Tax Saving: These Are Five Best Ways to Save Tax, No Penalty Will Be Imposed
Tax Saving Tips : The present financial year is about to end soon. Therefore, you can begin your financial preparation from now itself. The public authority has given many options to save income tax. You can save tax by utilizing them.
People in the nation keep search for different ways to save Income Tax. Many times people make errors while trying to save tax or they have to pay a heavy fine. In any case, you can save Income Tax in the legal way too. For this, the public authority has given many options. Every taxpayer can save tax by utilizing these legitimate methods. There is only a little period left for the new financial year to start. In such a situation, you can begin your financial planning from now itself and you can likewise save tax by taking on these five methods.
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National Pension Scheme
Investment in the National Pension Scheme (NPS) is likewise tax exempted under section 80C of the Income Tax Act. In this, you can invest 1.5 lakh yearly and an extra 50 thousand rupees under section 80CCD (1B). By investing in NPS, you can exploit a advantage exemption of Rs 2Lakh in Income Tax.
Sukanya Samriddhi Yojana
You can get Income Tax relief by investing in Sukanya Samriddhi Yojana (SSY). This plan of the central government is for girls (Daughters). As of now, interest is Start received at the cost of 7.6 percent on the costs invested in this Plan. Earlier, in this Plan, tax exemption was available under 80C only on the account of two Girls (Daughters). In any case, the Government has shift it. As per the new rule, if two twin girls are born after one girl, then Income Tax exemption will be given on their account as well.
Senior Citizen Saving Scheme
This is a best scheme for Senior Citizen Saving Scheme (SCSS). Under this, New savings accounts can be opened in Post-Office and Bank. Income Tax exemption can be taken under 80C on the cost deposited in this account. You can invest a limit of Rs 1.5 Lakh yearly in this. As of now, interest is start received at the rate of 8% on investment in this scheme.
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Public Provident Fund
Public Provident Fund (PPF) is right now getting interest at the rate of 7.1 %. You can invest in this Plan. Under Section 80C of the Income Tax Act, You can get Income Tax exemption on investing Rs 1.5Lakh in PPF every year. Government gives 100% guarantee on investment in PPF, that means Amount will not sink.
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You Can also Get Discount Like This
Apart from these Government Plans, Taxpayers can as well Claim Income Tax exemption on housing rent, leave travel stipend, education loan interest for Kids and home loan interest. Apart from this, Income Tax exemption can as well be taken on health insurance premium. Under section 24B of Income Tax on home loan, you can avail Income Tax benefit on interest of 2Lakhs.
☛ Questions Asked for How to Save Income Tax in India?
How Do I Reduce My Taxable Income?
How Can I Maximize My Tax Savings?
How to Save Tax on 10 Lakh Salary?
मैं अपनी कर योग्य आय कैसे कम करूं?
How to Save Tax for Salary Above 10 Lakhs
Hidden Ways to Save Tax
How to Save Tax Other Than 80c
How to Save Tax for Salary Above 30 Lakhs
How to Save Tax for Salary Above 20 Lakhs
Income Tax Saving Calculator
How to Save Income Tax in India
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