Plan your tax savings to attain financial freedom

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Life insurance is one of the most effective financial planning tools. Choose the best tax savings investment schemes under section 80C and also look to achieve long term goals. Click to know more

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Plan your tax savings to attain financial freedom in future… :

Plan your tax savings to attain financial freedom in future…

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To keep ourselves away from constant monetary worries and financial concerns it is important you have money rotating in your hands. For this, you will have to make a sound investment in some financial tool. In today’s time of rising inflation costs, advance lifestyle and other needs; a handful of money earned through job or business will prove insufficient to fulfill the ever demanding needs. There has to be some extra income source through financial investment. If not, an extra source; an investment that will help you save money on a timely basis. And tax saving plans is one of those. Tax saving plans are one of the best ways to secure yourself financially and ensure that your hard earned money is not axed by government taxes but utilized for your own good. However, tax planning requires a lot of attention and can be rewarding when you choose the plan that best suits your needs

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All tax saving plans assesses the investment component on parameters like returns, safety, flexibility, liquidity, costs and taxability of income. Every parameter has to be given equal weight and a composite score is worked out for various tax saving plans. In taxation, there are several deductions available for an individual when they invest in specific tools. Some of the popular ways to avail the benefit of deduction is under section 80C that includes financial investment tools like EPF, PPF, NSC, SCSS, ELSS and life insurance policies. These tools are eligible for a tax benefit of up to Rs 1.5 lakh per year. It gives a golden opportunity for an individual to create tax savings plan for achieving financial stability. But, it's important you take a financial expert’s view to increase tax savings and investments, simultaneously. The premium paid for all life insurance policies are exempted from taxation for up to Rs 1 .5 lakh under section 80C of the Income Tax Act, 1961. Also, the claim amount received by the beneficiaries or bonus in the hands of the policyholder is tax-free. It comes under section 10 (10D) of the Income Tax Act.

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Some other tips to utilize while working on tax savings would be: While staying at your parents’ home, pay rent and claim it under HRA to save tax under section 80GG. By donating to a charitable trust, you can avail tax deduction under Section 80G. Expenses incurred towards your kidskids ’ educational fee could be availed for tax benefits under section 80C. Also, under section 80E you can claim a deduction for the interest paid on the educational loan.   Many equity oriented investments like shares and mutual funds give dividends that are tax-free. The long-term capital gains are also charged at zero per cent rate which makes the gains tax free.

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Tax Saving Investment ensure that your goal of wealth creation is met smoothly with the help of tax rebates. It offers a financial freedom to fulfill your dreams in life.

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Click to know more on Tax Saving Investment : https://www.bajajallianzlife.com/save-tax.jsp Thank You

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