The tax season is here and I started getting emails and comments asking “best different people and combine with their return expectations, risk-taking ability, personal situation and alignment with their financial goals in other matters.
You can invest up to Rs 1.5 lakh in instalments (including section 60cc, 80cc) by investing in qualified materials. Therefore, the approved U / S80C in terms of investments and expenses is too crowded and makes it difficult for most people to choose.
Your investment/expense list is suitable for U / s 80C deductions.
1.Provident Fund (EPF / VPF)
2. Public Provident Fund (PPF)
3. Sukanya Samridhi Account (SSA)
4. Certificate of National Conservation (NSC)
5. Senior Citizens Protection Scheme (SCSS)
Income Tax deposit (for 5 years)
7. Life Insurance Premium
8. Pension plans from mutual funds
9. Pension plan from the insurance company
10. New Pension Scheme (NPS)
11) Income Tax exemption. Below is the list:
Tuition fee for 1 to 2 children
Expenses for full-time course tuition fees for up to two children are suitable for you 80 / sec discount. However, there is no discount for tuition fees in coaching classes or private tuition. The following expenses are not considered as tuition fees – development fees, transport charges, hostel charges, mess charges, library fees, late fines, etc.
2. Stamp duty for new home registration
C. Check if you have contributed to any of these discounts:
1. Provident Fund (EPF / VPF)
EPF is a mandatory discount for most salaried employees. The basic salary and increment allowance of this discount can be 12% or Rs. 1,800 per month. See your salary statement for how much you have contributed for the year. For instance, only count your contributions. The employer’s contribution to tax-saving investments is not eligible. You can also have a contribution through the Voluntary Provident Fund (VPF) which can be up to 100% of the initial salary and DA.
2. National Pension Scheme (NPS)
NPS (Tier 1) is mandatory for most government employees who join after 2004. Check your payslip to check your discount. Again only your contribution is a valid discount. The employer’s contribution is not eligible. The good news is that you can use this contribution to claim an additional Section 80CCD (1B). We explained this in the last paragraph of the post.
1. The main amount of home loan
Are you paying home? The principal component paid each year is Income Tax returns from the bank’s website. If you do not receive it from the supplier. This will give you an estimate of the principal and interest paid for the financial year.
2. Insurance premium
Have you purchased life insurance products like ULIPs, endowment plans or term insurance where you have to pay premiums for years to come? If you want to continue investing in the same way, you can continue to claim New investment for 80C
1. Term life insurance
Are you dependent? Will they survive financially if something happens to you? Do you have adequate life insurance? If not, get term insurance first. It is important to choose security first.
Term Online Term plans are much cheaper than offline. So it is wise to go for online plans.
Insurance Do not provide incorrect information in the insurance form. Insurance claims may be rejected for incorrect information.
Don’t buy anything other than the term plan of the insurance companies. No refunds, endowment plans!
2. ELSS (Equity Linked Savings Scheme)
Income Tax Savings Investments, ELSS has a lock-in period of at least 3 years.
3. PPF (Public Provident Fund)
Another popular ption for PPF under section 80C, especially for any other future fund people
Lock-in period: 15 years. However, partial withdrawal is allowed from the 7th year
The interest earned on PPF is tax-free
PPF can be invested online every year after opening a PPF account (for some banks)
Maximum protection – government-supported. Of India
The lock-in is for 15 years but the wards have partial liquidity from the 7th year.
4. Certificate of National Conservation (NSC)
NSC can be purchased at post offices to save USS 80C Income Tax-saving bank fixed deposits.
Certificates can be kept as collateral to get from banks
Highest protection – government-supported. Of India
Earned interest earned is taxable
You have to go to your post office to buy and unload NSC units. This can be a problem for people who move frequently.
5. Income Tax is obviously very popular.
Lock-in: 5 years
Invest is convenient in investing. Many banks offer online facilities for Income Tax Treatment)
The mat cannot be picked up untimely
The secure loan cannot be committed as security
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