Tax saving is a broad term that includes all types of investments that help you reduce your tax burden. All of these investments come with their own set of rules and benefits. They can be divided into two categories – investments you make in yourself, such as insurance plans and pension schemes, and those that you make for your family members, typically in the form of education or healthcare plans.
Section 80C deductions are the most commonly used tax-saving tools in India today. Other sections include 80CCC (for pension schemes) and 80 CCD (1B) (for contributions to NPS). The Section 80D deduction is available for premium payments towards medical insurance, while the Section 80E deduction is allowed on interest paid towards a student loan.
Let’s take a look at some of the best tax saving schemes you can consider in India along with an online income tax calculator:
1. Equity Linked Saving Scheme
Equity Linked Saving Scheme (ELSS) is a type of mutual fund that allows you to save on taxes and create wealth over the long term. ELSS is one of the most efficient tax-saving schemes available for you to reduce your tax liability under Section 80C of the Income Tax Act, 1961. You can invest in ELSS by paying a lump sum amount or through SIPs.
This fund scheme invests at least 80% of its corpus in equity shares and equity-related instruments. The investment period for these funds is 3 years which makes it the shortest lock-in period among all 80C investments. If you feel problem in calculating taxes then try out our online income tax calculator for the same purpose.
2. National Pension Scheme
Next on the list of tax-saving schemes is the National Pension Scheme (NPS). This is a self-contributory scheme for government employees and all other Indian citizens, who are not government employees. Under NPS, you contribute towards your retirement corpus and may claim a deduction in the process. Let’s look at how much NPS contribution qualifies for a tax deduction.
Of the ₹1,50,000 that you can claim under Section 80C, you can claim a further amount of up to ₹50,000 under Section 80CCD(1B). This effectively takes your total limit under Section 80C to ₹2 lakhs. Note that this upper limit doesn’t include any investments that qualify for deduction under other permissible Sections such as Section 80D or Section 24. Consider using an income tax calculator for accurate results.
3. Unit Linked Insurance Plan
A ULIP is a combination of insurance and investment. The policyholder invests their money in the market through these plans. In exchange, the policyholder receives life cover as well as market-linked returns.
The policyholder can choose to invest their money in a mix of equity and debt funds according to their age and risk appetite. However, investments made in ULIPs cannot be withdrawn by the policyholder until they complete five years of their maturity.
In addition to this, ULIPs also offer multiple tax benefits to investors under Section 80C of the Income Tax Act, 1961. The amount invested by the investor is eligible for tax deduction up to INR 1.5 lakh per year.
4. Public Provident Fund
The PPF is a long-term investment that is open to all, including minors. With an interest rate of 8% and the option for premature withdrawals for some reasons, it remains one of the most popular tax-saving schemes in India.
The interest rate of PPF is set by the government and there are no charges levied by banks on it. So if you’re looking for a safe and low-risk investment option with assured returns, then PPF must be on your radar.
There is a lock-in period of 15 years but there are provisions for premature withdrawals (for specific purposes) after 7 years. The maximum amount eligible for tax deduction under Section 80C is Rs 1 lakh per annum.
5. Sukanya Samriddhi Yojana
The Sukanya Samriddhi Yojana was instituted by the government of India in 2015 with an aim to help parents save for their daughter’s future, including but not limited to, her education and marriage. The scheme is run by the Ministry of Finance, Department of Economic Affairs, Government of India and is eligible for tax exemptions under Section 80C of the Income Tax Act 1961.
6. National Savings Certificate
National Savings Certificate (NSC) is a government-backed investment instrument available in post offices. The scheme was launched to encourage people to save money for their future and at the same time, provide them with tax benefits. The investment is eligible for tax deductions under Section 80C of the Income Tax Act, 1961.
The NSC has a lock-in period of 5 years. It can be issued by an individual in his own name or jointly for and on behalf of minor children (not exceeding two). Even HUFs and trusts can invest in this scheme. However, an NSC cannot be pledged as security with financial institutions as it is non-transferable.
