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Tax savings

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RAHUL

Student

146 Points Posted on 14 May 2020

I have started a new job in an IT company yesterday. so can you guys please suggest me some tax saving investments or spendings that i can make to reduce my tax liability during this FY.? thanks in advance

Replies (4)

Quick Summary

Starting a new IT job and looking to minimise your tax bill? Several options can help reduce your tax liability this financial year. Consider contributions to recognised Provident Funds (PF), Public PF, or making a 5-year term deposit with a Scheduled Bank or Post Office. Payments for life insurance policies and mediclaim are also eligible deductions. Scheduled Banks in India are those listed in the Second Schedule of the Reserve Bank of India Act, 1934, including public sector, private sector, and regional rural banks, as well as cooperative banks.

Nihit Somani

70 Points Posted on 14 May 2020

You can do following:

Contribution to recognized PF, Public PF
Make a term deposit with Scheduled bank for 5 years
5 year time deposit in account under Post Office
payment for life insurance policy
You can also take mediclaim policy

RAHUL

Student

146 Points Posted on 31 May 2020

What's a scheduled bank.?

CA Jyoti Tutorials

52 Points Posted on 01 June 2020

Scheduled Banks in India refer to those banks which have been included in the Second Schedule of Reserve Bank of India 1934.The Scheduled banks comprise Scheduled Commercial Banks and Scheduled Cooperative Banks.Scheduled Commercial Banks includes Public Sector Banks(State Bank of India and other nationalised banks),Private Sector Banks and Regional Rural Banks.Scheduled Cooperative Banks includes both urban and rural Cooperative Banks.