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Pay 10,000/month for 10 years, Get 1,65,805/Year* for next 15 years.
ARN. No. KLI/23-24/E-BB/1201
Features
Ref. No. KLI/22-23/E-BB/999
To save income tax in 2023-2024, consider maximizing deductions under Section 80C, exploring investment options like ELSS, PPF, and NPS, and stay informed about tax-saving opportunities to optimize your financial strategy.
During the tax season, people run helter-skelter trying to save up whatever tax they can. Times like these can be very tricky, as finding the right instrument for saving tax is a challenge. An easier way to manage this is by using tax-saving investments effectively and achieving financial goals. They should help save tax and provide attractive returns on investments.
Life insurance in India can be very useful for tax planning because the policyholder is eligible for tax benefits under the Income Tax Act 1961. There are several investment options listed as eligible under Section 80C. You can claim the deduction from gross total income for the premium paid for your life insurance policy.
Income Tax in India follows a tax slab system. Taxpayers’ income is categorized as ranges or slabs, and certain tax rates are assigned. This is a progressive taxation system where people earning more income are taxed at higher income tax slabs in proportion to their higher income.
By introducing income tax slabs in India, the Government of India aims to achieve a fair taxation system for all citizens. With this aim, the government periodically revises the tax slabs and announces amendments to the Union Budget.
Section 80C of the Income Tax Act 1961 provides deductions from taxable income for certain specified investments and expenses. The maximum limit for deductions under Section 80C is ₹1.5 lakh per financial year.
Unit Linked Insurance Plans, commonly known as ULIPs, have emerged as versatile financial instruments that seamlessly integrate life insurance and investment components. Offering policyholders, the dual benefits of protection and wealth creation, ULIPs have gained popularity for their flexibility and potential for returns.
The Equity-Linked Savings Scheme (ELSS) is a compelling option for investors seeking a tax-efficient and wealth-building investment avenue. ELSS combines the potential for capital appreciation through equity investments with the added benefit of tax savings.
The PPF is a government-backed savings scheme established with the dual objective of encouraging savings among individuals and providing them with a reliable financial instrument for the long term. The scheme falls under the purview of the Ministry of Finance, Government of India.
The National Savings Certificate is a fixed-income investment instrument offered by the Indian government, designed to encourage small and mid-income investors to cultivate a habit of saving. It is accessible through post offices across the country, making it widely available to a diverse range of individuals.
The Employee Provident Fund is a savings scheme created to help employees accumulate a financial reserve for their retirement. It is a contributory fund, with both employers and employees making regular contributions, thereby building a corpus over the course of the employee’s working years.
The Senior Citizens Savings Scheme (SCSS), introduced by the Government of India, stands as a dedicated savings avenue designed to cater to the unique financial needs of senior citizens.
A Fixed Deposit is a type of financial arrangement offered by banks and financial institutions, providing individuals with a secure means to grow their savings while earning a predetermined interest rate over a fixed period.
Smart tax planning involves a combination of strategic investments, deductions, and compliance with prevailing tax regulations. By exploring these ways to save income tax in the financial year 2023-2024, individuals and businesses can optimize their tax outlays while aligning with their financial goals. It is advisable to consult with tax professionals for personalized advice based on individual circumstances and the most recent tax regulations.
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Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.
Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors
Pay 10,000/month for 10 years, Get 1,65,805/Year* for next 15 years.
ARN. No. KLI/23-24/E-BB/1201
Features
Ref. No. KLI/22-23/E-BB/999
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.
