Tax savings plan in Chandigarh

You can reduce the amount of income tax that you are needed to pay in Chandigarh, which is also known as the “city wonderful,” by making use of tax saving strategies. This is the way that is the most effective and efficient. The city of Chandigarh is well-known for the wonderful architecture that can be found across the city. A wide variety of income tax savings programmes are made accessible to taxpayers in accordance with the requirements of the Income Tax Act of 1961 that are appropriate to the circumstances of the taxpayers. This is the case because the Income Tax Act of 1961 was passed in 1961. The most important of these provisions is known as Section 80C, and it gives taxpayers the opportunity to decrease their annual tax burden by up to Rs. 1.5 lakhs if they want to take advantage of it. If this provision is utilised, the taxpayer’s total tax liability is reduced to Rs. There are a number of additional benefits that can accrue to individuals, in addition to those benefits that were listed above in the previous paragraph.

WHAT IS TAX SAVING PLAN ?

Income tax savings schemes are offered as per the relevant sections of the Income Tax Act, 1961. The chief among these is the Section 80C which offers potential tax savings options of up to Rs. 1.5 lakhs yearly.An individual can get higher returns for long period without deduction of tax.for senior citizen it will give 7.40% while for individual citizen it will give 6.80% of return

best endowment plans in chandigarh
New retail investor who complies with the condition of gross total income less than Rs 12 lakh can enjoy deduction under RGESS. One can invest maximum Rs 50,000 for claiming deduction under RGESS. New retail investor gets 50% deduction of the amount invested from the taxable income for that financial year.