Tax
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Tax season is here, and it is natural to think of ways to reduce your tax burden. No one wants to part ways with one’s hard-earned money. However, one needs to make sure that the ways one
resorts to are legal. This would require some research and consultation. So, to make your workeasier, here’s OneInsure to take you through a list of investment options under Section 80(C) of the Income Tax Act, through which you can reduce your tax burden. Note that under Section 80(C), you can claim a maximum of ₹1,50,000 tax deduction. -
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While most urban taxpayers in India like to save tax through investments, retirement plans, or ULIPs, there are many among us who choose to protect themselves with a circumspect health plan that gives them the following advantages:
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Section 80(C) of the Income Tax Act provides avenues for tax-payers to reduce their tax burden. Individuals and Hindu Undivided Families are both eligible to claim deduction under this section. Tax-payers can claim deductions of up of ₹1,50,000 per year depending on their contribution to the permissible tax saving instruments.
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Pension plans have a big role to play once we cross the age of 60 - they provide financial coverage and give us a sense of financial stability and security. Now, it must be noted that just because we’ve retired, we don’t just stop paying taxes. The pension that a retired individual receives is regarded as salary and is therefore taxed as ‘income from salary’.
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Even the government wants us to buy more health Insurance which is very evident from the fact that health insurance tax deduction limits have been increased from the financial year 2015-16. This is also done keeping in mind the ever rising cost of medical treatments.