If you have not invested anywhere to save income tax, then do it right away. Because for 2021-22, you will have to invest in certain places till March 31 to save income tax.
Taxpayers have time till March 31 to file Income Tax Return (ITR) for the financial year 2021-22. If you have not invested anywhere to save income tax, then do it right away. Because for 2021-22, you will have to invest in certain places till March 31 to save income tax. Today we tell you the right place to invest to take advantage of tax exemption, where you will get better returns and your money is always safe.
What is Tax Saving FD?
Let us tell you that you can invest in Tax Saving Fixed Deposit (FD). But before that you need to know that what is Tax Saving FD after all? Actually, the fixed deposit which is taken for 5 years is called tax saving FD. In this you have to invest for long term i.e. 5 years. There are many banks that offer this tax saving FD facility. In this, tax exemption can be taken on investments up to Rs 1.5 lakh under Section 80C of Income Tax.
Senior citizens get more interest
All the banks in the country give more interest on fixed deposits to senior citizens. This is 0.50% more than the normal FD. In such a situation, if you or there is an elderly person in your family, then they will get additional benefits by investing in FD.
Will get better returns
Fixed Deposit is such an investment plan, in which before investing, you are told how much profit you will get on maturity and how much risk. On the other hand, if you need money in case of emergency, then you will get only that money as told by the bank in the beginning.
What is section 80C?
Under Section 80C of the Income Tax Act 1961, a taxpayer can avail tax exemption on investments up to Rs 1.5 lakh in a financial year. Experts say that in 80C, exemption is given on investment, insurance and other expenses.
