The year 2017 has been a good one for people who are looking to save money. The government of India has announced several tax reliefs and schemes, including the Pradhan Mantri Fasal Bima Yojana (PF BD) and the Pradhan Mantri Awas Yojana (PMAY). In this article, we will tell you all about these tax saving schemes and how you can benefit from them.
What is Tax Saving PF FD?
Tax Saving PF FD: A tax saving scheme available to taxpayers who have self-employed wife or husband. This scheme allows you to reduce your PF contribution by Rs 20,000 per annum. The relief is available with respect to contributions made in the financial year ending December 31, 2017.
This relief is available to taxpayers who have self-employed wife or husband and have opted for direct insurance cover under a specific insurance policy. The relief reduces the premium payable by the taxpayer for the policy by 50%.
What is Insurance Tax Relief?
Insurance tax relief is a legislated subsidy provided by the Indian government to help out middle-income earners who have high insurance premiums. The relief is available to individuals with an annual income of up to Rs 2 lakhs and family units with an income of up to Rs 5 lakhs. The policyholder must have a valid health insurance policy, or be covered under a family health insurance plan.
The relief is available in the form of a reduction in premium paid by the policyholder. For instance, if the premium for a policy worth Rs 1 lakh is supposed to be paid at Rs 1,50,000, the premium amount payable after the insurance tax relief would be Rs 950,000. If the premium is paid at Rs 1,25,000, the premium amount payable after the relief would be Rs 850,000.
There are a number of caveats attached to this subsidy. First and foremost, the relief is only available on policies with an annual cover value of at least Rs 50 lakhs. Secondly, only 50% of the premium paid towards an insurance policy can be claimed as tax relief. The remaining amount must be paid as regular premiums. Finally, the relief applies only to
What is Rajkotupdates.News?
Rajkotupdates.News is a online news portal with latest updates on taxes and financial products. The portal provides information on PF FD and insurance tax relief schemes. Does it also offer tips on how to save tax?
How does Rajkotupdates.News work?
Rajkotupdates.News is a news website that provides updates on tax and insurance related news. The website has a blog section, where users can find information on tax saving PF FD and insurance tax relief.
How to apply for Tax Saving PF FD and Insurance Tax Relief?
If you are looking for ways to save on your taxes, you may be interested in learning about the Tax Saving PF FD and Insurance Tax Relief programs. These programs offer tax reductions on personal financial contributions (PF) and insurance premiums.
To qualify for the Tax Saving PF FD program, you must have a qualifying employer contribution amount deposited into your eligible account(s). For the Insurance Tax Relief program, you must have a qualifying insurance premium paid in order to qualify.
Both programs have specific eligibility requirements that you should review before making any contributions. However, if you meet all of the program’s eligibility requirements, your contributions will reduce your taxable income by the amount of your contribution.
Are you looking to save on your taxes this year? Rajkotupdates.News has the latest news and updates on tax saving PF FD and insurance tax relief options available to you. Check out our blog for all the details, or sign up for our free email update service to be sure you don’t miss a beat. Thanks for reading!
FAQs about Rajkotupdates.News
As the new year is about to start, many people are starting to think about how they can save money and get tax relief. Rajkotupdates.News has put together a list of some of the best ways to do this:
Rajkotupdates.News has compiled a list of the latest tax saving PF FDs and insurance tax reliefs that are available in 2019. You can find the links below.
The government has announced that from January 1st, 2019 onwards, there will be a total of Rs 2,000 crore worth of tax reliefs available for individuals and businesses. These include deductions for medical expenses, interest on home loans, education expenses, and more. You can find out more about the different types of tax reliefs available here.
If you are an individual taxpayer, you may be able to claim deductions for travel expenses incurred while performing official duties as a member of parliament, or as a member of a local authority or statutory body established by an Act of Parliament. You can find out more about this here.