The Best Tax-Saving Schemes For You
Monday, May 17th, 2010
Beginning of the year is the best to start your tax planning as you can systematically grow your savings coupled with the added benefit of tax saving realised at the end of the financial year.
All the popular tax saving schemes fall under Section 80C of the Income Tax Act where a deduction of up to Rs 100,000 is allowed from taxable income.
However, when the new Direct Taxes Code kicks in to place from April 1, 2011, this may change to Rs 300,000.
Meanwhile, let’s focus on ten best eligible schemes under section 80C for 2010-2011.
1. Life Insurance Premiums
2. Public Provident Fund
3. Unit Linked Insurance Plan (ULIP)
4. NSC (National Savings Certificates)
5. Contributions to Employees Provident Fund
6. Repayment of Housing Loan (Principal)
7. Equity Linked Savings Scheme (ELSS) of Mutual Funds
8. Infrastructure Bonds issued by Institutions/ Banks such as IDBI, ICICI, REC, PFC, etc.
9. Pension scheme of LIC of India or any other insurance company.
10. Fixed Deposit with Banks having a lock-in period of five years.
Now, if you want to understand the nuances of different types of policies and its price, feel free to seek the help of InsuranceMall to select the right products based on your need.
InsuranceMall is the leading and first online insurance broker in India. With the motto to make our customer delighted and proud about their decisions, we’re always there to help them with best possible policy.
