Key Points
However, taxpayers can claim deduction only if they make their tax-saving investments before 31 March, says Sudhir Kaushik, CEO of tax filing portal TaxSpanner..
We assessed 10 tax-saving options on eight key parametersreturns, safety, flexibility, liquidity, costs, transparency, ease of investment and taxability of income..
The NPS saves tax under three sections: contributions up to Rs.1.5 lakh can be claimed as deduction under Section 80C; there is an additional deduction of up to Rs.50,000 under Section 80CCD(1b); and if the employer puts up to 10% of the basic salary of the individual in the NPS, that amount is deductible under Section 80CCD(2)...
ELSS funds score high in our ranking because they are transparent, have very low costs and the three-year lock-in period is the shortest among all tax-saving options..
Gains from ELSS funds beyond Rs.1 lakh in a year are taxed at 10%, but in case of Ulips, the maturity proceeds are tax-free under Section 10(10d), provided the life cover is at least 10 times the annual premium..
You might be interested in
Best ways to save income tax: 10 tax-saving investment options for you
08, Jan, 24ET Wealth annual ranking of tax-saving instruments helps such individuals make the right choices. We assessed 10 tax-saving options on eight key parameters—returns, safety, flexibility, liquidity, costs, transparency, ease of investment and taxability of income. Each parameter has equal weightage and the composite scores determine the place in the ranking.
Five Last-Minute Tax Saving Investments Before March 31
28, Mar, 23PPF, ELSS, NPS are among the tax-saving plans that can turn out to be beneficial for investors.
Tax-free income: How much you can earn without coming under taxmen’s radar
28, Apr, 23Tax-free income: Under both Old and New Tax regimes, a certain amount of annual income above the respective basic exemption limits are free from any taxes.
Unlocking retirement prosperity: How NPS remains cutting-edge
15, Feb, 24The main reason for NPS’s popularity is the consistency of returns and cost-efficiency.
Senior Citizen Savings Scheme investment limit hiked to Rs 30 lakh: Govt issues notification
01, Apr, 23Budget 2023 proposed a hike in investment limit in Senior Citizen Savings Scheme (SCSS. A hike of Rs 15 lakh was proposed in the SCSS. As per the proposal, the maximum investment limit in SCSS has been doubled from Rs 15 lakh to Rs 30 lakh. Now the government has issued a notification for the same.
After being imposed income tax on Rs 1.48 cr payout from surrendered pension policy, NRI filed appeal in I
20, Mar, 24Income tax appeal: A non-resident Indian (NRI) has won a appeal in the Mumbai bench of Income Tax Appellate Tribunal (ITAT). What happened was the NRI surrendered a pension policy purchased from ICICI Prudential Life Insurance Company and got Rs 1.48 crore. Income tax assessing officer however imposed tax on this income of Rs 1.48 crore.
How much income tax deduction is available on bank FD, RD and savings account interest
02, Mar, 24Save income tax: Here's how you can claim income tax deduction on interest from bank FD, RD and savings account and save income tax. However do note that a higher limit of Rs 50,000 is available only for senior citizens whereas other individuals can claim the tax deduction up to Rs 10,000 on interest from savings bank account.
How to Choose the Right Tax-Saving Mutual Funds
24, Jul, 23Read to learn how to choose the right tax-saving mutual fund by understanding the importance of such investments and the benefits they offer
Life insurance sector expects demand surge for products
24, Mar, 23The country’s life insurance industry expects insurance products in the savings and investment category to see a surge in demand after the government’s decision to remove long-term tax benefits for debt funds.
Should you invest in PPF? Top benefits of Public Provident Fund you shouldn’t miss
11, Jan, 24India Business News: The Public Provident Fund (PPF) is a popular choice for tax-saving due to its tax-free interest and compounding effect.