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Income Tax Saving Schemes
• Provident Fund
• Public Provident Fund
• Life Insurance Premium
• Unit Linked Insurance Plan (ULIP)
• Equity Linked Savings Schemes of Mutual Funds(ELSS)
• Infrastructure Bonds
• National Savings Certificate
• 5 year deposits in Bank
• Senior Citizens Saving Scheme 2004
• Post Office Term Deposit Account
• Health insurance
Bank fixed deposit
• Interest-8% - 10% (depending on banks)
• Term-15 days to 5 years and above
• Investments
– Minimum — Rs. 100 (depending on banks).
– Maximum — Unlimited (depending on banks)
• Tax benefits:Investment on bank deposits, along with
other specified incomes, is deduction from taxable
income up to a limit of Rs.1,00, 000/- under Section
80c.
• Depending on scheme
• Tax benefits
• Investments in insurance schemes
earn rebates under 80C.
Equity Linked Savings
Scheme (ELSS)
• Lock in period: Three years
• Investments
– Minimum investment Rs. 5, 000/-
– Maximum limit — Rs. 1, 00, 000.
• Tax benefits
– Investments in ELSS earn are eligible for
deduction under 80C.
Unit Linked Insurance Plans
(ULIPS)
• Investments
– Depending on scheme.
Tax benefits
– Investments qualify under Section
80C of the Income Tax Act. Maturity
proceeds from ULIPs are tax free.
Health insurance (u/s 80d)
• Eligible Assessees
Individual and Hindu Unified Families (HUF) only
• Scope
Premium paid under:
• Medical insurance scheme of The General Insurance Corporation approved
by the Central Government, or
• Any other insurer approved by the Insurance Regulatory & Development
Authority (IRDA)
• Mode of Payment
Any mode of payment is accepted including payments made through
credit cards, except cash.
• Deduction
• For non-senior citizens: The amount of mediclaim insurance premium
paid or Rs. 15000, which ever is less
• For senior citizens: The amount of mediclaim insurance premium paid or
Rs. 20000, whichever is less.
• Scope of Coverage
• For an individual: Insurance paid on the health of an assessee, spouse,
dependant parents, and dependent children
WHICH PRODUCT IS
SUITABLE FOR DIFFERENT
AGE ’ S PEOPLE
vAccumulation stage.
vConsolidation stage.
vSpending stage.
vGifting stage.
Accumulation stage