PNN
New Delhi [India], June 11: In today’s financial landscape, effective financial management is paramount for ensuring a smooth and stress-free year. A critical aspect of this management is maximizing tax savings. Gone are the days when tax filing involved heaps of paperwork and frequent trips to the income tax department. With the advent of online tax filing platforms, the process has become remarkably streamlined. One such platform is All India ITR (https:// www.allindiaitr.com/), where users can calculate taxes, upload necessary documents, and file their returns with ease.
All India ITR’s user-friendly interface has garnered positive feedback for its efficiency and accuracy. The platform guides clients through each step of filing returns, making the process straightforward. Features like the HRA Exemption Calculator and 24/7 customer support further enhance the convenience of tax filing. Vikas Dahiya, Director of All India ITR, stated, “It’s a common perception that tax return filing is tedious and complex. However, with proper guidance and knowledge, it can be done easily. At All India ITR, we believe that technology can help achieve accurate and beneficial results without any hassle.”
Here are some effective strategies for investors to maximize tax savings this financial year:
National Savings Certificate (NSC): Available at post offices, this fixed-income investment scheme currently offers a guaranteed return of 7.7 per cent. Under Section 80C of the IT Act, one can claim deductions on investments up to Rs 1.5 lakh in NSC, making it a lucrative option for tax savings.
Sukanya Samriddhi Yojana (SSY): This government-initiated scheme is designed specifically for the financial security of the girl child. Deposits made under the SSY scheme are eligible for tax exemption and deductions under Section 80C, with a maximum limit of Rs 1.5 lakh. This not only secures the girl’s future but also offers substantial tax benefits to the parents.
Public Provident Fund (PPF): For those looking for a long-term investment, the PPF account is an excellent choice. It can be opened in any bank with a minimum deposit of Rs 500 and a maximum contribution of Rs 1.5 lakh per annum. The investment period is 15 years, with an option to extend it for an additional five years. PPF accounts are highly favored for building a substantial corpus over time, thanks to attractive interest rates and tax benefits.
Insurance Policies: Insurance policies are a popular method for securing the financial future of loved ones. They protect the insured’s family from financial difficulties, ensuring a better quality of life. Premiums paid for life and health insurance policies are eligible for a deduction of up to Rs 25,000 from taxable income. Additionally, premiums paid for senior citizen parents’ health policies qualify for an extra deduction of up to Rs 30,000.
By incorporating these investment strategies, investors can significantly reduce their tax liabilities while securing their financial future. Effective financial management, enhanced by the convenience of online platforms like All India ITR, ensures that taxpayers can navigate the fiscal year with confidence and ease.
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