{"id":7097,"date":"2022-08-31T17:25:01","date_gmt":"2022-08-31T17:25:01","guid":{"rendered":"https:\/\/myinsurancewala.com\/?page_id=7097"},"modified":"2022-09-11T08:10:22","modified_gmt":"2022-09-11T08:10:22","slug":"tax-saving-plan","status":"publish","type":"page","link":"https:\/\/myinsurancewala.com\/index.php\/tax-saving-plan\/","title":{"rendered":"Tax Saving Plan"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"7097\" class=\"elementor elementor-7097\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-845479f elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"845479f\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f4738f6\" data-id=\"f4738f6\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-016cf0e elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"016cf0e\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f6ec260\" data-id=\"f6ec260\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-748a5b8 elementor-widget elementor-widget-image\" data-id=\"748a5b8\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.6.8 - 27-07-2022 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t\t\t<img width=\"1600\" height=\"400\" src=\"https:\/\/myinsurancewala.com\/wp-content\/uploads\/2022\/09\/New-Project-1.jpg\" class=\"attachment-full size-full\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/myinsurancewala.com\/wp-content\/uploads\/2022\/09\/New-Project-1.jpg 1600w, https:\/\/myinsurancewala.com\/wp-content\/uploads\/2022\/09\/New-Project-1-300x75.jpg 300w, https:\/\/myinsurancewala.com\/wp-content\/uploads\/2022\/09\/New-Project-1-1024x256.jpg 1024w, https:\/\/myinsurancewala.com\/wp-content\/uploads\/2022\/09\/New-Project-1-768x192.jpg 768w, https:\/\/myinsurancewala.com\/wp-content\/uploads\/2022\/09\/New-Project-1-1536x384.jpg 1536w\" sizes=\"(max-width: 1600px) 100vw, 1600px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-0d0fd00 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"0d0fd00\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-cc2cb2c\" data-id=\"cc2cb2c\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6098315 elementor-widget elementor-widget-heading\" data-id=\"6098315\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.6.8 - 27-07-2022 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h3 class=\"elementor-heading-title elementor-size-default\">Tax Saving Plans<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-884ee27 elementor-widget elementor-widget-text-editor\" data-id=\"884ee27\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.6.8 - 27-07-2022 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#818a91;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#818a91;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>As the famous saying goes \u2018 A penny saved is a penny earned \u2018. Tax planning is one of the ways which can help you save on taxes and increase your income. The income tax act provides deductions for various investments, savings and expenditure incurred by the taxpayer in a particular financial year. We will discuss some of the avenues which can help you save taxes.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-36d71c2 elementor-widget elementor-widget-heading\" data-id=\"36d71c2\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Recommended ways of saving taxes under Sec 80C,80D and 80EE<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ca0ce34 elementor-widget elementor-widget-text-editor\" data-id=\"ca0ce34\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul><li>Make an investment of Rs 1.5 lakh under Sec 80C to reduce your taxable income. Additional deduction of Rs 50,000 can be claimed by investing in NPS under 80CCD (1b)<\/li><li>Buy Medical Insurance, maximum deduction allowed is Rs. 1,00,000 (Rs 50,000 for self and family if senior citizen and Rs 50,000 for senior citizen parents) under Section 80D.<\/li><li>Claim deduction up to Rs 50,000 on Home Loan Interest under Section 80EE<\/li><li>\u00a0<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c9fcceb elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c9fcceb\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-1db4543\" data-id=\"1db4543\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-62032e6 elementor-widget elementor-widget-image\" data-id=\"62032e6\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img width=\"793\" height=\"528\" src=\"https:\/\/myinsurancewala.com\/wp-content\/uploads\/2022\/09\/Tax-saving-schemes-under-section-80c.jpg\" class=\"attachment-large size-large\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/myinsurancewala.com\/wp-content\/uploads\/2022\/09\/Tax-saving-schemes-under-section-80c.jpg 793w, https:\/\/myinsurancewala.com\/wp-content\/uploads\/2022\/09\/Tax-saving-schemes-under-section-80c-300x200.jpg 300w, https:\/\/myinsurancewala.com\/wp-content\/uploads\/2022\/09\/Tax-saving-schemes-under-section-80c-768x511.jpg 768w\" sizes=\"(max-width: 793px) 100vw, 793px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-6f8ba97\" data-id=\"6f8ba97\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-794ea21 elementor-widget elementor-widget-text-editor\" data-id=\"794ea21\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>The most popular tax-saving options available to individuals and HUFs in India are under Section 80C of the\u00a0<a href=\"https:\/\/cleartax.in\/s\/income-tax\" target=\"_blank\" rel=\"noreferrer noopener\">Income Tax<\/a>\u00a0Act, Section 80C includes various investments and expenses you can claim deductions on \u2013 up to the limit of Rs. 1.5 lakh in a financial year.