Wednesday, June 29, 2022

Tax Savings Plan: Do this immediately after pricing, it will save you tax.

Filing an ITR: Tax-saving methods should also be applied immediately after the assessment, otherwise, due to laxity in this work, part of your salary may also go to the government as taxes.

Tax Savings Calculator: Every year there are working people waiting for a review. In addition, those employed expect their salary to increase in the review. After  March, everyone waits for the very rise of April. Meanwhile, some are doing better than expected, while some’s hopes remain dashed. However, tax savings methods must also be applied immediately after the assessment, otherwise, due to the looseness of this work, part of your salary may also go to the government as taxes. In such a situation, tell us what to do to save tax after the appraisal. Better returns can be obtained by depositing funds into the Employee Fund (EPF).

Furthermore, EPF is proven to be very beneficial for tax savings. Currently, a return of 8.1% is granted to the EPF. In this, tax exemption is available below 80C. Only employees can invest in it. In this case, it is possible to invest up to 2.5 lakh rupees per year and can save tax.

Read More: Tax return: Income is not worth paying income tax! Complete your tax return by all means, knowing the rules and benefits.

PPF accounts can be opened at banks and at post offices. Accordingly, a minimum investment of Rs 500 and a maximum of Rs 1.5 lakh can be made. The maturity period in this program is 15 years. Its peculiarity is that in this case the three deposits, the interest, and the amount at maturity are all tax-free. 7.1% interest is available on PPF. This rate can also change quarterly. Tax savings can also be achieved through the National Retirement Program.

National pension scheme. A person can invest in this plan at age 60. Of which, a sum is received from the life insurance company from 40% of the annual deposit, while the rest can be withdrawn. There is no tax on the amount invested in this program. However, the tax must be paid on the annual amount received from it.
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