The government of India has announced a series of tax related measures in the form of the Pradhan Mantri Fasal Bima Yojana (PMFBY) and the Pradhan Mantri Garib Kalyan Yojana (PMGKY). The PMFBY aims to provide financial assistance to lower income households, while the PMGKY aims to provide relief from various taxes.
In this article, we will be discussing the tax saving benefits associated with investing in Permanent Fund Funds (PFs) and insurance policies. These benefits are effective from 2022, so now is the time to get ahead of the curve and start saving!
what is Rajkotupdates.News: Tax Saving PF FD and Insurance Tax Relief 2022?
Rajkotupdates.News is here to update you on the latest tax saving schemes and insurance tax reliefs available in Rajkot and across the country. You can find out about PF FD, insurance tax reliefs, as well as other useful information on our website.
We have collected all the important information in one place so that you can easily understand it and take advantage of these benefits. Make sure to check us out today!
Working of Rajkotupdates.News: Tax Saving PF FD and Insurance Tax Relief
Rajkotupdates.News is a leading news portal in Rajkot, Gujarat with coverage of the latest news, current affairs, and politics. The portal offers subscribers exclusive tax-saving PF FD and insurance tax relief tips.
The working of Rajkotupdates.News is as follows: First of all, the portal gathers all the latest news on various topics from various sources. After verifying the authenticity of the news, it presents it to its readers in an easily readable format. In addition to this, Rajkotupdates.News also offers subscribers exclusive insurance tax relief tips. These tips are specially designed to help subscribers save money on their insurance premiums.
Apart from this, Rajkotupdates. News also provides comprehensive information on various PF schemes such as PPF and EPF. This information is presented in an easy-to-understand format and helps subscribers understand the pros and cons of these schemes. In addition to this, the portal also offers detailed information on various insurance products such as life insurance, health insurance, and car insurance. Finally, Rajkotupdates.News also offers helpful tips on how to save money on taxes through various means such as PF FDs and EPF investments.
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To save money on your taxes, you can use a Personal Financial Diversification (PFD) account. A PFD account is an investment account that helps you to save for retirement, purchase a home, and more.
The government has announced new tax relief for individuals and families in the form of the Tax Cuts and Jobs Act (TCJA). The TCJA provides significant tax relief for individuals, including:
- – The standard deduction has been increased from $6,350 to $12,000 for single taxpayers and from $12,700 to $24,000 for married couples filing jointly. These amounts are indexed for inflation.
– The estate/ Inheritance Tax exemption has been increased from $5.45 million to $11.2 million per individual and from $22.4 million to $56.8 million per married couple filing jointly. These amounts are indexed for inflation.
– The child tax credit has been increased from $2,000 to $
NPS Tax Exemption
One of the most important tax benefits that you can avail is the National Personal Savings Scheme (NPS). Under this scheme, you are exempt from paying tax on your investment in the NPS account. This means that you don’t have to pay taxes on your investment while it is growing and also when you withdraw it in cash or use it to purchase an annuity or a mutual fund.
The government has also announced a tax relief for people who are paying insurance premium. This relief will be effective from January 1, 2017. Under this scheme, you will be exempted from paying tax on the total premium amount that you pay each year. This includes both compulsory and voluntary insurance premiums.
PPF and LIC Premium Tax Exemption
1. PPF and LIC Premium Tax Exemption:
The government has announced a tax exemption for premium paid to private provident fund (PPF) and life insurance companies (LIC). The exemption will be available till the end of the financial year 2019-20.
The exemption is applicable to both individuals and companies. Individual subscribers will get a benefit of Rs 1.5 lakhs per annum, while companies will get a benefit of Rs 2 lakhs per annum. This tax relief is in addition to the already existing benefits that these schemes offer, such as tax deduction at source (TDS) and interest subsidy on PPF deposits.
2. Relief on Tax on Deposits in Bank Accounts:
The government has also announced a relief on Income Tax (I-T) on bank account deposits of up to Rs 2 lakhs. This relief is applicable from the beginning of the financial year 2020-21. This means that I-T payable on interest income and other income arising from bank account deposits will be capped at Rs 2 lakhs, instead of the earlier limit of Rs 20 lakhs. This relief is in addition to the existing benefits that bank account holders get, such as
ELSS Tax Exemption
1. ELSS Tax Exemption: Eligible units in ELSS schemes can get an exemption from tax under section 110AB of the Income-tax Act, 1961. This exemption is applicable to all investments in ELSS made on or after 1st November 2017. The total value of investments in all ELSSs including equity and debt instruments, should not exceed Rs 2 lakh during any financial year.
2. PF FD and Insurance Tax Relief: The government has announced that individuals investing in PF and insurance schemes through an ELSS will get tax deductions at the rate of 25% of the total amount invested. This relief is applicable to individuals who have earned income up to Rs 75,000 in the previous financial year and are investing in an eligible ELSS scheme. For companies, the same deduction would be available if the total value of investments made by employees is Rs 5 crore or less in a financial year.
3. Other Benefits of Investing in an ELSS: Apart from tax benefits, investing in an ELSS also offers other benefits such as liquidity, diversification of your portfolio, and automatic redemption features. All these benefits make it a good option for investors looking for long-term returns.
EPF Tax Exemption & Tax Exemption On Tax Saving FD
1. EPF Tax Exemption: The Government of India has announced that the Employees’ Provident Fund (EPF) will be exempted from Income Tax effective from 01 April 2016. This means that the employee’s contribution to the EPF will not be taxable.
2. Insurance Tax Relief: The Government of India has also announced that the insurance premium paid on cars and other vehicles will be an exemption from Income Tax effective from 01 April 2016. This means that the premium paid for car insurance, motorcycle insurance, personal accident insurance, and life insurance will not be taxable.
What are the other ways of saving?
There are a number of other ways of saving money that you may not have considered. One way is to use tax-advantaged accounts such as pension funds, savings accounts, and investments.
Another way to save money is to consider insurance tax relief. This relief can reduce your monthly insurance premium by up to 25%. You can find more information on insurance tax relief here:
Finally, you should also look into saving on your rent or mortgage. You can save money by looking for landlords who offer discounts or by negotiating a better deal yourself. There are many resources available to help you save money on your housing costs, so be sure to explore them all!
As we approach the New Year, it is important to keep in mind all of the tax-saving opportunities that are available. In this article, Rajkotupdates.News will be discussing the two main tax reliefs that are currently available: the Personal Financial Disclosure (PF)FD and insurance tax relief. Both of these measures can provide you with significant savings on your taxes, so make sure to keep an eye out for updates as they happen.
The Rajkotupdates.News: Tax Saving PF FD and Insurance Tax Relief 2022 is a tax relief scheme that will be implemented in India from 1st January 2022. The main aim of this scheme is to reduce the tax burden of the middle and lower income groups in India.
The Rajkotupdates.News: Tax Saving PF FD and Insurance Tax Relief 2022 will work by providing financial assistance to the taxpayers who have already filed their income tax returns (ITRs) for the previous fiscal year. This financial assistance will be in the form of Permanent Financial Deferment (PFD) and Insured Deposits (ID).
The Rajkotupdates.News: Tax Saving PF FD and Insurance Tax Relief 2022 is available to all taxpayers who have filed their ITRs for the previous fiscal year.