2023 2024 EduVark > Education Discussion > General Discussion


  #2  
February 4th, 2016, 10:16 AM
Super Moderator
 
Join Date: Mar 2012
Re: Tax saver plan

As you asking then on your reply I would like to tell you that in India
Many government and private sector organizations offering numerous tax saving options to the residents of this country. Some of them listed below

Public Provident Fund:
Benefits under Public Provident Fund (PPF)
The investor enjoys the rebate on his investment under section 80C of I.T. Act 1961
Interest income on PPF and the final amount is considered as tax free
Investment in small amounts can be made every year for a longer duration
Investments are fixed deposited for 15 years Balance amount held in Public Provident Fund is tax exempted from wealth tax
If one starts his/her PPF account in the year 2015, then the turn of events is shown as under. Starting from the seventh year one can reap the benefits of his/her PPF scheme.
House Rent Allowance
Unit Linked Insurance Plans
Benefits under Unit Linked Insurance Plans
Investments under ULIPs are eligible under Section 80C of the Income Tax Act.
Maturity earnings from ULIPs are tax exempted
Equity Linked Saving Scheme
Benefits under Equity Linked Savings Scheme (ELSS)
The entire investments done under Equity Linked Savings Scheme qualify for tax deduction under 80C of Income tax Act, 1961.

Fixed Deposits (benefit)
The fixed deposit is locked for 5 years. You cannot withdraw your investment prematurely.
The minimum amount of purchase is 100 and then in multiples of that.
The maximum amount of purchase is 1,00,000.
The maximum amount of claim is 1 lac.
The rate of interest varies, which can further change in future.
It doesn't have sweep-in facility. It can't be linked to a savings account. Surplus fund of savings account can't be automatically invested in tax saver fixed deposits either.
Relationship benefits are not offered on the India tax saver fixed deposits.
Employee Provident Fund
National Saving Certificate
Infrastructure Bonds
Insurance
Health Premiums
Post Office Saving Options
Mutual Fund
Tax Saving Options in Public Sectors Banks
Tax Saving Options in Private Sectors Banks


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