Here are 5 tax-cut proposals for 2021

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Here are 5 tax-cut proposals for 2021

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Furthermore, a Bima Plus Life Insurance Advisor in Noida Sector 10 will recommend the best plan for you. You have applied for a home loan and are eligible for a tax deduction under the 80C clause of the Internal Revenue Code. Taxpayers have the option of choosing between the old and new schemes, depending on which one lowers their tax liabilities the most. Assessors may also turn back and forth between the new and old systems per financial year if necessary to reduce their tax burden. Related Link - – PowerPoint PPT presentation

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Title: Here are 5 tax-cut proposals for 2021


1
What are the 5 Ways to Save Income Tax in 2021
Every year, taxpayers are concerned about paying
a hefty amount in the form of income tax. They
are helpless to pay large amounts because of no
financial planning. You can claim different
deductions during IT filing as per-determined by
Income Tax Act. You can save income tax with
accurate financial planning. We have the 5 most
ideal suggestions for an income tax saving plan.
2
Apply for home loans Loans are not recommended
when you want robust financial planning, but a
home loan is one of the best options for saving
your finances. Home loan tax planning is helpful
because taxpayers can claim deduction more than
one section of the Income Tax Act. Moreover, Bima
Plus Life Insurance Advisor in Noida Sector
10 will suggest your best scheme. You have
applied for a home loan you can claim a tax
deduction on the lump sum amount as 80C section
of Income Tax. Moreover, users can also claim
deductions on home loans' interest as per income
tax section 24.
Invest in financial market elements There are
various financial instruments such as Mutual
Funds, SIP, National Pension Scheme, and ULIPs.
Income Tax act of 1961 has excluded taxation for
specific earnings using market-linked tools such
as ULIPs, Equity-linked saving schemes, NPS,
etc.
3
Buy an insurance policy. The best way to save
your tax is to buy a life insurance policy. If
you don't know how to invest in insurance, you
can consult experts for that. Bima plus has a
dedicated team of Life Insurance Advisor in Noida
Sector 21 to assist you in making the right
decision in investing in life insurance. Under
the Income Tax 80C section, people can rebate on
payouts and premium payment of term and life
insurance policy. Your life insurance premium is
tax-free up to 1.5 Lakhs. Under section 10(D),
the income tax Act permits any income through a
life insurance policy is excluded from taxation.
Get child insurance (education) for your
kid. Parents can choose a child plan for their
child's education. Parents can select premium
duration yearly or monthly as per their financial
capacity. The child plan's maturity would end at
the time of college-going year of age like 17 or
18 years of your kids. The child insurance plan
will help you finance your child's education at
the time of college admission. Several child
plans such as conventional life insurance policy,
ULIPs, and other insurance instruments provide
the same tax advantage. Communicate with Life
Insurance Advisor in Noida Sector 2 through Bima
Plus to get the best insurance policy for your
child.
4
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