Most salaried people wait till the last moment to do their tax planning and end up paying higher income tax or frantically investing in tax saving instruments that may not be appropriate for them.
By planning and spending time in researching various tax saving options, they can make better investment decisions and also save on income tax. Section 80c of income tax act specifies the investments that can help you save tax. The amount that you invest in these tax-saving instruments can be deducted from your taxable income at the time of calculating your tax amount for the year. The maximum deduction allowed under this Section is Rs.1.5 lakh per year.
It is important to know the various investments that fall under Section 80C in order to take informed decisions at the time of tax planning:
1) Provident Fund and Voluntary Provident Fund
The amount that is deducted from your salary as your contribution towards PF is eligible as deduction at the time of calculating your income tax. You have the option of enhancing the contribution that you make to your Provident Fund. This is called Voluntary Provident Fund and is eligible for income tax deduction under section 80C. Interest earned up to 9.5% is tax-free.
2) Public Provident Fund
This is a scheme offered by the government. You can invest any amount from Rs.500 to R.1,50,000 in a year, under this scheme. Your contribution to the Public Provident Fund is eligible for income tax deduction. The current interest rate in PPF is 9.5% and the interest is tax free as well.
3) Life Insurance Premiums
Any life insurance premium that you pay towards policies in your name, your spouse’s name or your children’s name are eligible for income tax exemptions under 80C. Premiums paid towards unit-linked policies are also eligible for tax deduction.
4) Equity Linked Savings Schemes
These are specially created mutual fund schemes that are meant for tax saving and gives you market-related returns. Any amount that you invest in ELSS funds is eligible for tax deduction.
5) Home Loan Principal Repayment
The EMI that you pay consists of two parts – the interest and the capital repayment. The amount that goes towards principal repayment qualifies for income tax deduction under sec 80C.
6) National Savings Scheme
This is a tax saving scheme with tenor of 5 years. Any contribution to NSC qualifies for sec 80C. The interest from NSC is compounded half-yearly and is taxable.
7) Infrastructure Bonds
Infrastructure bonds issued by infrastructure companies are eligible for income tax deduction.
8) Five-Year Bank FD
Any amount deposited as FD in a scheduled bank, for a period of at least 5 years is eligible for section 80C of income tax.
9) Term Deposits with Post Office
Term deposits with Post Office with tenor of 5 years is eligible for tax deduction.
10) NABARD Rural Bonds
Investing in NABARD rural bonds gives you tax relief under Section 80C.
11) Tuition Fee
The amount that you pay as tuition fee for your children, for a maximum of 2 children, is eligible for income tax deduction.
7 Tips To Smile With Confidence Wearing Dentures
Dentures are a fantastic means of restoring your smile and safely investing in your lifestyle for a long time to come. Whether you’re using partial or full dentures, they’re going to enable you to eat, chat and drink as you want and need to over the course of the day. Although they might be a bit an adjustment, dentures are going to give you a new lease on life. Now, even though they give you an awful lot, dentures do tend to require a little love and care in return. Here are seven tips to keep you smiling with confidence once you incorporate dentures into your lifestyle…
Give Them a Rest
Your dentures need to be given a rest from time to time, no matter what type it is that you’re using. It’s actually recommended that they be taken out for around four hours day and also during sleep. In order for your dentures to help you as you need them to, you should make sure that you’re caring for them. Taking them out when reading, napping or watching a good movie will help to make the time you have without them pass a little sooner.
Clean your Whole Mouth
This is a vital dental care tip whether you have dentures or not! Many people think that they only have to pay attention to their teeth, or dentures, when brushing and flossing, but that’s not the case. It’s important that you clean your mouth, cheeks and tongue whilst brushing to ensure that all food and plaque build up is sufficiently removed. This may not seem too natural at first, but once you get yourself into the habit of it, you’ll be regularly doing it in absolutely no time.
Use the Right Tool
It’s imperative that you take precaution when cleaning your dentures, and this includes being mindful about the tools that you use. A soft or ultra-soft bristle toothbrush to gentle buff away debris both from your gums and your dentures. Plaque build up can be damaging to your whole mouth and your general wellbeing, so it’s very important that you’re consistently cleaning it away. Heading to your dentist regularly will help you to continue to take care of your dentures as best you can.
Pay Attention to Your Adhesives
Your adhesive has to be compatible with your mouth, dentures and tools that you use for cleaning your mouth. Be sure to only use products that your dentist has advised you to use, and only those. It’s easy to forget or pick up something else because it’s a lower price, but this can be detrimental long term and is best avoided.
Don’t Let Them Dry Out
Dry dentures can result in warping, so it’s important that you store them in water or a solvent liquid when they’re out of your mouth or at night.
Make sure you handle your dentures with the utmost care, otherwise, you risk breaking or damaging them. This means taking time not to drop or mishandle them when you’re taking them out and always being mindful of what you’re eating. Biting down on anything too hard or brittle could result in a fracture or breakage.
Visit your Dentist Regularly
Lastly, always be sure to head to your dentist for regular check-ups and cleans, as well as for consultations concerning your dentures!