Tax Saving Investments NPS, PPF, EPF, LIC, SSY, ELSS, ULIP, NSC

tax saving

80C, 80D, 80CCD, 80E,IJRPLU sections comes under income tax deductions.

Income tax expectations by section

80C for saving schemes Up to 1.5 lakh.

80 D for health medical insurance up to 25,000 (self & family) 30,00o senior citizens. SELF & family + parents 25,000 + 25,000 =50000.

SELF & family + parents 25,000 + 25,000 =50000.

80CCD: deduction on NPS payment 1.25Lakhs

80CCC: Deduction on insurance payment up to 50,000

more income tax deduction section available at income tax exemption.

tax saving

SUkanya Samriddi yojana

Income tax benefits under 80C for a girl maximum eligibility age 10 Years. Monthly contribution 1000 INR up to 17 years. and the Interest rate 9.2% Floating every year.

Full withdrawal at 21 years and the partial withdrawal (50%) at 18 years.

PPF: interest rate 8.7%. maximum interest rate 1.5lakhs. Tax-free income. 15 years locked period,

ELSS (Equity Linked Saving Scheme): Mutual fund interest rate changes with some risk.

But the total maturity amount tax fee locked period is 3 years.

FD Fixed Deposits: interest and earned on the FD taxable if more than 10,000 per annum. you cam submit 15G. 15H forms to avoid detection automatically. 15g and 15h forms available at income tax website.

NSC Scheme:

tax saving

Offred by the post office with 5 years locking period but interest income is taxable.

Life insurance: up to 1.5 lakhs under section 80C at maturity or death is tax-free.

ULIP: Its insurance and cum investment comes under 80C. The corpus also taxes fee.

NPS: National Pension system is a tax-saving retirement plan. Tax deductions up to 50,000.

EPF Scheme: interest rate 8.65%. no tax on maturity and pension fund employees with salary 6-25k per month eligible for the scheme. more on epfo

Categories: income tax