#1
February 4th, 2016, 09:53 AM
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Tax saver plan
Hi buddy here I have come to get info about Tax saver plans , so can you tell me how I can save my income tax ???
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#2
February 4th, 2016, 10:16 AM
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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 |