Tax Savings Scheme: As the time for filing income tax returns approaches, people start looking for tax saving options, senior citizens are most worried about where to invest, where along with tax saving, their Money should also be safe. So you should know about this special fixed deposit (FD) scheme (Tax-saving fixed deposits), so that your investment remains safe and tax is also saved.
People are very worried about tax saving that now where should we save tax by investing? Especially for senior citizens, it is a lot of tension that how to save tax (Tax-saving), today we will tell you a best option for senior citizens to save tax, through which you can save lakhs. Are.
Under Section 80C of the Income Tax Act 1961, you can save money in tax-saving fixed deposits. Under this section you can save Rs 1.5 lakh. For this, senior citizens will have to invest money in tax saving fixed deposits.
People above 60 years of age will get benefits
Senior citizens or people aged 60 years or above can save tax up to Rs 1.5 lakh under Section 80C of Income Tax. Along with this, you can also claim deduction up to Rs 50,000 every financial year. This tax deduction also applies to the interest received on FD.
How much should one invest every year?
You can invest only up to Rs 1.5 lakh in Tax Saving Fixed Deposit. In such a situation, instead of putting all your money in one account, divide it into small parts and invest in a tax-saving FD, so that you can get the benefit of complete exemption.
FD is for 5 years
The tenure of tax saving FD is 5 years. These FDs mature after every 5 years. Experts say that this is a kind of cumulative fixed deposit, in which interest is paid to you on maturity after 5 years. If the FD holder dies during the lock-in period, then in such a situation the nominee has the freedom to withdraw the money before maturity.
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