Tax Deductions under Section 80C of Income Tax Act 👨⚖️
Key takeaways in simple words 👇
#incometax #personalfinance
Key takeaways in simple words 👇
#incometax #personalfinance
Section 80C of the Income Tax Act, 1961 includes a large spectrum of eligible items for deduction.
Most of these items are in relation to the investments that one can make.
Most of these items are in relation to the investments that one can make.
The maximum amount of deduction one can claim under Section 80C is ₹1,50,000
The benefits under this section can be availed only by individuals and Hindu Undivided Family (HUF).
The benefits under this section can be availed only by individuals and Hindu Undivided Family (HUF).
First thing that comes to anyone's mind when speaking of tax savings is Insurance.
According to a survey, 91% taxpayers preferred it for saving tax!
However, these insurance plans cost u more than they save in taxes. Understand how.. in d latest insight: recipe.finology.in/app/investment…
According to a survey, 91% taxpayers preferred it for saving tax!
However, these insurance plans cost u more than they save in taxes. Understand how.. in d latest insight: recipe.finology.in/app/investment…
Here’re some other popular tax-saving instruments:
👉Unit Linked Insurance Plans (ULIPs)
👉Tax-saving FD
👉National Savings Certificate (NSC)
👉Equity Linked Savings Scheme (ELSS)
👉Unit Linked Insurance Plans (ULIPs)
👉Tax-saving FD
👉National Savings Certificate (NSC)
👉Equity Linked Savings Scheme (ELSS)
Unit Linked Insurance Plans (ULIPs)
ULIPs are considered a modified and better version of endowment plans. However, these are costly and don't give you the taste of either world (insurance & equity), unlike they are promoted to be.
ULIPs are considered a modified and better version of endowment plans. However, these are costly and don't give you the taste of either world (insurance & equity), unlike they are promoted to be.
Tax-saving FD
This is a special scheme provided by banks and post offices. It is to be noted that, though the contribution towards this scheme is deductible, the returns earned attract tax liability.
This is a special scheme provided by banks and post offices. It is to be noted that, though the contribution towards this scheme is deductible, the returns earned attract tax liability.
National Savings Certificate (NSC)
One of the safest investment avenues as the government of India backs it. The best part about this is that the investor only avails the deduction of Rs.1,50,000, but the interest receivable is not subject to TDS.
One of the safest investment avenues as the government of India backs it. The best part about this is that the investor only avails the deduction of Rs.1,50,000, but the interest receivable is not subject to TDS.
Equity Linked Savings Scheme (ELSS)
As the name suggests, it includes some proportion of equity, and therefore the returns on this scheme fluctuate with market changes. ELSS is the only kind of mutual fund that is covered under the ambit of Section 80C
As the name suggests, it includes some proportion of equity, and therefore the returns on this scheme fluctuate with market changes. ELSS is the only kind of mutual fund that is covered under the ambit of Section 80C
Here's a comprehensive chart of all popular tax-saving instruments u/s 80C for your reference:
https://twitter.com/myfinology/status/1498903661069496322
If this sounds a tad bit complicated for you, we've recommended two good tax-saving options as well.
Check it out now for FREE:
recipe.finology.in/app/recommenda…
Check it out now for FREE:
recipe.finology.in/app/recommenda…
Find out more details on: blog.finology.in/tax/Tax-Benefi…
• • •
Missing some Tweet in this thread? You can try to
force a refresh
