LIC TAX SAVING PLANS 2019 for safe and secured future. Investment are nowadays giving best returns with LIC when compared to market products. Insurance cum investment plans with dual tax benefits are called as Tax Saving plans.
Some doubts in Tax saving plans. They are :
Q. How much should I invest to save tax ?
A : An investment of Rs. 1,50,000/- can be done under section 80C to enjoy dual tax benefits.
Q. I have already crossed section 80C limit of Rs. 1,50,000/- with PF and Mutual Funds, what to do now ?
A : Life Insurance premiums also comes under income Tax section 80C. Even though the limit had been crossed, never limit your life insurance. Insure yourself to the maximum for the safety for your family, children and parents welfare. Diversify your hard earned money in various instruments to reduce risk and better returns.
Q. How much should I invest in mutual funds to save tax ?
A : SIP in mutual funds also comes under section 80C only. One can invest up to Rs. 1,50,000/- in Mutual Funds to save tax under 80C.
Q. How much should I invest in PPF to save tax ?
A : PPF is a long term planning. Spread your investment in products like Life Insurance, Mutual Funds, FD, gold funds etc., This would help you withdraw when required and leverage the risk also.
Q.What is the best way to save tax ?
A : The best way to save tax is planning. An experienced Financial Advisor would the best person to help to save in a better way with his knowledge.
Q. How can I reduce my taxable income ?
A : Taxable income can be reduced in many ways. Plan well before executing any plan. Insurance premium, children tuition fee, Mutual Funds SIP, Provident Fund, Home loan EMI, Home loan Interest payment, NPS are some simple ways to reduce taxable income.
Q. who can help me for best tax saving plans ?
A : Insurance and Investment required support to start. Do it yourself may apply other things but for insurance you required advice from a well experienced Adviser.
Q. Can i buy life insurance for my spouse and children to save tax under 80C ?
A : Yes, an investment within 80C limits can be paid as Insurance premium to cover spouse and children and save tax from taxable income.
Q. What is the financial year for tax planning in India?
In India, April 1st to march 31st would be considered as a FINANCIAL YEAR for tax calculations.
Q. Which Insurance plans are good for tax planning ?
A : Insurance plans with dual tax benefit are good for Tax planning.