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An effective tax-planning approach can help people achieve their financial objectives and reduce their tax burden. Here are the 10 best tax saving options for you!
10. Mutual Funds Tax advantages are available for investments made in equity-linked savings schemes (ELSS), often known as tax-saving mutual funds.
9. National Pension System The Income Tax Act's Section 80CCD provides coverage for contributions paid to the NPS.
8. Health Insurance Under Section 80D, it provides tax advantages. For tax benefits, insurance premiums up to Rs 20,000 for older persons and Rs 15,000 for others
7. Pension plans The Income Tax Act's Section 80CCC covers it. Section 80C's overall deduction cap cannot be more than Rs 1.5 lakhs.
6. Life insurance Traditional or market-linked (ULIP) life insurance provides policyholders with tax advantages on the premiums they have paid.
5. Senior Citizen Savings Scheme Section 80C of the Income Tax Act of 1961 allows tax deductions on principle deposits made into SCSS accounts up to a maximum of Rs. 1.5 lakh.
4. National Savings Certificate These savings bond plans generally target individuals with low to moderate incomes and offer Section 80C tax breaks to promote investment.
3. ULIP (Unit linked insurance plan) You can reduce your tax liability under sections 80C and 10(10D) of the Income Tax Act, 1961, by investing in ULIPs.
2. PPF (Public Provident Fund) On these contributions, you are eligible to deduct up to Rs 1.5 lakh under Section 80C in a fiscal year
1. Fixed Deposit By making investments in tax-saving Fixed Deposits, you can reduce your tax liability in accordance with Section 80C of the Indian Income Tax Act, 1961.
I hope this list of the top investing strategies and tax-saving options might assist you in maximising tax advantages.
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