Income Tax Saving Scheme: Apart from this, if someone files tax according to the old tax system, then he can get tax exemption on many investments. If you have to file tax according to the old tax system, then tax exemption can also be obtained on your income.
Income Tax Return: The date for filing income tax is drawing near. In the month of April, the process of filing income tax return will start in the country. At present, people can file tax according to the old tax system and the new tax system.
According to the new tax system, if someone files tax, then he will not get any kind of exemption on investment. However, exemption can be given in the old tax system. In such a situation, let us know how tax exemption can be taken advantage of.
Tax Saving Scheme
Apart from this, if someone files tax according to the old tax system, then he can get tax exemption on many investments. If you have to file tax according to the old tax system, then tax exemption can also be obtained on your income. Many tax saving schemes are being run by the government. For these tax saving schemes, people can save tax on their taxable income.
Saving Schemes
Section 80C, 80CCC and 80CCD(1) of the Income Tax Act allow total tax deduction of up to Rs 1.5 lakh in a year. These sections include a variety of investment options, ranging from simple life insurance plans to hybrid ULIPs. At the same time, a scheme National Savings Certificate is also included in these.
Income Tax
National Savings Certificate is a savings bond scheme which mainly encourages small to middle income investors to invest while saving on income tax under section 80C. If you have a savings account with a bank or post office, you can buy an NSC certificate in e-mode, provided you have access to internet banking.
NSC can be purchased by an investor for himself or on behalf of a minor or as a joint account with another adult. Tax can be saved up to Rs 1.5 lakh annually through this scheme.
