Invest in these tax-saving schemes by March 31 to keep your accounts active

THE ECONOMIC TIMES Sat, Mar 14, 2020 | 12:08 PM IST Tax-saving guide

Invest in these tax-saving schemes by March 31 to keep your accounts active Here is a look at the minimum amount you need to invest in some schemes to keep them active and what happens if it is not done. Yes Bank crisis could hit your tax saving for current financial year: Here's what to do If your SIP in an ELSS mutual fund scheme or premium for health or life insurance was being auto-debited from a Yes Bank account then these debit won't have taken place after the bank was put under moratorium. Want a safe option to save tax and fund your retirement? Invest in PPF Since the Public Provident Fund (PPF) has a long tenure of 15 years, the impact of compounding is huge, especially in the later years. How to know which income tax slab you fall in? ​​As your income level increases, income at different levels or in different bands will be taxed at different rates which are called the slab rates. To know how much is your tax liability in FY 2019-20, it is important to know which income tax slab you fall in. Post tax, Rs 5 lakh income will be higher than Rs 5.16 lakh: Here's why If your net taxable income exceeds Rs 5 lakh by even Re 1 then you will be ineligible to avail a tax rebate. Can NRIs save tax through health insurance bought in India? An NRI is allowed to buy a health insurance policy in India to secure their health as well as that of their family members. Most Indian health insurance policies provide treatment only within the boundaries of India. Disabled can claim tax saving deductions up to Rs 1.25 lakh under sections 80DD, 80U "The amount of deduction depends on the percentage of disability. The deduction claimed is fixed irrespective of the actual expenses." Best tax-saving options: Ranking of the top 10 instruments ET assessed 10 tax-saving instruments on 8 parameters. Find out how the different options scored this year. Your parents, wife and children can help you save taxes. Here's how Salaried individuals can save tax by paying rent to their parents and availing the HRA exemption benefit. Are taxpayers ignoring ELSS mutual funds this financial year? Have taxpayers been ignoring the tax-saving mutual fund schemes for a while? Sadly, the Amfi data suggest that the investors' interest in tax-saving schemes have been waning in the last few years.

More Newsletters

Daily Newsletter Special stories that round up the major developments of the day

ET Mutual Fund A weekly round-up of the top news and views from the mutual fund industry

ET Investment Opportunities Property, Stocks, IPOs, NFOs, Mutual Funds and latest investment options in your inbox

Wealth Weekly news on personal finance, stocks, property, gold, tax planning and more

FOLLOW US ON ET

About us|Advertise with us|Feedback|Sitemap|Code of Ethics © 2020 Times Internet Limited.

To ensure delivery directly to your inbox, please add etnotifications@indiatimes.com to your address book today. If you are having trouble viewing this newsletter, please click here

To unsubscribe or edit your subscriptions please click here