tax saving pf fd and insurance tax relief 2022 : tax saving pf fd and insurance tax relief | tax saving plan | tax saving scheme

Tax saving scheme – If you are a salaried or employed man or you have a big business, then you should prepare for tax saving because if your employment is good and you earn well from your business. So in this case the discount you get from the text ( tax saving scheme ) and where tax has to be paid and it is very important to know about how to save tax.

So in today’s article, we are going to give some important information to the investors along with the money received in the salary account. So if you also want to accumulate funds at the time of taking retirement. So that you can live well, then we are going to give you some such important information here and tell about the tax saving scheme where you can do your tax saving.

By the way, we will tell you that the government has done many types of tax saving. tax saving scheme have driven And Tax Saving FD or RD or Tax Saving Insurance has also been started for you. By which you can get tax relief. So in the same way, here we are going to tell you in detail about some tips saving scheme. For complete details read the below article carefully

tax saving scheme kya hai

What’s in this post? : tax saving pf fd and insurance tax relief – overview

article nameTax Saving Scheme 2022 : tax saving pf fd and insurance tax relief
AdvantagesTax Saving Information and Saving Funds in the Future
beneficiarytax payer
The year2022
purposeBeneficiary can save in tax by taking advantage of tax saving schemes of the government
join usClick here : tax saving pf fd and insurance tax relief?

  • Tax exemption on PPF
  • Tax exemption on tax saving FD
  • LIC premium tax saving scheme
  • tax exemption on epf
  • Sukanya Samriddhi Yojana tax saving scheme?
  • Tax Exemption on ELSS
  • Tax exemption on NPS

Exemption from tax on PPF and LIC premiums?

Public Provident Fund (PPF) is one of the best tax saving options. The maturity amount and interest on this investment are not taxed. In the long run, this will result in a safer investment and a bigger fund. Investments in PPF accounts are eligible for tax exemption under section 80C. If you have taken a policy then LIC premium can be deducted from your tax. Tax exemption up to Rs 1.50 lakh can be claimed under 80C.

Exemption from taxes for EPF?

Employers Provident Fund (EPF) is one of the easiest tax saving options for the salaried people. Under this also deduction is available under 80C. EPF is managed by the Central Board of Trustees. PF interest is tax free up to Rs 2.5 lakh per annum.

Sukanya Samriddhi Yojana tax saving scheme?

Sukanya Samridhi Yojana of Government of India is one of the most popular schemes for the development of girls. It offers an annual interest rate of 8.5 percent. When you reach the age of 18, you can withdraw up to 50% of the deposit amount. Parents can open an account in the name of their child and withdraw it for up to ten years. The maximum investment limit in a financial year is Rs 1.5 lakh. Investing, withdrawing and maturing are tax-free

Exemption from taxes on ELSS?

When you invest in Equity Linked Savings Schemes (ELSS) of mutual funds, you will get the benefit of tax deduction under section 80C. These schemes are tax saving plans with better returns. This is the reason why ELSS is a better tax saving plan for salaried individuals.

FDs with tax-saving features are exempt from taxes?

Tax saving fixed deposit is another option for salaried income earners to save tax. This is one of the tax saving FDs in which you can invest up to Rs 1.5 lakh. Tax saving FDs have a lock-in period of 5 years. It is a safe tax saving option for the salaried class. Know that tax saving FD returns are taxed.

Exemption from taxes for NPS?

Under Section 80CCE, National Pension Scheme (NPS) is eligible for a tax exemption of Rs 1.5 lakh. Apart from this, you also get an additional exemption of Rs 50,000 under section 80CCD(1B). NPS is a good long term tax saving option for the salaried classes. It is also a good retirement plan.

Fixed Deposits with Tax Savings

You can avail tax deduction of up to Rs 1.5 lakh by investing in a tax saving FD, which has a lock-in period of 5 years, similar to a regular FD. In general, bank FD interest rates range from 5.5% to 7.75%, so one can invest in FDs which are tax saving i.e. the interest earned on such investments is taxable.

Consider investing in PPFs

As a long-term investment backed by the government, any Indian citizen can open a PPF account, but cannot open a HUF account. The amount deposited in the account is tax deductible under section 80C. Initially, the lock-in period is 15 years, but it can be extended for another five years. You can withdraw some part of the money after seven years. The government offers 7.1% interest rate on PPF. You have to pay at least Rs. 500 and maximum Rs. No tax is levied on the interest earned on PPF deposits of more than 1.5 lakhs.

Employees’ Provident Fund Invest

12% of Basic Pay and Inflation Allowance is deducted by the employer from the salary of salaried employees. It is kept in provident fund account. EPF accounts should be opened by those employees whose monthly basic salary is more than Rs 15,000. The interest rate of 7.5% is provided every year by the government on the EPF account. Once on completion of five consecutive years of service, the entire PF balance (including interest) can be withdrawn without paying tax. : tax saving pf fd and insurance tax relief | tax saving plan | tax saving scheme

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FAQs : tax saving pf fd and insurance tax relief? : tax saving pf fd and insurance tax relief What is it?

Many schemes have been started by the government to give tax savings to the investors.

Is Tax Saving Benefit Available on Fixed Deposits?

Yes, you are also given the benefit of saving tax on some fixed deposit tax saving schemes.

Tax saving benefit is also availed on LIC scheme?

Yes, there is a savings benefit under 80C on LIC’s policy

Are there benefits of tax saving scheme on children’s fees?

Yes, the benefit of tax saving scheme is given on tuition fees related to education related to children’s fees.

What is the tax saving scheme?

Government on many types of schemes and on many types of services tax saving scheme Gives the benefits of whose information is given in the above article.

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