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-9dfe186 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9dfe186\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c6f5693\" data-id=\"c6f5693\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8b76f45 elementor-widget elementor-widget-text-editor\" data-id=\"8b76f45\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<table class=\"wp-block-table table-layout table table-bordered\"><tbody><tr><td><strong>Investment<\/strong><\/td><td><strong>Returns<\/strong><\/td><td><strong>Lock-in Period<\/strong><\/td><\/tr><tr><td>5-Year Bank Fixed Deposit<\/td><td>6% to 7%<\/td><td>5 years<\/td><\/tr><tr><td>Public Provident Fund (PPF)<\/td><td>7% to 8%<\/td><td>15 years<\/td><\/tr><tr><td>National Savings Certificate<\/td><td>7% to 8%<\/td><td>5 years<\/td><\/tr><tr><td>National Pension System (NPS)<\/td><td>12% to 14%<\/td><td>Till Retirement<\/td><\/tr><tr><td>ELSS Funds<\/td><td>15% to 18%<\/td><td>3 years<\/td><\/tr><tr><td>Unit Linked Insurance Plan (ULIP)<\/td><td>Varies with Plan Chosen<\/td><td>5 years<\/td><\/tr><tr><td>Sukanya Samriddhi Yojana (SSY)<\/td><td>7.60%<\/td><td>N\/A<\/td><\/tr><tr><td>Senior Citizen Saving Scheme (SCSS)<\/td><td>7.40%<\/td><td>5 years<\/td><\/tr><\/tbody><\/table>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-bf7a9be elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"bf7a9be\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a4cf252\" data-id=\"a4cf252\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-947e66f elementor-widget elementor-widget-heading\" data-id=\"947e66f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Other Tax Saving options beyond Sec 80C<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4abfc49 elementor-widget elementor-widget-text-editor\" data-id=\"4abfc49\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Apart from the 80C deductions, there are various deductions under Section 80 you can use to save on income tax. Tax benefits on health insurance premiums and home loan interest are a few-<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-01f527f elementor-widget elementor-widget-text-editor\" data-id=\"01f527f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul><li>Medical insurance premium to be claimed at Rs. 50,000. (Rs 25000 for self spouse and children and Rs 25000 for dependent parents below 60 years). Claim medical insurance premium paid up to a maximum of Rs 1,00,000 per annum if availed for senior citizens. If senior citizens are not covered under any health insurance, then medical expenditure incurred can be claimed under 80D up to Rs 50,000<\/li><li>Interest paid on a home loan can be claimed as a deduction under section 24 up to Rs 2 lakhs. Section 80EE also allows you to claim a deduction of up to Rs 50,000 on home loan interest which is over and above the limit of section 24. Eligibility of additional interest of Rs 1.5 lakh on purchase of a new house under affordable housing scheme as per section 80EEA is extended till 31st March 2022<\/li><li>A home loan would also help you in reducing your taxable income as the principal portion of the home loan can be claimed under Section 80C up to Rs 1.5 lakh and the interest portion can be claimed as a deduction from\u00a0income from house property<\/li><li>Any charity to notified institutions or funds can be claimed as a deduction under section 80G<\/li><li>Interest paid on education loan is allowed as deduction under section 80E<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Tax Saving Plans As the famous saying goes \u2018 A penny saved is a penny earned \u2018. Tax planning is one of the ways which can help you save on taxes and increase your income. The income tax act provides deductions for various investments, savings and expenditure incurred by the taxpayer in a particular financial [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"elementor_header_footer","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/myinsurancewala.com\/index.php\/wp-json\/wp\/v2\/pages\/7097"}],"collection":[{"href":"https:\/\/myinsurancewala.com\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/myinsurancewala.com\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/myinsurancewala.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/myinsurancewala.com\/index.php\/wp-json\/wp\/v2\/comments?post=7097"}],"version-history":[{"count":13,"href":"https:\/\/myinsurancewala.com\/index.php\/wp-json\/wp\/v2\/pages\/7097\/revisions"}],"predecessor-version":[{"id":7204,"href":"https:\/\/myinsurancewala.com\/index.php\/wp-json\/wp\/v2\/pages\/7097\/revisions\/7204"}],"wp:attachment":[{"href":"https:\/\/myinsurancewala.com\/index.php\/wp-json\/wp\/v2\/media?parent=7097"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}