Income Tax Return (ITR): Huge benefits on offer; just do this with ELSS, Insurance, PPF, FD, other money-making schemes

Income Tax Return (ITR): Planning your taxes is important to not only save money but also grow your incomes by investing in instruments which can offer you tax savings. This is an important thing which is often overlooked. One of the things you must do is to invest in schemes which offer tax benefits

ZeeBiz WebTeam | Feb 05, 2021, 04:39 PM IST

Income Tax Return (ITR): Planning your taxes is important to not only save money but also grow your incomes by investing in instruments which can offer you tax savings. This is an important thing which is often overlooked. One of the things you must do is to invest in schemes which offer tax benefits. Source: Reuters  

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Which Sections Offer Income Tax Returns (ITR) Benefits

Which Sections Offer Income Tax Returns (ITR) Benefits

You can avail benefits in your Income Tax Returns (ITR) filings by investing in schemes that offer tax benefits under Section 80C, Section 80D and Section 80CCD. Source: PTI  

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About Section 80C, Section 80D and Section 80CCD

About Section 80C, Section 80D and Section 80CCD

Under Section 80C, the exemption limit is up to Rs 1.5 lakhs on certain schemes. Under Section 80D, the exemption limit is on investments up to Rs 75,000 and under Section 80CCD, the exemption limit is on investments up to Rs 50,000. Source: Reuters      

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See Income Tax Returns savings schemes under Section 80C

See Income Tax Returns savings schemes under Section 80C

1) ELSS (Equity Linked Savings Scheme) - ELSS is an ideal way to save tax as well as create wealth. It also has the lowest lock-in period compared to other tax-saving instruments. 

2) Life Insurance - Life insurance is a must-have in your financial portfolio. You can protect your loved ones and save for your goals. 

3) PPF (Public Provident Fund) - PPF is a government-backed small savings scheme that offers secured returns, making it a suitable tool for retirement saving. Source: PTI

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More Schemes Under 80C

More Schemes Under 80C

4) Tax-Saver FD - Invest in Tax-saver Bank FDs for saving tax and to earn stable and secure returns. 

5) Atal Pension Yojana - A government-backed pension scheme that guarantees monthly pension ranging from Rs 1,000-5,000 after the age of 60 years 

6) Sukanya Samriddhi Yojana - It is a government-backed savings scheme solely for the girl child that offers fixed and secured returns. Source: PTI 

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See schemes under Section 80D

See schemes under Section 80D

Health Insurance - A comprehensive health insurance policy can protect you and your family from a monetary burden. It will also save your tax out go. Source: Pixabay 

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More Schemes Under 80CCD

More Schemes Under 80CCD

NPS or National Pension System - It is a market-linked savings instrument managed by the PFRDA (Pension Fund and Regulatory Development Authority). Source: PTI