Saving Income Tax with Tax saving FDs
In 2010, the government introduced a new section 80CCF under the Income Tax Act, 1961 (“Income Tax Act”) to provide for income tax deductions for subscription to long-term infrastructure bonds and pursuant to that the Central Board of Direct Taxes passed Notification No. 48/2010/F.No.149/84/2010-SO(TPL) dated July 9, 2010. These long term infrastructure bonds offer an additional window of tax deduction of investments up to Rs. 20,000 for the financial year 2010-11. This deduction is over and above the Rs 1 lakh deduction available under sections 80C, 80CCC and 80CCD read with section 80CCE of the Income Tax Act. Infrastructure bonds help in intermediating the retail investor’s savings into infrastructure sector directly.
This is a facility provided to the taxpayers to make income tax payments through internet, using net-banking facility.
Life insurance assures payment of the entire amount assured (along with bonuses, wherever applicable) in case of demise, whereas in other savings schemes, only the amount saved (with interest) is payable.
Indian Insurance providers for Life Insurance, Child education plans, Savings plans, Retirement plans , and Protection plans
Insurance in India has its history dating back till 1818, when Oriental Life Insurance Company was started by Europeans in Kolkata to cater to the needs of European community. Pre-independent era in India saw discrimination among the life of foreigners…
A post office recurring deposit account (RDA) is similar to a recurring deposit in a bank, where you can invest a fixed amount on a monthly basis. The postal RDA has a fixed tenure of five years.
National Savings Certificate is a saving plan offered by Indian Post office. National Savings Certificate
is most popular among the middle class families and salaried persons in India.