7. Senior Citizen Saving Scheme
If you are a senior citizen, you can invest in the Senior Citizen Saving Scheme (SCSS). The maximum investment is Rs 15 lakh. Interest rates are fixed by the government and are currently 8.6% p.a. The interest is paid quarterly. You can open an account at any post office or designated branch of public sector banks. There is no tax deduction available on the amount invested in SCSS but it comes under EEE i.e., Exempt-Exempt-Exempt status, and hence the interest earned and maturity amount will be exempt from income tax.
That’s a wrap! So, saving taxes is important. And it’s hard to do alone. But now that you’ve gone through this guide, you’ll be able to choose the best tax-saving investment as per your needs and risk appetite. After all, there’s a tax-saving option for every age group. So choose wisely and save the most you can. Moreover, to know how much you can effectively save on taxes with these options, you can also consider using an income tax calculator.
A Detailed Guide on Helium (HNT)
The Helium network can connect IoT devices via hotspots. These hotspots are nodes with public network coverage but are not connected to the Internet. This enables communication between devices without a middleman. It provides secure communications channels between devices and the ability to easily send and receive transactions over any distance. Visit www.bitql.cloud/ to sign up and begin buying, selling, or using this virtual currency in daily transactions.
Helium is a decentralized data exchange platform and protocol. Built on FICE and Ethereum, Helium enables users to own and monetize their data. It is a decentralized internet content management and hosting system. Helium aims to provide a truly trustless and censorship-free decentralized system where applications can be referred to as the decentralized “Netflix ” or “Google” of their industry.
What Is Helium (HNT)?
This cryptocurrency is also known as the people network because it will provide better, speedy, and more valuable IoT to the people. It will address all the problems and improper solutions on the Internet. You all know that the vast issues on the IoT are security and privacy because your data is never secured.
Because Google always sees what you are doing, it has every record of your searches or queries on the Internet. However, the technology used in Helium will solve all the problems. The blockchain technology of Helium will remove all the revealing privacy hurdles that come while using the Internet.
Helium is a decentralized network of Hotspots based on the technology known as LoRaWAN. It is a place where the helium blockchain connects. It has over twenty-five thousand hotspots on one network, which means many users can use it.
It enables communication between the devices by providing access to the public network through its user node. These nodes are known as hotspots. Helium (HNT) is a Blockchain-based, wireless communication platform that enables next-generation network connectivity and IoT data sharing within the M2M & IoT sector.
Cryptocurrencies are digital currencies that have no physical form. They are made up by securing a public key on the blockchain, which cannot be changed or deleted and is stored on the device or distributed ledger. Their value stems from this, as you can only spend them once they have been mined and issued.
There are over 18,465 cryptocurrencies on the market right now. Of those, only a relatively small number of coins stand out. Helium, formerly known as HNT, is one such cryptocurrency.
It has been around since July 2019, but it has managed to make quite a name for itself in that short amount of time. It’s still new and relatively unknown, but it’s growing fast not just in price but also in popularity as an investment vehicle and tool for developers who want to create decentralized applications (dApps).
Helium is a permissionless and immutable blockchain. It is expected to disrupt all the existing business models in the industry by providing them with solutions tailored to their needs. Helium acts as an interface, protocol and smart contract layer for many financial and commercial products. As such, Helium will include the ability to access cryptocurrency exchanges and trading services, which our partners will provide.
The platform’s goal is to allow users to interact with one another to facilitate the creation of value and enable secure internet connections. It aims to become a second-generation blockchain solution which addresses the limitations of the first generation blockchains by using off-chain smart contracts.
Helium (HNT) has a maximum supply of 7.3 billion tokens with an approximate price of $0.0151 per token. If you want to trade in cryptocurrencies, you can trade in cryptocurrencies using bitcoin trading software. This will provide you with every necessary feature to trade in cryptocurrencies.
Above, we have told you about Helium (HNT) blockchain. Also, you can know about the purpose of the Helium (HNT). You will get to know how you can use a secure Internet while using the Helium (HNT) blockchain network.
All the internet users have privacy concerns because all the websites always know what you are doing online especially google. For these concerns, they introduce Helium (HNT). You will be able to use a secure and safe Internet in the future. Please read the above-mentioned post carefully to know more about Helium (HNT).
