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Best Tax saving schemes as per Section 80C

Which are best tax saving options under section 80C of income tax act. What are various tax saving options .Which investments are allowed for 80C deduction ELSS, FD, Term Insurance, Medical Insurance, PPF, Tax Saving Schemes, Saving taxes,<br>

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Best Tax saving schemes as per Section 80C

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  1. All About Section ‘80C’ Tax Deduction

  2. PPF (Public Provident Fund)  PPF is a deposit scheme run by Central Government  Rs 500  Rs 150000  Nil More About Scheme Minimum Investment in a year Maximum Investment in a year Hidden Costs  Completely safe  No possibility of principle loss Risk  8.7%.Compounded yearly  Yearly, but can be withdrawn at maturity Return  Interest is tax free  No TDS Taxation  Only partial withdrawal is allowed, after 5 years. Liquidity  Cant be closed before 15 years

  3. Equity Linked Savings Schemes (ELSS Mutual funds)  An ELSS is a diversified equity mutual fund.  Rs.1000  No limit(But the deductions are eligible till Rs.1,50,000)  Nil More About Scheme Minimum Investment in a year Maximum Investment in a year Hidden Costs  There is market risk involved.  There is a possibility of capital loss. Risk  Average 14% in last 5 years of all ELSS industry  Return obtained is variable. Return  Interest is tax free  No TDS on return Taxation  There is lock-in period of 3 years. Liquidity  Money cannot be withdrawn before 3 years.

  4. Sukanya Samriddhi Account  It is a special account specially for the welfare of girl child.  Rs.1000  Rs.1,50,000  Nil More About Scheme Minimum Investment in a year Maximum Investment in a year Hidden Costs  It is a completely safe product  There is no probability of capital loss. Risk  Return obtained is fixed.  Return obtained is 9.1%. Return  Interest is tax free  No TDS on return Taxation  There is lock-in period of 14 years. Liquidity  Money cannot be withdrawn before 14 years.

  5. Calculate your 80C Deductions FREE Start Now Continue reading…

  6. Employee Provident Fund  Its provident fund deducted from employee by employers in case of salaried person  As per employment terms  There is no limit  Nil More About Scheme Minimum Investment in a year Maximum Investment in a year Hidden Costs  It is a completely safe product  There is no probability of capital loss. Risk  Return obtained is fixed.  Return obtained is 8.5% Return  Interest is tax free if not withdrawn before 5 years.  No TDS on return Taxation  One has to retire or resign for the provident fund Liquidity  One cannot withdraw money before resignation or retirement.

  7. Life Insurance Policy  Life insurance policies like Endowment policies, term insurance policies etc.  Varies among Insurance companies  The maximum tax deduction up to Rs.1,50,000.(The premium is tax deductible if less than 10% of the Sum Insured)  Lot of hidden costs like commissions and expenses More About Scheme Minimum Investment in a year Maximum Investment in a year Hidden Costs  It is a completely safe product  There is no probability of capital loss. Risk  Return depends on the market Return  Returns are taxable Taxation  No TDS

  8. National Savings Schemes  NSC is a government bond having maturity period of 6 years or 10 years.  Rs.1000.  There is no upper limit(However deduction only up to Rs.1,50,000)  Nil More About Scheme Minimum Investment in a year Maximum Investment in a year Hidden Costs  It is a completely safe product  There is no probability of capital loss. Risk  Return obtained is fixed.  Return obtained is 8.8% for 10 years and 8.5% for 6 year Return  Interest is taxable  No TDS on return Taxation  No withdrawal can be made before 6 years or 10 years as per the scheme selected. Liquidity

  9. TAX saving Fixed Deposit  These deposits are similar to the bank deposits  Rs 100  Rs 150000  Nil More About Scheme Minimum Investment in a year Maximum Investment in a year Hidden Costs  Completely safe  No possibility of principle loss Risk  7%-8%.Compounded yearly- varies among banks Return  Interest is taxed.  No TDS Taxation  There is a lock-in period of 5 years. Liquidity  No withdrawal before 5 years

  10. ULIP (Unit Linked Insurance Plan)  ULIP is a investment plan with life insurance  Any amount above Rs 100( Varies among Insurance companies)  No Upper limit(However deduction only up to Rs.1,50,000)  Lot of Costs like Agent’s commission, Admin costs etc More About Scheme Minimum Investment in a year Maximum Investment in a year Hidden Costs Risk  There is a possibility capital loss  Returns depend on the market conditions. Return  Return is taxable at the time of maturity  No TDS on returns Taxation  There is a lock-in period of 5 years. Liquidity  No withdrawal before 5 years

  11. Calculate your 80C Deductions FREE Start Now Continue reading…

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