Everyone is looking out for ways to legally save taxes. Tax savings tips helps you plan your taxes effectively. Are you the one looking for ways and means to save taxes? I do understand it is complicated to understand taxes but here I share some awesome and easy tax saving tips.
Insurance is not a product which should be seen from the point of saving taxes. It is necessary in today’s life. You get a deduction of Rs. 150000/- in Section 80C of Income Tax. So if you fall in 30% tax slab, you directly save taxes worth Rs. 45000/-. Investment in insurance is also to be considered for retirement benefits and future planning. Term plan is best suited. It is normally advisable that if you are the only person earning in your family, you must have a term plan of atleast Rs. 1 Crore. Insurance is provided by all Banks. Ask your CA or the agent to advice you about the plans. Keep these two important benefits in mind, tax saving and retirement planning.
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