JavaTechies / Personal Finance

Hello Friends, I got time to write this page after long time. Here, How would you have 83945 RS on your taxes ?       1) Equity Linked Savings Schemes (ELSS) ELSS the tax saving investment with shortest lock-in period and the potential of higher returns. Equity linked savings scheme or ELSS, as they are popularly known, are diversified equity mutual fund schemes that provides capital appreciation and also qualifies for tax saving. Amongst other tax saving instruments u/s 80C, ELSS not only has the potential to deliver higher returns but also has the shortest lock-in period of three years. Key Features : Type of Scheme: Equity-oriented Scheme Asset Allocation: 80-100% equities Scheme Objective: Capital Appreciation Tax Benefits : Investment up to a maximum of ` 1,50,000 is eligible for deduction under section 80 C. You can save a maximum of ` 46,350/- (depending on your income-tax slab) In addition to saving tax, the investor...

We, always spend our money when it's required .sound same for tax saving proof. nowadays,most of all salaries/self employee are working for collecting/submitting tax saving proof to employer, time period is JAN-FEB peak month for tax saving proof. So, let's understand which are the tax deduction available as per indian tax rule and it's little nature. 80C Nature of Deduction: This section has been introduced by the Finance Act, 2005. Broadly speaking, this section provides deduction from total income in respect of various investments/expenditures/payments in respect of which tax rebate u/s 88 was earlier available. The total deduction under this section is limited to Rs.1 lakh only. 80D Nature of Deduction: Payment of medical insurance premium. Deduction is available upto Rs.15,000/ for self/ family and also upto Rs. 15,000/- for insurance in respect of parent/ parents of the assessee. Remarks: The premium is to be paid by any mode of payment other...