#sec80c

[sanskritiandsanskaar]

आज ही अपने परिवार के लिए स्वास्थ्य बीमा और जीवन बीमा योजना को लिजिए सुरक्षित करें! अपने परिवार की और अपनी सुरक्षा, बच्चों की देश - विदेश की पड़ाई, शादी - विवाह, बडते घर परिवार की जीवन खर्चा, नये घर - कार और बिज़नेस तथा देश - विदेश घूमने के, बिना बुलाये बीमारी- परेशानी __ इन सभी के लिये बिना योजना के लिये सम्पर्क करें। 🙏🇮🇳🌷विनय बृज लाल कोहली 9873568188 -- 9811179276 #vinaykohli20 #sanskritiandsanskaar #insurance #healthinsurance #lifeinsurance #terminsurance #termplan #healthtopupplan #sec80D #Sec80C #taxbenefit (at Acme House) https://www.instagram.com/p/CDDgLuOBp38/?igshid=1g950l4jqf44l

[strategieswealth]

#invest in #mutualfund #elss to #savetax u/s 80C.... #taxseason #taxes #incometax #taxbenefits #sec80c #section80c #equitylinkedsavingscheme #systematicinvestmentplan #smartinvestment #smartinvesting #financialyearend #fy201920 #mutualfundsahihai https://www.instagram.com/p/B5EtK63Bn-6/?igshid=1l3xgt5avlerm

[moneycafe]

With Interest Of 8.5% Employees Should Consider This Scheme

With Interest Of 8.5% Employees Should Consider This Scheme

Why employees should subscribe to the VPF? To begin with because of the interest rates and the tax benefits. The VPF comes under the (EEE – exempt on contribution, exempt from the principal and exempt on interest category). So, the contribution qualifies for tax exemption under Sec80C of the Income Tax Act. If you work and contribute for a period of 5-years, the interest earned is also tax…

[tax2win]

Invest under Equity Linked Saving Scheme under 80C and get the benefits of investment and tax-saving both. Read the full blog from here-https://rb.gy/nwa44e

#Invest #Sec80C #Taxsaving #Incometax #Tax2win

[marymosley]

Here is How You Can Invest Aggressively While Saving Taxes

In today’s world, you’ve got to be smart to make your way up to your dreams, as hard work alone is not enough. The same applies to investments. Sure, you’ve got to be proactive in investing aggressively to accumulate enough wealth. But what you need even more is right planning to deal with unnecessary outflow of your hard-earned money.

One such outflow of money takes place at the time of making tax payments. Since taxes cannot be avoided altogether, as a smart investor, you should find ways to save your hard-earned money from going out of your hands. The best way to do so is to go for those investments which offer tax saving benefits among the range of other benefits provided by them.  

There are plenty of options that you have when it comes to putting your money in tax saving investments. From tax saving mutual funds to life insurance plans, you can make smart savings through the following instruments-

Health Insurance Plans

A health insurance plan is the first instrument in which you can invest your money. This instrument will help you enjoy financial stability in case of a medical challenge by providing you the necessary support either through cashless hospitalization or through reimbursement. 

Concerning providing you tax-saving benefits, this plan will allow you to avail a tax deduction under section 80D of the Income Tax Act. If the policy is in your name or that of your dependent kids, spouse, or parents who are below the age of 60, then you will get a tax deduction of Rs. 25,000 in every budgetary year. However, the amount will increase to Rs.50,000 if the health insurance policy is for your parents who are above the age of 60 years. 

Term Plan with Return of Premium Feature

When planning to save tax using investments, it is a wise idea to go for one that will offer your family security in your absence, along with giving you tax benefits. The term plan is covered under Sec 80C of the Act, which will provide you with tax benefits of up to Rs. 1.5 lakhs. Having this plan means that the insurer will provide your family with a sum assured upon your demise during the term period. Moreover, on purchasing a term plan with a return of premium option, you will even receive maturity benefit that will equal the total premiums paid by you, in case you survive the term. 

Unit Linked Insurance Plan

Another excellent tax-saving plan to invest your money is a Unit Linked Insurance Plan. It offers twin benefits of securing your loved ones as well as helping you in achieving your goals. Also, it is covered under Section 80C of the Income Tax Act. Under the provisions, you can claim a deduction of up to Rs. 1.5 lakh annually on the premium paid, thereby saving a considerable portion of your hard-earned money.

If you have purchased the policy on or after April 1, 2012, you will also enjoy a 10% deduction on your sum assured. Moreover, if you are suffering from any ailment and disability, then this deduction will equal 15% of your sum assured, as mentioned under Section 80 DDB and 80U, respectively. Also, you will get tax exemption on the maturity amount and death benefit under Sec 10(10D).