BitGo Cryptocurrency Wallet Review
BitGo is a well-known cryptocurrency wallet provider that has been operational since 2013. It keeps various security features. This review will reveal the pros and cons of using BitGo as a wallet for your cryptocurrencies. It allows you to invest in multiple digital currencies, including Bitcoin, Ethereum, and Litecoin. The BitGo wallet is available on both Android and iOS platforms. In this BitGo cryptocurrency wallet review, we’ll look at the features and performance of the BitGo wallet. If you are intrested in bitcoin mining, we found this trading app for you.
BitGo is a cryptocurrency wallet that offers a range of features for users and businesses. In this BitGo Cryptocurrency Wallet Review, we look at what the wallet can do and how it compares to other options.
BitGo is a popular Bitcoin wallet that offers features that make it stand out from the competition. These features include multi-signature security, hierarchical deterministic wallets, cold storage options, and an easy-to-use interface. Overall, BitGo is a well-rounded Bitcoin wallet that can be used by experienced users and newbies alike.
The wallet has been designed to provide users with the best possible experience. It has several features that make it stand out from other wallets. These features include multi-sig support, HD hard drive backup, and secure cold storage. BitGo also offers its API so that developers can build additional functionality on top of it.BitGo is a well-known and highly respected wallet provider. It offers several features that set it apart from the competition. Some of these features include:
This allows you to create a secure transaction with multiple signatures. This is great for preventing unauthorized transactions from occurring.
BitGo has implemented several security features that make it difficult for someone to steal your funds. These features include 2-factor authentication and cold storage.
The user interface of BitGo is very user-friendly. This makes it easy to manage your funds and stay safe online.
The BitGo wallet is compatible with various platforms, making it easy to use on both desktop and mobile devices.
The BitGo platform integrates with several popular exchanges, allowing you to easily trade cryptocurrencies using the BitGo wallet.
Supported Coins of BitGo Wallet
BitGo Wallet is a popular and well-known wallet for Bitcoin, Ethereum, Litecoin, Dogecoin, Dash and many other altcoins. BitGo Wallet supports many coins, making it one of the most versatile wallets on the market. The wallet has a built-in exchange function that allows you to easily trade between supported coins.
Recently, BitGo announced that it would be implementing fees for some of its services. There are a few different fees, with the most common being the 0.5% commission on each transaction.BitGo, a bitcoin security company, announced that it would be implementing a 1% fee on all bitcoin transactions. The fee will go into effect on January 1, 2016. This fee will help cover the costs of processing transactions and protecting users’ bitcoin holdings. BitGo has also announced that it is discontinuing its free account service.
BitGo, the world’s leading blockchain security company, announced that its virtual wallet service fees would increase from 0.10% to 0.15% effective May 1. If you want to trade cryptocurrencies for fewer feeses, please use bitcoin trading software. The move is designed to continue BitGo’s tradition of providing the highest quality and most affordable virtual wallet service.
How to Buy Cryptocurrencies on the BitGo wallet
BitGo is a popular bitcoin wallet that allows users to buy and sell cryptocurrencies. Here’s how to do it:
- Open the BitGo app and click on the “Buy Bitcoin” button.
- Type in the amount of bitcoin you want to buy and click on the “Buy Bitcoin” button.
- It’ll take you to a screen where you can enter your payment information.
- In the top left corner, click “Accounts.”
- Under “Wallet,” click “Deposits.”
- In the “Withdrawals” section, click “Bitcoin.”
BitGo is an excellent cryptocurrency wallet and offers many features not found in other wallets. Read the post mentioned above carefully if you want to know more about the BitGo wallet. Getting the proper knowledge of different cryptocurrencies’ wallets is necessary to make an appropriate investment in several cryptocurrencies.
In-Depth Details on Digital Yuan!
There have been a lot of problems going on between the different nations of the world, and one of the imperial tug of war that we have been capable of watching for a long time is between China and USA. The USA already has the global market’s grab with eight United States dollars, a digital currency. On the other hand, China has always been trying to cope with the global dominance of the United States dollars. Now, the Chinese government decided to launch a currency regulated by the Chinese government and be called a digital currency. It will cope with the global dominance of the United States dollar, and therefore, the concept is considered quite interesting by the Chinese government. If you are interested in Digital Yuan trading then check on the official software from where you can clear your all doubt.
