Tax Implication of Deposit Schemes

The market has been volatile for couple of quarters now and many investors have lost money. Many investors are looking forward for fixed deposits where the returns are less volatile and fixed in some cases. At the same time, this is the season of income tax filing and we all wanted to know the options available to save taxes. Tax has always been a complex subjects for investors and salaried employees. Almost all of us find ourselves searching for the best tax saving instruments. In this article, we will discuss some of the options for saving taxes.

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Tax Saving under Article 80

80 is not a good number when we are talking about age but 80 is lucky number when we talk about Tax Payers. It seems most of the tax savings are available under article 80. We will take a look at some of the tax saving schemes under section 80 and its sub-sections. You can use the explanation below for doing your tax planning as it will make your savings look even more promising. If you are an informed investor and have sound knowledge of financial market you can reinvest this amount to generate good returns.

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Features of PPF

Public Provident Fund is one of the most famous options (next to EPF) for investing your money in a secure, Government backed investment instrument. This investment option can be used for tax benefits under the income tax section of 80C subject to the limit of 1 lakh. Investment in PPF is one of the few investments where the returns are tax exempt. Because of tax exempt feature PPF investment has become a favoured investment among individuals and salaried class.

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