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Updated Feb 27, 2021 | 05:58 IST
Section 80C of the Income Tax Act includes various investments and expenses you can claim deductions on – up to the limit of Rs. 1.5 lakh in a financial year 5 tax saving schemes with guaranteed returns up to 7.6%
New Delhi: Tax planning is extremely important and the best time to start planning your tax-saving investments is at the beginning of the financial year. Most taxpayers procrastinate till the last quarter of the year, resulting in hurried decisions. Instead, if you plan at the start of the year, your investments can compound and help you achieve long-term goals. The most popular tax-saving options available to individuals and HUFs in India are under Section 80C of the Income Tax Act.
Interest earned on balances in savings accounts held with banks or post offices is taxable under “Income from other sources”. Did you know that you can actually save this tax to an extent? What is Section 80 TTA? Which accounts are included? Which are excluded? What s the maximum deduction? Are you obligated to disclose Interest earned on balance maintained in Savings Bank account? What will be the consequences of not reporting the interest income earned on balance maintained in savings bank account?
In this podcast, we answered all of these and more Dear Reader,
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