Public Provident Fund (PPF)

Investing your money in PPF is another way to earn significant returns while enjoying tax benefits. A savings instrument offered by the government, it can help you mobilize your savings, along with earn returns on the money saved. In this, you will receive returns in the form of interest, which is paid by the government. The PPF is covered under Sec80C of the Income-tax Act and offers a total deduction of up to Rs. 1.5 lakhs. 

It is a long-term instrument with a maturity period of 15 years that you can quickly start with a sum as low as Rs.100. So, this plan offers you a smart way to bring down your tax liability by way of deductions allowed under provisions of Sec 80C.

Equity-linked Savings Scheme (ELSS)

Also known as tax saving mutual funds, you can also invest in ELSS when looking for a smart investment. This instrument invests your money in equity and equity-related securities and is covered under Sec 80C of the Income Tax Act. On investing your money in ELSS, you will enjoy tax deduction benefits up to Rs. 1.5 lakhs, thus, not just earning good returns on your equity investments but also saving reasonable sum of money through tax deductions.  

Invest Wisely, Save Smartly

If you want to use investments as a smart bridge to realize your goals and dreams, then you must go for smart tax-saving investments. Given your specific needs, you should build your portfolio by firstly considering purchasing instruments like insurance policies like health cover and term plan. After securing your family with such insurance covers, you can then look for investment options like tax saving mutual funds, PPF, ULIP, which offer high returns, along with tax-saving benefits.

To help you meet all your insurance and investment needs in the best manner, you can seek support from financial advisors like FinEdge. They will help you find the most suitable plans that align with your specific needs so that you can achieve all your goals while staying secure at the same time.

The post Here is How You Can Invest Aggressively While Saving Taxes appeared first on Legal Desire.

Here is How You Can Invest Aggressively While Saving Taxes published first on https://immigrationlawyerto.tumblr.com/

[prernaji89]

No better time to become Crorepati

No better time to become Crorepati. Invest Rs.8000pm to earn Rs.1cr and also save taxes upto Rs.48600 under sec80C

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TAXABILITY OF LIFE INSURANCE MATURITY AMOUNT- BUDGET 2019

TAXABILITY OF LIFE INSURANCE MATURITY AMOUNT- BUDGET 2019

Most of us think that the Taxability of Life Insurance Maturity Amount is tax-free. But many of us are unaware that the Government has newly introduced the TDS on Life Insurance Maturity Amount. Further, it is increased in the Budget 2019.

Hence, let us understand the applicable TDS on Life Insurance Maturity Amount.

Before understanding the TDS concept, let us first understand the taxation on Life Insurance Policies.

Must Read –

TERM LIFE INSURANCE COMPANIES CHOOSE BEST PLAN ONLINE

Here are the sections to know the Taxability of Life Insurance Maturity Amount

1) Section 80C of Income Tax Act

We all very well know that whatever premium you pay towards life insurance can be shown under Sec 80C. But there are some conditions to qualify under this section.

If the premium paid towards a life insurance policy on self, spouse or kids and if the policy was issued on or before 31st March 2012, then eligible deduction under Sec 80C is only 20% of the sum assured. (Example I)

If the premium paid towards a life insurance policy on self, spouse or kids and if the policy was issued on or after 1st April 2012, then eligible deduction under Sec 80C is only 10% of the sum assured. (Example II)

2) Sec 80CCC of Income Tax Act

Any premiums paid by taxpayer towards pension schemes like LIC’s New Jeevan Suraksha will be eligible for deduction under this section. Please note below two points here.

This section only deals with the individual taxpayer. Hence the contribution made in the name of spouse or kids is not eligible for taxation.

The aggregate amount of deduction under Sec80C, Sec80CCC and Sec 80CCD (1) shall not exceed Rs.1,50,000.

3) Section 10 (10D) of Income Tax Act

Now it is important to understand Section 10 (10D) of the Income Tax Act.

If you purchased the policy on or before March 31, 2003, then such maturity from these policies will be TAX-FREE.

If you purchased the policy after 1st April 2003 to 31st March 2012, and premium paid towards such policy on self, spouse and kids are less than 20% of sum assured, then such maturity amount is TAX-FREE.

Next, if you purchased the policy on or after 1st April 2012, and premium paid towards such policy on self, spouse and kids are less than 10% of sum assured, then such maturity amount is TAX-FREE.

Death Claim amount one receives from Life Insurance is completely TAX-FREE.

Any Sum received under Keyman Insurance is TAX-FREE.

If the policy is issued on or after 1st April 2013 for those who are disabled or suffering from ailments as specified by the Income Tax Act, where the premium payable in any given year exceeds 15% of the actual sum assured (as per section 80DDB) is TAX-FREE.

If you purchased the policy which is issued on or before March 31, 2003, then such maturity from these policies will be TAX-FREE.

