In India  most of  the  citizen  residing  in India  pay  income  tax but, highest number  of  tax  payer  are  in  Mumbai , well it  is  always  good  to  pay  income  tax  but  when  it  comes  to  hard  earned  money  you always  want  income  tax saving  option , there  are people  looking  for  tax saving  option  well they  want  to  invest  and  that  to  in such a  way  that  they  are  able  to  save  tax  and  also  they should  get  benefit  if  once  they  invest  in certain  product  main aim is  to  earn  high returns  on invest meant and  at  same  time  they want  there  should  be  safety on their  invested amount.

It  is  not  easy  for  everyone  to  understand  the income  tax  laws ,and  they  are scared that  how  to  deal  with their  income tax issues well  saving  is  not  that  difficult  only thing  is  that  you take  many steps unknowingly which  you are not  aware of  that  this  step or  this  thing will help you in saving  tax  so  for  perfect  solution you need  someone  to  guide   regarding  your  income  tax saving  so tax consultancy  firm  can  help you in this  direction.

There  are  some  income  tax saving option which  are  mentioned  by consultancy  they  are  mentioned  below

Indemnity under 80C Income Tax

  • INVESTMENT IN EQUITY: investment in  equity schemes  help investor  in two  different  way, first  benefit  is  that  when you invest RS1.5  lakhs  you get  tax  benefit  according  section 80 C of  income  tax  act ,1961 at  same  time  investment  is  done  generally for  3 years which  is  the  minimum tenure  for  investment in mutual  funds  it  depends  on  the  market  condition  for  those  funds  according to that  you can  get  returns  on your
  • Provident fund: it  is  one  of  the  best  way of  saving  utilized by  people  since  1968 it  has  been  favorite  for income  tax saving   minimum amount  for  PPF is  500 and  you can  save  maximum up to  one  lakh fifty  thousand , this  tenure  is  for  15 years and  you can  keep  extending  after  every  5 years. Provident fund is a 15 year scheme.

   (C )  PROVIDENT FUND for EMPLOYEES:  The  (EPF) which  is  also  known  as employees provident  fund it  is  very  much  beneficial  for  any person who  is  salaried  ,it  helps  in  saving  as  well  as  it  helps  in  income  tax saving  .  any salaried person has  to  deposit  12% of  his  basic  salary  in his  EPF  account  same  amount is   contributed  by  employer . The interest rate is around 8.55% this keep on changing as updated by the Employees’ Provident Fund Organization

(D) VOLUNTARY  PROVIDENT  FUND  SCHEME: In EPF  employee can  contribute up to 12% and  if  he  wish  he  can  contribute  upto  100% of  his  basic  salary  and  this  is  known  as  voluntary  provident  fund, and  this  help  in getting  tax free  interest  upto8.4%

( e ) SUKANYA SAMRIDDHI YOJANA FOR GIRLS: The sukanya  samriddhi  yojana account  can  be  opened till 10 years of  girl  child  minimum deposit  is  ,1000 RS and  you can  invest  up to  1 lakh 50 thousand  during  a  financial year  . This  yojana is  currently  providing  8.1% of  interest and  also  provides  income  tax profits.

(f)  Saving scheme offered by postal department is NPS: National pension system is offered by India postal services it is a one of the best scheme and the risk is zero. The amount invested gets  individual  certain interest which  is  taxable, but  there  is one  benefit  that  you get the  benefit  of  deduction under  section 80 c

(g)  Five years fixed deposits scheme: This scheme is offered by Indian post office. this  account  works  as any  fixed deposit  account  only difference  is that they have  a  locking  period  off  5 years

and  they  provide  double  benefit  on investment and  also  provide  tax benefits.

(h)Insurance  Plans:  insurance  plan  are  different  for  different  ages and  according  to  age  and  individual  has  to  pay  the  premium, against  premium one  gets the  life  coverage he  has  to  pay  the  premium on due dates  . The maturity of insurance and suppose individual dies he gets the tax benefit.

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