Friday, September 22, 2017

Tax Saving LIC Plans


These 3 are the most popular sections for tax saving and have lot of options to save tax. The maximum exemption combining all the above sections is Rs 1.5 lakhs under 80(c).
 80CCC deals with the pension products while 80CCD includes Central Government Employee Pension Scheme.

From a tax saving perspective all insurance plans are equal. So regardless of the life insurance plan, tax-saving is assured. The premiums paid on these policies help avail tax deduction and hence they are some of the important tax saving plans that one must be sure to consider.
You can get tax advantages at different stages of the policy

i) You receive tax benefits on your premium payments under Section 80C (life insurance), 80CCC (pension) and Section 80D (health)

ii) The growth of your investment under the life insurance policy is not taxable
iii) Maturity Amount you receive is tax free under Section 10(10D)

Income Tax Slabs:

There is NO separate tax slab for men and women. Earlier women used to have slight benefit over men in terms of lower taxes!

The tax slabs are determined on age of person. As of today there are 3 slab rates based on age:
Below 60 years of age
Senior Citizens (60 to less than 80 years of age)
Very Senior Citizens (80+ years of age)

To know more about Tax Saving Options call 9945689986