rajkotupdates.news : tax saving pf fd and insurance tax relief– Rajkot Updates news Tax saving pf FD and Insurance Tax relief in 2023 : with the commencement of the income tax return filing season, the salaried class should also start planning to save Tax. Those who earn a salary must also begin planning to save taxes.
In addition to putting money in to your saving accounts , If specific aspects of investing should be taken in to consideration. Along with coming in to salary Account some special thing of Investment are kept in mind, than it can not save tax , but can also prepare a good fund for retirement.
Brief Information about rajkotupdates.news : tax saving pf fd and insurance tax relief
1. Tax Exemption EPF
The employees’ provident fund is one of the easiest tax saving option For salaried people. It also provide tax exemption under 80 C. EPF is managed by Central Board Trusty. EPF is administered through the central board of Trustees. Always remembered that the interest earn in the PF account is tax free up to 2.5 Lakh annually. This is the best option to build a retirement Fund.
2. Tax Exemption on ELSS
You will get benefits of Tax deduction under section 80 C on investment on equity. linked saving schemes of Mutual Funds. There is a tax saving higher returns from ELSS. This is the reason why ELSS is the best options for salaried people because of the Double benefits.
3. Tax Exemption on PPF, LIC Premium
PPF Public Provident(PPF) is one of the best Tax saving option. It is a great investment that , together with the maturity date and interest, it is tax free. This is a best option to make secure an investment as well as substantial amount of money over the long term. Tax deduction is available under d]section 80C on investment in PPF account. How ever if you have taken a insurance policy from LIC which you have purchased , you may get tax free cost. In 80C tax exemption can be taken up to a maximum of 1.50 Lakh.
4. Tax Exemption on NPS
National Pension Scheme can be availed of Tax exemption under section 80CCEup to limit of 1.5 lakh. Apart from this, in NPS, you get an additional exemption of RS 50,000 under section 80 CCD. NPS is very good and long term tax saving option for salaried workers.
5. Tax Exemption on Tax Saving FDs
Tax saving fixed deposit is also a good option to save tax for the salary earners. This is an FFD that can reduce Tax by up to the amount of 1.5 Lakh. It is locked in for a period of 5 years. It is a tax saving choice for those who are salaried. Be aware that the tax refund due at the time of maturity of tax saving FD is tax-deductable.
Those who earn a salary must also begin planning to save taxes. In addition to putting money in to your saving accounts , If specific aspects of investing should be taken in to consideration. Along with coming in to salary Account some special thing of Investment are kept in mind, than it can not save tax , but can also prepare a good fund for retirement.
Put Your Money in to EPF
PPF Public Provident(PPF) is one of the best Tax saving option. It is a great investment that , together with the maturity date and interest, it is tax free. This is a best option to make secure an investment as well as substantial amount of money over the long term. The lock in period for this account is 15 years, however it is possible to extended it to another five years. The ability to withdraw partial amounts can be made out of this account after 7 years.
Tax Saving Payment of Life Insurance Premium
Tax deduction is available under d]section 80C on investment in PPF account. How ever if you have taken a insurance policy from LIC which you have purchased , you may get tax free cost. In 80C tax exemption can be taken up to a maximum of 1.50 Lakh. However deductions are permitted only if the amount paid is not more that 10% of amount that is insured.
Education Loan Interest
Tax deductions are available for the interest paid on loans to fund higher educations. There is no threshold for the deductions on an income tax returns.
