Robinhood Insurance Broker Private Limited

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Be-Smart-Start-Planning-Tax-Investments-for-2021-22-Today__Feb 2021

Be Smart – Start Planning Tax Investments for 2021-22 Today!

While many Indians have only recently put the finishing touches to their IT Returns filing for FY 2019-20, we at OneInsure believe it is never too early to plan to reduce the outgoings of your hard-earned money. And we’re talking about FY 2021-22 here, investments for which you can start in April 2021 through March 2022.

The primary tax-saving avenue for Indians is to make investments that comply with Section 80(C). You can claim a maximum tax deduction of Rs 1.5 lakhs under this Section. Also, it is interesting to note is that this amount doesn’t all have to be in investments alone. For example, if you are repaying the principal amount of a home loan, you are eligible for tax relief under Section 80(C) too.

Let’s briefly look at some of the most popular investments and other payments to save tax under Section 80(C):

  • Investments:
    • Life insurance premium payments
    • Unit-linked Insurance Plan (ULIP)
    • Public Provident Fund (PPF)
    • National Pension Scheme (NPS)
    • Tax-saving Fixed Deposit (FD)
    • Equity-linked Savings Scheme (ELSS) Funds
    • Sukanya Samriddhi Yojana
    • Senior Citizens Savings Scheme (SCSS)
  • Other payments:
    • Home loan repayment of the principal amount
    • Kids’ tuition fees

Tax saving is a delicate balancing act that involves smart, affordable investments and long-term vision. You should be careful not to make such a large investment for tax purposes that you then have very little liquidity left. And you should not be looking for new tax-saving avenues every year either.

We encourage slow and steady tax-saving investments (monthly) and instruments that give tax exemptions in as many stages as possible; that is, investment stage, accumulation stage, and withdrawal stage. The following plans are designed to continue for a long time and allow you to save tax while you grow wealthy slowly and steadily.

Child Plans

Child plans help you stay ahead of rising costs of education, your child’s marriage expenses, and many other major expenses. Major benefits:

  • Premiums and pay-outs both come with tax benefits
  • Flexible premium-payment terms
  • All pay-outs guaranteed
  • Inbuilt death cover

Retirement Plans

Retirement plans help you plan and save today so you can have an independent tomorrow. Investing in retirement plans is one of the most crucial decisions you will take in your earning life. Major benefits:

  • Premiums and pay-outs both come with tax benefits
  • Flexible premium-payment terms
  • All pay-outs guaranteed
  • Small savings turn into a huge corpus by the time you retire due to compounding
  • Flexibility to choose between lump sum pay-outs, monthly pay-outs, or both

Don’t delay tax-saving investments until it is too late. Contact OneInsure today in case of queries.
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