Number of schemes are available in India
for income tax saving. These schemes can be utilized to get the intended tax
benefits. Life insurance policies are
widely used for the tax savings. There are many policies, which people can take
according to their needs and requirements. Both public and private sector
companies are engaged in the life insurance business. The major categories of
the life insurance are: pension policies, money back policies, unit linked investment
policies, and term insurance policies. The maximum tax deduction of 150,000 can
come under the section 80 C of income tax Act 1961. This deduction comes from
the gross income of the individuals and Hindu united family assesses for life
insurance premium paid for children, partner and himself.
Public provident fund is other popular
scheme for tax deduction in India. In
this scheme, the investor can get assured return on investment with tax benefits.
Here, eligible person can open the account in his or her name or in name of kids.
The period of maturity is 15 years which can be extended to 5 years more. The need
for deposit is very low, only 500 rupees and maximum deposit can be 150,000 per
year. Rate of interest up to 8 percent is also given on the deposit. The
maximum tax benefit deduction which can come under the PPF is 150,000, which is
equal to the tax benefit under section 80 c of income tax Act. The account
holder can also nominate one or more person to take the balance, in case of his
or her death. The withdrawal is allowed from the seventh year from the year of
opening an account. The one withdrawal can be taken in one year.
Residential housing Sales Tax Registrations in
Gurgaon Property can also give tax benefits many ways. In construction,
purchase, and further extension of the residential property, the tax benefit up
to 150,000 rupees can come.
Sukanya samridhi scheme was launched by
the Prime Minister Sh. Narendra Modi in 2015. In this scheme the account can be
opened in a post office or branch of some authorized commercial bank of India.
The account can be opened in name of the girl, who is under 10 years of age. Guardian
of two girls and three girls can also open the account. The maximum deduction
that Income Tax Consultant in Gurgaon
can come under this scheme is also up to 150,000 rupees. Minimum 1000 rupees of
initial deposit is required and then in the multiple of 100 rupees can be deposited.
Expenses occur on the school going children can also be used to get some tax
deduction benefits. Section 80 C of income tax provides deduction on gross
expenses on tuition fee. Similarly, mutual funds, investment in shares, securities,
deposits and health insurance policies can also be used under various sections
to get the tax benefit.
