Thursday, 10 April 2014

Save Tax! Read How?

People rush to buy tax saving plans at the end of the financial year. But experts suggest a well thought-out tax planning from the beginning of the year.

If the salary is above the taxable limit than your tax will be deducted. If you want to save deduction of tax you have the option to invest in tax-saving instruments available in the markets, which you can use for tax planning. Before shortlisting the tax saving instruments, evaluate different options and choose the one most suited for your needs.

Below are the Tax Saving Investments

1) Public Provident Fund (PPF)

2) Equity Linked Savings Scheme (ELSS)

3) Unit Linked Insurance Plan (ULIPS)

4) Voluntary Provident Fund

5) Senior Citizen Saving Scheme (SCSS)

6) New Pension Scheme (NPS)

7) National Savings Certificates (NSC) / Fixed Deposits (FD)

8) Life Insurance Policies

9) Rajiv Gandhi Equity Saving Scheme

10) Pension Plans

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