Best Tax-Saving Options to Look Out For


BENGALURU: Saving tax is not only meant for saving money but it is a steady process to fuel in for your other demands and desires in life in present and in future. This New Year as you gear up to expect more saving, here is how you can save in more money as you save tax.

As compiled by Rediff let us have a look at the simple and effective ways.

# Life insurance

Life insurance is an excellent way to save tax with incoming benefits as well. Life insurances protect you and let you plan your savings, and provide you several plans like term plan, retirement, savings and investment plans, which could help in tax deductions and exemptions.

The premium paid for a policy covering the individual and his or her immediate family is deductible up to 1 lakh under Section 80C of the Income Tax Act. You can buy both cash-back endowment plans as well as term insurance plans.

READ MORE: Finance Commission Suggests Higher Share To States In Central Taxes

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