6 WAYS To Save Income Tax in FY 2020-21 | No Income Tax on Income up to Rs. 10 Lakhs
In this video by FinCalC TV, we will see top 6 ways or investment options to save income tax under various sections. Popular schemes such as Public Provident Fund (PPF), National Savings Certificates (NSC), medical insurance, fixed deposits, mutual funds and many other excel calculators with excel examples are explained in hindi to save income tax with interest rates in FY 2020. Income Tax saving investments benefits
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After watching this video following queries will be solved:
How to save income tax?
Section 80C investment options
How to save income tax in FY 2020-21?
Save income tax under old slab rates?
PPF interest calculation using excel calculator with interest rate
NSC interest calculation using excel calculator with interest rate
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HRA (House Rent Allowance) Excel Calculator:
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Employee Provident Fund (EPF) video:
National Savings Certificate (NSC) Excel Calculator:
Sukanya Samriddhi Yojana (SSY) Excel Calculator:
Fixed Deposits (FD) Excel Calculator:
Senior Citizens Savings Scheme (SCSS) Excel Calculator:
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PPF or Public Provident Fund is a savings scheme offered by the Government of India.
PPF have a lock-in period of 15 years
The interest on the account is paid by the government of India and is set every quarter, It is also tax-free.
The applicable PPF interest rate for 1st July 2019 to 30th September 2019, has been fixed at 7.9%.
The interest rate for January – March and April – June 2019 was 8%.
National Savings Certificate NSC scheme is a fixed income scheme. It is one of the popular savings instruments in India. One can activate this scheme at any Post Office. NSC scheme is the Government of India initiative. Hence it guarantees returns. This savings bond encourages small and mid-income investors to save. Additionally, they can also get a tax benefit. NSC investments up to Rs 1.5 lakhs is exempt from tax under Section 80C of the Income Tax Act. They come with a lock-in period of 5 years. NSC certificates earn fixed interests. The current rate of interest is 6.8%. Like other fixed-income products PPF and Post Office FDs, NSC is also a secure and low-risk instrument. The minimum deposit is Rs 100. There is no maximum limit for investment in NSC. There is no TDS for NSC investments.
A fixed deposit (FD) is a type of term investment offered by several banks and NBFCs. These deposits typically offer a higher rate of interest, subject to certain terms and conditions. The amount you deposit in an FD is locked for a predetermined period which can vary between 7 days and 10 years.
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Examples used are for Illustration purpose only and might not cover every detail of examples shown. It is advised to seek professional help before taking any financial decisions. The owner of this channel shall not be liable in any way.