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Last-Minute Investments To Save On Income Tax

IDBI Bank Tax-Saving Fixed Deposit gives you the dual benefit of tax exemption u/s 80c of the Income Tax Act and higher interest rates on your deposits.

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Last-Minute Investments To Save On Income Tax

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  1. Tax Saving

  2. Last-Minute Investments To Save On Income Tax

  3. There is no denying the fact that the moment the new year comes around, lots of people suddenly wake up and realize that they haven’t got their tax saving investments in order. • they now have to face the prospect of having to pay a hefty sum in the form of tax. • This late in the day, you will probably neither have the time nor the inclination to understand how the whole process works. • Never mind doing an analytical study to understand how various instruments and investments can help you save tax.

  4. But what you can do is pay close attention to what is about to be said in this article because it could help you save a whole lot of time and decent amount of tax saving. • Before we get to the plan to save you from paying a huge amount of tax on your income, let’s first get some perspective on the money involved. • The first thing you need to do is determine just how much money you will be able to invest. Once this is done, we can start looking at the various financial instruments in which you can invest this amount.

  5. Here’s where you can invest • Health Insurance: Investing in Health Insurance not only saves you from paying tax, it also makes sure that you don’t have to dip into your savings should you face a medical emergency. • As medical treatment can be very expensive, a good amount of cover for an individual could be about Rs. 15 lakhs (subject to your choice and needs). • Mutual funds: That’s right, Mutual Funds is where it’s at. If you invest in a tax saving mutual fund then you will have the option to make money and save on taxes under section 80C. Invest about 10,000 in an ELSS (Equity Linked Saving Scheme) and from the new financial year switch to investing in the same scheme through an SIP.  • Source: https://blog.bankbazaar.com/last-minute-investments-to-save-on-income-tax/

  6. Click to know more on Tax Saving: http://www.idbi.com/suvidha-tax-saving-fixed-deposit.asp Thank You…

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