Tax saving is one of benefits way to save your money. Under the Section 80C you can save your tax. Making some investments under Section 80C will help on the tax liabilities. Under the Section 80C you can get the maximum benefits of Rs1.5 * Lac in the financial year of 2014 – 2015.
Following investments/contributions qualify for Section 80C deductions,
- Public Provident Fund (PF)
- Life Insurance Premium (LIC)
- National Saving Certificate (NSC Certificate)
- Accrued interest on National Saving Certificate
- Tuition fees paid for children’s education (maximum 2 children)
- Principal component of home loan repayment
- Fixed deposits with banks and Post Office
- Equity Linked Savings Schemes (ELSS)
Some of the other ways you can save your taxes by the following ways
- Home loan or home rent
- Medical insurance policies or Mediclaim policy for family members or you self
- Donation to registered trust or organizations
- Restructure the salary
Tax Saving methods in India
Keep eye on your home loan monthly EMI
Home loan is one of the best ways to cut your income tax. The principal amount paid for the home loan can be used to getting a tax benefits under 80C of Income Tax Act.
Income Tax benefit only you can get from residential property not for your commercial properties.
It should be a completed project. Not on a construction project
1.5 Lacks max from your principal amount
Tax benefits from Mutual Funds or Equity linked saving schemes.
Very popular tax saving methods in India. You may save up to 1Lac on tax under mutual funds or ELSS scheme
Mutual funds are subject to market risk
Yes, you can save up to 1 Lac rupees on fixed deposit under 80C Income Tax Act. It should be 5 Years deposit an average return 8% to 9% per annum
The interest you will get also calculated on your income tax
National Saving Certificates (NSC)
You can get benefit up to Rs.1.5 lac under this scheme from 80C of income tax act. You will get more information about this NSC from your nearest post office.
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