Even though China has a lot of dominance in other areas, it is pretty poor when it comes to financial assistance. Even though the population of China has already been getting a lot of technologically advanced financial systems, it is still not prominent at the global level. So, the Chinese government decided to cope with the global dominance of the United States dollar with the help of its digital currency. The Chinese government decided to launch the CBDC to have a currency that could compete with the United States dollars globally. Apart from that, it also aims to suppress cryptocurrency activities. In the light of the same, the Chinese government banned the use of bitcoin and any other cryptocurrency within the borders of China last year. It has led to a lot of controversies worldwide, but now, the economy of China is stable.
What’s digital currency?
People who are not ever exposed to the digital market of financial assistance would not know about digital money. An important thing that you must understand about digital currency is that it is nothing else but a representation of Fiat money. Also, the representation is over the internet and, therefore, more sophisticated and straightforward for the usage of every person. It has plenty of advantages to deliver for the creator and the people who are using it, and therefore come on the concept is pretty much famous all over the world nowadays.
Another crucial aspect of the central bank’s currency that all must know is that the government regulates it. They are the ones who are going to decide the price and also will launch policies to control its flow in the nation. The highly advanced control system for the digital currency makes it centralised as the power is at the top authorities. Moreover, when the power is with the central authority, there is going to be no room for speculation, and that is something which is going to make the central bank currencies less prominent on the digital platforms.
The basic idea behind creating the central bank’s digital currency is nothing else but to get benefits for the people and the nation. The Fiat currency has been capable of giving a lot of advantages to the people, but to the government, this is still a huge issue. It has to control a large amount of money which exists physically and is also regulated from time to time through the local banks. It will no longer be the problem as the medium will be over the internet. With the internet connectivity of the money, it will be easier for the government and banks to regulate it and control its flow.
Moreover, an efficient, controllable finance system will be distributed among the people so that the top authorities can always remain in power. The primary reason behind banning bitcoin is that it was out of the control of the government. People are capable of earning considerable wealth with the help of this digital token, and this is not something that the government can allow. So, China decided to suppress the bitcoin activities in the nation. Moreover, it threatened the government’s financial system, which led to the emergence of the digital currency of China’s central bank. Also, digital finance helps the government make better financial decisions so that the money flow can be controlled and regulated among people.
The Importance of Body Language: How to Understand and Use It
How to Get Along with the Opposite Gender: Tips for Relationship Success
5 Remedies for Reducing Cellulite
Reasons to Partner with a Background Check Company
131 Powerful Self Awareness Quotes to Help You Look Deep Inside
103 Inspirational Self Reflection Quotes for Change and Growth
The Cost of Stem Cell Therapy in 2022, the Best Price in Europe
Should You Give CBD to Your Puppy?
What Is the Difference between Gambling and Investing?
Art, Music, and Humour: How Ukraine is Maintaining Public Morale Amid Conflict with Russia
Top 10 Proofreading Tips to Improve Your Resume
80 Lil Wayne Quotes That’ll Inspire Us to Live and Enjoy Our Life
75 Nicki Minaj Quotes That’ll Inspire You to Take Action to Live Your Dreams
Five Tips to Prevent and Cure Nail Fungus
Five Fun Event Ideas
10 Exotic Destinations Every Student Can Afford
Build the Best Skincare Routine with Some Basic Tips
4 Tips to Help You Be a Better Police Officer
67 Musician Quotes That Help You View Things the Way Only a True Artist Can
5 Ways to Help Someone with Mental Issues
- LifeStyle2 years ago
68 Inspiration Quotes by Nipsey Hussle to Help Build a Better Life
- LifeStyle2 years ago
80 Rapper Quotes on Love, Family& Hip Hop That Will Rekindle Your Life
- Growth2 years ago
70 Inspirational Quotes about Mentors to Uplift Your Spirit
- Quotes2 years ago
111 Fake People Quotes and Sayings with Images
- Motivation2 years ago
79 Haters Quotes and Sayings to Motivate You
- Affirmations2 years ago
101 I Am Affirmations for Success, Abundance, Wealth and Happiness
- Affirmations2 years ago
110 Healing Affirmations for Body, Mind & Soul Repair
- Motivation2 years ago
82 Beach Quotes and Sayings to Make Your Day