How To Save Tax On This Tax Saving Season- MoneyMindz

By | 16/03/2018

There is only one goal for a salaried or non-salaried person to save tax their hard earn money.

Tax saving season is on for every salaried and non-salaried person.

Here are some options where we can save tax on our hard earned money.

Interest received from the bank:

Off chance is there that you not spending all your cash from your saving account and  Holding the money for investment for last minute, chances are there that the money in your account will leave ideal. The bank will pay you a interest on this sum. However, interest earns from the savings account is not taxable up to Rs 10000.

Money Received as Gift:

At the season of your wedding, in the event that you have gotten Gift from your relatives, loved ones in real money, at that point the whole sum is tax exempt.

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Benefit from selling your shares:  

On the off chance that you’ve sold assets benefits earned on those are tax exempt. For instance, you put Rs 100,000 in value and in 11 months it is worth Rs 120,000 and if you somehow managed to offer every one of them, at that point you would need to pay an expense on the Rs 20,000 benefit. Be that as it may, in the event that you hold it for one more month, at that point you are not obligated to pay any duty on the benefit.

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The money you’ve hereditary:

There is no inheritance tax in India. So anything you get from your deceased parents or relatives as per their legal will is fully exempt from tax.

Payments for saving taxes under Sec 80C:

  • Investments in Tax Saving FDs
  • Investments in PPF (Public Provident Fund)
  • Investments in EPF (Employee Provident Fund)
  • Investments in NPS (National Pension System)
  • Investments in ULIP (Unit-linked Insurance Plans)

 Tax saving on education loan:

Under Section 80E the interest paid on an education loan is fully non-taxable up to any amount. You can also claim this deduction if the education loan is taken for your spouse or children.

For More Information On Tax Saving Options:

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