Tax Saving Investments

1
Tax Saving Investments
2
Tax Saving Schemes
3

• "Tax Saving Investments", this word can give one
  sleepless night when the time to pay the taxes
  are up and the appropriate savings are not done
  to enjoy the tax benefits. Taxes saving schemes
  come off as saviors under such circumstances. For
  people who come under taxable income, to
  calculate payable tax, slab rates of the current
  year given by the Indian Budget are used. Based
  on these rates, the payable tax as per the
  category the person falls into is calculated. Of
  this payable income, a particular percentage is
  slotted for savings. If this savings are
  conducive with the tax deduction clauses than the
  amount saved can be deducted from the sum total
  of the payable tax.

4

• As per the slab rates given by the Indian Budget
  for the year 2010-2011, the tax rates are
  categorized as male (below 65), female (below 65)
  and senior citizens. For male below 65 years, tax
  rates are as follows Income up to Rs 160,000
  which is the basic exemption limit the tax rate
  is nil, from 160,000 up to 300,000 its 10, from
  300,000- 500,000 its 20 and above 500000 its
  30. For women below 65, income up to 190,000 tax
  rate is nil, from 190,000 up to 300,000 its 10,
  300,000-500,000 its 20 and above 500,000 its
  30. For senior citizens, the basic exemption
  limit is Rs 240,000, tax rate for income from
  240,000 - 300,000 is 10, from 300,000 - 500,000
  is 20 and above 500000 is 30.

5

• As per the above stated categories, every
  category is entitled to a certain amount as
  saving. For example, if the amount that can be
  saved per annum is 100,000 than this amount can
  be deducted from the taxable income provided the
  savings are as per the tax deduction clauses. As
  per Indian Budget 2010-2011, the section 80C
  deductions have been relaxed, if the tax
  deduction is with respect to life insurance
  premiums, the deduction sum is limited to 200,000
  and the deduction is applicable only if the
  premiums are paid, if the contribution is in the
  for of public provident fund or contribution to
  some national saving schemes. Under section 80D
  Medical insurance policies are included. Home
  loans and education loans are also included in
  the deductions if the necessary terms and
  conditions are fulfilled.

6

• One can save Tax Saving Investments by deductions
  made on investments. These investments include
  investments with monthly income scheme of the
  post office, savings in bond, mutual funds, with
  banking institutions, authorities working for
  planning and development of cities etc. There are
  few incomes which are exempted from tax
  deductions for example agricultural income,
  profits shared by partners etc. Once tax planning
  is well executed, the tax deductions can be
  rightly filed.
• Source-http//ezinearticles.com/?Tax-Saving-Schem
  esid5310944

7
https//www.bajajallianzlife.com/save-tax.jsp
Follow us on
https//www.facebook.com/bajajallianzlifeinsurance
ltd
https//www.linkedin.com/company/bajaj-allianz-lif
e-insurance-co-ltd-
http//plus.google.com/bajajallianz/posts
https//twitter.com/bajajallianzLIC
https//www.youtube.com/user/jiyobefikar
https//instagram.com/bajajallianzlifeinsurance
Thank You