Tax Saving Investments
As individual taxpayers, you pay taxes on your expenses and incomes. Taxes that apply to your expenses are ‘indirect taxes’, and the taxes applicable to your income are the ‘direct taxes’. To reduce the income tax burden, you can go for tax-saving investments and claim deductions for the same as per Income Tax Act, 1961.
Tax Saving Fixed Deposit
A tax-saving fixed deposit is similar to any other fixed deposit where you put in a certain amount of money and you get a guaranteed fixed return every year. There is a lock-in period in which you will not be allowed to withdraw your money. A fixed deposit is usually opted by people who need a guaranteed return every year.
Under Section 80 C, a tax deduction of upto Rs. 1.5 lakh is permitted.
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