Know The Best Tax Saving Instrument From Tax Consultants

There are a lot of tax saving instruments available in the market and persons can choose the one the best suited for them . The tax saving plans come with various investment options , which save the money for the person and at the same time provide give the added benefit of interest on the principal amount .

Ideally the person should visit the tax consultant in the first few quarters of the financial year to prudently invest the money and avoid the hasty decision of wrong investment . Only the tax consultant will help the person to take the best plan suited for individual needs and financial goals .

The tax saving plans should not just save the tax burden to the individual but also has to provide other benefits to the person . One can consult the Auditing services in Delhi NCR to know the exact taxable income and then plan the tax saving plans .

Life insurance is one of the best tax saving plans. It is not the investment plan in the true sense , but is give life cover and at the same time it helps to reduce the tax burden . Under the section 80 CC of the income tax act , the money that is paid in premium is deducted from the money counted as total income tax liability . The upper limit of deduction is one lac . Also, the amount that is paid to the person in case of any eventuality is not taxable .

The health insurance plan may not be viewed as the one of the best investment plan for saving taxable money but the fact is that this is also one of the best that is used for the tax saving benefits . Under 80 D of the act , the person saves the money on the premium that is paid as the premium . The upper case for the deduction is 15, 000 INR and can be the 20,000 INR for the senior persons. The deduction can be up to 35,000 INR for the persons who take the plan for for parents as well .

The equity- linked saving schemes mutual funds schemes are specially designed for the tax savings . The indivdual must consult the Income Tax Consultant in Delhi NCR to know the risk associated with the investment . Being market linked these schemes can be highly risky for some but can also give good returns on the investment . Also ,it has the shortest locking period for three years only .