Deductions are an important way to save money. The only difference between a smart taxpayer and a normal taxpayer is that he understands the hidden story of tax structures. An investment of up to Rs 150000 can help you save Rs 45000. Union Budget 2018
Investment in PF Account can be a benison to your pockets. An investment in PPF account with an amount ranging from Rs 500 to Rs 150000 can make you eligible for 80C deduction. A payment of children’s fees can help you save income tax payment.
LIC is one avenue which everybody is well-versed with. But very few know that it can actually become a source of savings for you. If you get your family covered under an insurance pack, you will be in for a lot of savings on tax payment. The Indian government offers an 80C exemption on the amount paid for the premium of wife and children.
Entering into the NSC Certificate can also be of the great good. Once can invest in NSC by Post offices. Amount invested in NSC are not subjected to any type of tax. Union Budget 2018
All these options can become redundant if the taxpayer decides to invest his amount into a Bank FD. Neither will he save any amount, he may also get lesser interest. Amount invested in Bank FD’s is subject to tax. Union Budget 2018
This is how an investment of Rs 150000 can save you a tax payment of Rs 45000. An investment of Rs 25000 in the medical insurance can save you bucks as well. Union Budget 2018
Saving tax by deploying 80C deduction is not any sort of tax evasion. It is tax planning. The government always leaves some room for saving tax, if the taxpayer has a grip on the tax structure and is aware of the laws of the land. Union Budget 2018 Union Budget 2018
Now, you know how you can save your tax payment by investing in different avenues. Why wait? Invest now and save your money! Union Budget 2018
