FinCalC: 5 Simple Tips To Save Income Tax [VIDEO]

Few months are remaining to Save Income Tax. Did you Invest enough to Save Income Tax for this FY? Read & WATCH to Know more...

Fraction of your hard-earned Money will be taken away from you if you don't bother to save Income Tax with few months remaining before the Deadline (31st March). Waiting till the last day wouldn't be more wiser.
In this post, we will see 5 Simple Tips to Save Income Tax with the help of a VIDEO.

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5 Simple Tips to SAVE INCOME TAX :

1. Employee Provident Fund (EPF):
   If you are working as an Employee in one of the Organizations, and have opted for Provident Fund(EPF), then you can claim Deduction under Section 80C. Provident Fund (or EPF) is a fund in which fraction of your monthly Salary is deposited under this Fund as a Retirement Fund.
2. Public Provident Fund (PPF):
   Public Provident Fund (PPF) is a Government-backed Indian Saving Scheme, that provides Deduction under Section 80C, for the Investments made in this scheme. Though it has a lock-in period of 15-Years, you can claim a maximum of Rs.1,50,000 deduction under Section 80C in a Financial Year (FY).
3. Equity Linked Saving Scheme (ELSS):
   ELSS is a type of Mutual Fund which allows you to claim Deduction under Section 80C, but it has a minimum lock-in period of 3 months. It is a great Saving Scheme to fulfill your Short-term goals as well as Save Income Tax. Remember, Mutual Funds are subjected to Market Risks, and it doesn't guarantee expected returns.
4. Life Insurance Policies:
   The Amount that you have invested as Premiums of your Life Insurance Policies can also be claimed as Deduction under Section 80C. Whether it a Term-Insurance or Money-back Policy, you can claim the deductions equivalent to premiums paid for your Insurance Policies.
   Insurance should be considered for Protection and not as an Investment.
5. National Pension Scheme (NPS):
   Investments made under National Pension Scheme (NPS) can be claimed under Section 80CCD. Remember, this Section is different from Section 80C and a maximum of Rs.50,000 can be claimed as Deduction under Section 80CCD.
   
   In this way you can claim a maximum deduction of Rs.2,00,000:
   1) Section 80C     - Rs.1,50,000
   2) Section 80CCD - Rs.50,000

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