1.5 lakh under Section 80C of the Income Tax Act. Let us tell you that 7 to 8 percent interest is available in FD. The interest received on FD is taxable, although you can avail tax deduction on it.
PPF
Investors of Public Provident Fund (PPF) also get tax exemption. For this the lock in period should end. Let us tell you that the lock-in period is 15 years. There is no tax on the interest received in PPF.
Equity Linked Savings Scheme
In Equity Linked Savings Scheme (ELSS), you can make tax redemption of up to Rs 1 lakh in 1 year. However, capital gains tax is applicable on this. Capital gains tax of 10 percent is applicable.
National Savings Certificate
National Savings Certificate (NSC) gives interest of 6.8 percent. There is no risk in this scheme. In this scheme you can get tax deduction of Rs 1.5 lakh in 1 financial year.
Insurance
Tax exemption is also available in life insurance policies. In this you can avail tax exemption up to Rs 1.5 lakh.
National pension system
National Pension System (NPS) is a voluntary scheme. In this scheme also, you can get tax exemption of up to Rs 50,000 under 80CCD (1B) of the Income Tax Act.
Employees Provident Fund
Tax can also be saved through Employees Provident Fund (EPF). In this, you can avail tax benefit of up to Rs 1.5 lakh under 80C.
Senior Citizen Savings Scheme
Investors in Senior Citizen Savings Scheme get the benefit of tax exemption. This benefit is available to investors above 60 years of age.
Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana (SSY) has been started for the bright future of daughters. This is a tax free scheme i.e. there is no tax on its interest.
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