Some Practical Examples on TDS on Life Insurance Maturity Amount

Example I

Let us say Mr.A took a life insurance plan before 31st March 2012 with Sum Assured as Rs.3,00,000.The Policy term being 10 years and yearly premium is Rs.65,000.

But according to the above rule, only 20% of Sum Assured (in this case 20% of Rs.3,00,000 I.e Rs.60,000) is eligible for tax deduction under Sec 80C.

So Mr.A can avail benefit only to Rs.60, 000 not Rs.65, 000.

Example II

Let us say Mr.A took a life insurance plan after 1st April 2012 with Sum Assured as Rs.3,00,000 term being 10 years. The yearly premium was Rs.65,000. But according to the new above rule, only 10% of Sum Assured (in this case 10% of Rs.3,00,000 I.e Rs.30,000) is eligible for tax deduction under Sec 80C. So Mr.A can avail benefit only up to Rs.30, 000 but not whole Rs.65, 000.

Must Read –

INSURANCE TYPES – DIFFERENCES YOU MUST KNOW

Taxability of Life Insurance Maturity Amount- Budget 2019

A few years back Government of India introduced the TDS concept on the Life Insurance Maturity Amount. This TDS rate is now revised in Budget 2019.

In finance bill of Budget 2019, the government said, “It is proposed to amend the said section so as to provide that the levy of tax deduction at source shall be on the income comprised in the sum payable by way of redemption of a life insurance policy, including the sum allocated by way of bonus on such life insurance policy, excluding the amount exempted under the said clause (10D) of section 10 at the increased rate of five per cent.”

Hence, as per this change, there is a change in Income Tax Section 194DA. As per this, the TDS will be applicable to below conditions.

If your maturity amount exceeds more than Rs.1 lakh in a year.

Also, If the policies are not exempt as per the above said Sec.10(10D) of IT Act.

If you do not provide the PAN details with the Life Insurance Companies.

In such a situation, Life Insurance Companies will deduct the TDS. The revised TDS rate after Budget 2019 is as below.

if your maturity amount exceeds more than Rs.1 lakh a year and policies are not exempt as per the above said Sec.10(10D), then there will be a TDS of 5%.

If you do not provide the PAN details with the Life Insurance Companies, then there will be a TDS of 20%.

Must Read –

TOP SECRET TECHNIQUES TO CHOOSE THE INSURANCE POLICY

Note:-

The above said all rules are the same for

Term Life Insurance, Endowment Plans or ULIP Plans.

Maturity, Death Claim or Surrender of the Policies.

[anandaramanmfd]

Have you done your Tax planning this year? #tax #planning #incometax #savings #sec80c

[moneycafe]

3 Tax Savings Mutual Funds For Good Returns

3 Tax Savings Mutual Funds For Good Returns

BOI Axa Tax Advantage Fund This is an ELSS scheme that helps you save tax. Amounts up to Rs 1.5 lakhs, qualify for tax rebate under Sec80c. The fund has generated solid returns of 16 per cent over the last 5 years and 17 per cent over the last 7 years on an annualized basis. Investors can also choose to invest through the Systematic Investment Plan route, given that the markets have rallied…

[moneycafe]

Paying Tax On Fixed Deposit Interest? Try These Investments

Paying Tax On Fixed Deposit Interest? Try These Investments

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Public Provident Fund (PPF)

The interest earned on the Public Provident Fund is exempted from tax, The PPF also provides you with an interest rate of 7.1 per cent, which is a good 2 per cent more than what banks are currently giving.

Apart from this, the investment also offers you tax benefit under Sec80c of the Income Tax Act. So, all of this makes the PPF a very…

[moneycafe]

With 8.5% Interest This Retirement Scheme Is A Good Bet

With 8.5% Interest This Retirement Scheme Is A Good Bet

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What is the Voluntary Provident Fund Or VPF?

An employee can contribute a maximum of 12 per cent of his basic towards the Employees Provident Fund. However, it is always advisable to contribute more, because the interest is tax free, the interest rates are high and there are tax benefits under SEC80C.

So, the right way to make a contribution is through the VPF, which is…

[tax2win]

Claim the deductions under section 80 C and save your income up to rs.1,50,000. To know more refer to the article given-   shorturl.at/zCMS8#IncomeTax #Sec80C #Tax2win #taxsaving

[moneycafe]

3 Tax Saving Mutual Funds That Investors Should Not Miss

3 Tax Saving Mutual Funds That Investors Should Not Miss

What are these ELSS Funds? Equity Linked Savings Funds are mutual fund schemes that are run by asset management companies and invest your money in equities. This means your returns are not guaranteed and they can be volatile. However, you get tax benefits under Sec80C of the Income Tax Act. Amounts invested qualifies for tax benefit up to a sum of Rs 1.5 lakhs. However, one important thing to…