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| Pick tax-saving investments suited to you | ||
|---|---|---|
| 5-year Tax Saver FD, MF-Equity Linked Savings Scheme, Life Insurance-Term & Unit Linked Insurance Plan , Public Provident Fund, National Savings Certificate, Home Loan Principal Repayment , Sukanya Samridhi Yojana | Section 80C | Give yourself a raise up to ₹46,800 p.a. |
| National Pension System | Section 80C, 80CCD (1B) | Give yourself a raise up to ₹46,800+ ₹15,600 p.a. |
| Health Insurance – Family Floater | Section 80D | Give yourself a raise up to ₹23,400 p.a.* |
| Home Loan Interest for Self Occupied Property | Section 24B | Give yourself a raise up to ₹62,400 p.a. |
Tax Saving Products
Pick tax-saving investments suited to you
*Considering deduction of ₹50,000 for Senior Citizen parents and ₹25,000 for self at the highest tax slab of 31.2%.
Tax benefit of ₹46,800 is calculated on investment of ₹1,50,000 at the highest tax slab of 31.2% under Section 80CCD(1B) of Income Tax Act, 1961
Tax benefit of ₹15,600 is calculated on investment of ₹50,000 at the highest tax slab of 31.2% under Section 80C of Income Tax Act, 1961
Tax benefit of ₹62,400 is calculated on interest payment of ₹2,00,000 at the highest tax slab of 31.2% under Section 24(b) of Income Tax Act, 1961.
There are also other sections like 80G where you can make a donation to approved funds/ charitable institutions which would make you eligible for tax exemption. You can make the donations online as well.
| Investment | Returns | Lock-in period | Tax on returns |
|---|---|---|---|
| 5-year bank Fixed Deposit | 6% to 7% | 5 years | Yes |
| Public Provident Fund (PPF) | 7% to 8% | 15 years | No |
| National Savings Certificate | 7% to 8% | 5 years | Yes |
| National Pension System (NPS) | 8% to 10% | Till Retirement | Partially Taxable |
| ELSS Funds | 15% to 18% | 3 years | Partially Taxable |
