The Power of Tax saving Policy
With the right tax-saving strategies in place, you can significantly reduce your tax liability while channeling your funds towards wealth creation.
Our tax-saving plans and Tax saving Policy are meticulously designed to align with your financial goals, providing you with a roadmap to navigate the complexities of tax regulations while optimizing your savings potential.
Understanding Different Tax Saving Plans and Tax saving Policy
| scheme | limit | type | tenure | name |
|---|---|---|---|---|
| Equity Linked Savings Scheme (ELSS) | Up to Rs. 1.5 lakh under Section 80C of the Income Tax Act | Mutual Funds (Equity) | 3 years | Individuals and HUFs |
| Public Provident Fund (PPF) | Up to Rs. 1.5 lakh under Section 80C of the Income Tax Act | Government Scheme | 15 years | Individuals and HUFs |
| National Savings Certificate (NSC) | Up to Rs. 1.5 lakh under Section 80C of the Income Tax Act (Interest taxable) | Government Scheme | 5 or 10 years | Individuals |
| Tax-saving Fixed Deposits | Up to Rs. 1.5 lakh under Section 80C of the Income Tax Act | Bank Deposits | 5 years | Individuals and HUFs |
| Senior Citizens’ Saving Scheme (SCSS) | Up to Rs. 1.5 lakh under Section 80C of the Income Tax Act | Government Scheme | 5 years (can be extended) | Individuals aged 60+ or 55+ (early retirement) |
| National Pension System (NPS) | Up to Rs. 1.5 lakh under Section 80C of the Income Tax Act, Additional Rs. 50,000 under Section 80CCD(1B) | Pension Scheme | Till retirement | Individuals and HUFs |
| Sukanya Samriddhi Yojana | Up to Rs. 1.5 lakh under Section 80C of the Income Tax Act | Government Scheme | 21 years or marriage | Parents/Guardians of girl children |
| Employee Provident Fund (EPF) | Up to 12% of basic salary and dearness allowance is deducted, providing EEE (Exempt-Exempt-Exempt) benefits | Retirement Fund | Till retirement | Employees in organized sectors |
| National Housing Loan Scheme (Section 24) | Deduction up to Rs. 2 lakh on home loan interest under Section 24(b) of the Income Tax Act | Home Loan Principal and Interest | NA | Individuals and HUFs who have taken a home loan |
| Health Insurance (Section 80D) | Deduction for premium paid for health insurance of self, family, and parents | Health Insurance Premium | NA | Individuals and HUFs |
| Donations (Section 80G) | Deduction for donations made to eligible charitable institutions | Charitable Donations | NA | Individuals and HUFs |
| Atal Pension Yojana (APY) | Deduction for contributions to APY under Section 80CCD | Pension Scheme | Till retirement | Individuals in the unorganized sector |
| Voluntary Provident Fund (VPF) | Voluntary contribution to EPF for additional tax benefits | Retirement Fund | Till retirement | Employees who are already contributing to EPF |
Remember that Tax saving Policy and benefits can vary based on changes in tax laws and regulations. It’s recommended to verify the latest information from official government sources or consult with a financial advisor before making any financial decisions.Tax saving Policy
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