Plan for ELSS Fund
Tax Saving Ke sath return Bhi milega...
Section 80C of the Income Tax Act 1961 allows you a tax deduction of up to Rs 1.5 lakh on various investments.
Point 1:
What is a Tax Saving Fixed Deposit?
By investing in ELSS (Equity Linked Savings Schemes) you can now save tax and aim to create wealth through equities. Section 80C of Income Tax Act 1961 allows tax payers to reduce their income tax obligations by investing in specified eligible investments like ELSS. The amount you invest can be claimed as deduction from their taxable income for the purpose of income tax computation when filing your returns. Your 80C investments should also not be made only for the purpose of tax savings, but it should also be linked to your financial goals.
Point 2:
Why ELSS = Save Tax + Aim for Wealth Creation
On the income that is earned, we are required to pay taxes if this income exceeds a prescribed threshold limit. Tax planning can help reduce the burden of taxes that falls on an individual and maximize their savings. There are many financial instruments that help in saving taxes. A good investment provides tax saving, safety of investments, returns and liquidity. An ideal financial instrument will help you save taxes at the same time as it reaps benefits in the form of decent returns and the flexibility to withdraw funds. By investing in tax saving plans, individuals also inculcate a habit of saving over time. You can either make a lumpsum investment in a liquid fund (if you have that much cash already saved), or you have the option of starting an SIP investment.
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