Tips for Tax Saving
To get the tax benefit, it is important to show the investment proof. Tax waiver is applicable if the investment has done in the following:
Mutual funds – There are several government and private mutual funds available in the market such as State Bank of India mutual funds, Franklin Templeton, Kotak Mahindra and ICICI. Investor has to take care that tax waiver is available only on those mutual funds that have a locking period; a fund without a locking period is not eligible for the income tax benefit.
Home Loan – If an individual has purchased any property on loan, a tax waiver is applicable on it.
House Rent – House rent is another mode to save the income tax. While filing for income tax, tax receipt should be attached.
Insurance Policy- Government has given tax benefit on different type of insurance policies such as life insurance policy and health Care. This should be noted that no tax benefit is given for the General insurance like motor insurance etc.
So get going & save your tax.
