Tuesday, April 16, 2024

Senior citizens can save taxes in Tax Savings FD by doing this work

Concerns regarding tax savings are common. Where should we invest to reduce our taxes? Concerns regarding tax savings are a major source of conflict, particularly for senior folks. We’re going to share with you today the easiest way for seniors to save thousands of rupees on taxes using FD.


FD saves you money on

taxes are eligible for savings under Section 80C of the Income Tax Act of 1961. This portion offers a savings of Rs 1.5 lakh. Seniors will need to make financial investments in tax-saving fixed deposits to cover this. Individuals who are older than 60 will receive benefits. Under Section 80C of the Income Tax, senior folks and those 60 years of age or above can save up to Rs 1.5 lakh in taxes. Along with this, you can also claim a deduction of up to Rs 50,000 every financial year. This tax deduction also applies to the interest received on FD.


How much money should be invested annually?

Only Rs 1.5 lakh can be invested in tax-saving fixed deposits. To take advantage of the full exemption in such a scenario, split your money into smaller portions and invest it in tax-saving mutual funds (FDs).


FD lasts for five years.

A tax-saving FD has a five-year term. These FDs reach maturity every five years. According to experts, this is a type of cumulative fixed deposit where you would receive interest when the account matures after five years. The nominee is free to take the money out before maturity if the FD holder passes away during the lock-in term.

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