Investment to save on your taxes on ITR Filing

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save taxes on ITR filing

As per the notification of Government of India, the filing of ITR for the assessment year 2017-18 will be a simplified ITR filing for individuals starting from 1st April. ITR-1 e-filing facility is available from 1st April till the stipulated dateline, i.e. 31st July’17. Investment to save on your taxes on ITR Filing.

Save on your Taxes on ITR Filing

The current forms for filing ITR are – ITR-1 Sahaj for the salaried employee and ITR 2 for the individuals and HUFs, whose income does not include the business income.

If you’re also filing income tax return then below listed investments can save you taxes.

Equity- Linked Savings Scheme (ELSS)

ELSS is one of the best saving investment with the potential of highest return. And its market risk can be neutralized by employing SIP mode of investment.

Public Provident Fund (PPF)

It is one of the safest long term saving investment. It earns a tax-free return of 7.9% which is better than taxable FD interest. Moreover, you can gain a tax deduction up to Rs. 1.5 Lakh u/s 80C.

Insurance Plan

Life Insurance as well as Medical Insurance can provide dual benefit of protecting against eventualities and tax savings u/s 80C and 80D respectively. However, you should not misread insurance with investment.

Sukanya Samriddhi Yojana

It is one of the best tax saving investment for girl child of less than 10 years of age. It provides a tax deduction up to Rs. 1.5 Lakh u/s 80C and benefit you tax free interest of 8.4%.

New Pension Scheme (NPS)

It is one of the best tax saving investment plans for retirement. It can provide you deduction u/s 80CCD(1B) up to Rs. 50,000/- which is over and above Rs. 1.5L u/s 80C

Senior Citizen Saving Schemes (SCSS)

It is one of the best tax saving scheme for senior citizens. It is an investment without any risk and allows you claim deduction u/s 80C. Moreover, premature closing is also available after 1 year.

Therefore, this assessment year 2017-18 escalate your tax return with these tax-free schemes. Moreover, the supposed deadline on 31st July was extended to 5th August ’17 due to day long strike at public sector bank.

However, if you missed the extended deadline you can still file your ITR by paying minimal penalty. In some cases, you can avoid paying the penalty too.

2 COMMENTS

  1. Excellent work by ITR.This blog conatins details in breifly and accurate manner.Great work by ITR team it really nice to explain everything about taxes. It touches each and every corner of tax and its related branches in a neat and aligned manner.All India ITR experts solve my problem in simple way.
    None of the tax or investment blogs or websites provide such details.It’s really great that u take initiative to tell people about this and your way of representation of thought is really good.We can understand out problem very easily and get our answers faster. Thanks , this really help me alot.This blog is really helpful for us to know more about ITR.This is the blog that i needed and i have been searching for such blog from a very long time now .
    but today finally i found it and that to even in such an easy language which was really easy for me to understand and very easy to learn from it.
    I can now easily share and understand my knowledge regarding ITR.

  2. Thanks this blog has really helped me alot. This really helps and tells a process that is required to fill up an Income tax return. This blog tell us step by step how we should fill taxes and yes it is also easy to understand. Each and every details have been mentioned in simple and clear language.
    i would prefer anyone to have a eye on it to clear all their doubts. The best thing about this blog is that we can get every information hear only. we shoud not go on different side to search about itr. Great work keep it up.It tell breifly and accurately about taxes. The blog is very detailed and the way it explains the things is very easy to understand and to retain it really helps a person on how to fill up the ITR and how to enquire about it. Great work from ALL INDIA ITR since it is a very well written and a very useful blog.

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