Income Tax Saving Investments Tax Planning

Contents

Today, We want to share with you Income Tax Saving Investments Tax Planning.
In this post we will show you Tax Planning: How to Save Tax legally in different ways, hear for Best Ways to Save Tax Legally we will give you demo and example for implement.
In this post, we will learn about How To Save Tax In India- 10 Ultimate Tips For Salaried with an example.

Today I will tell you the best tips and tricks of tax saving (2019-2020)

Tax Planning: How to Save Tax legally in different ways : Everyone wants to increase their income (salary) and everyone want to save taxe.

And many ways to save income tax and You might know few of these but I am sure you will find at least 1 new way from this article that can save more tax this year

1- Interest Income on Saving Account

You might not be aware that interest income on saving accounts is not taxable up to 10k Rupees and If you earned 15k as interest from all your savings accounts then you have to pay tax only on 5k rupees its great idea

2- Interest Income on NRE Account

Indian Government is very very friendly to NRIs amd Someone with NRE account does not have to pay tax on interest income on saving or fixed deposit.

3- Maturity or Claim amount by Life Insurance

As per amendments introduced in the Finance Act, 2003, any proceeds receive on account of maturity or surrender of an insurance policy were exempt from tax its only if the premium paid did not exceed 20% of the sum assured.

4- Educational Scholarship

Any amount received as a scholarship for education is not taxable in india and It does not matter if the scholarship is granted by government trust or private trust.