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Income Tax 2020-21: You can still save tax, you have these options

Posted on February 11, 2021February 11, 2021 by Nidhi Malviya

You can get tax rebate on that investment in the same financial year in which you invest. If you do not invest by March 31, then you will not be able to take advantage of this year’s income tax.

There is not much time left to end the financial year 2020-21. If you have not done any planning to save tax till now, then you should do so immediately.

You can get tax rebate on that investment in the same financial year in which you invest. If you do not invest by March 31, then you will not be able to take advantage of this year’s income tax.

You still have some opportunities to pay less tax, today we will tell you about them.

You can get FD for 5 years.
If you do this before 31 March, you will get benefit in income tax of FY 2020-21.
If the bank has got KYC done, then FD can be made online through net banking.
For this, your PAN should be updated in the bank records.
ELSS

Before March 31, you can also invest in the ELSS Mutual Fund Scheme.
You will also get tax rebate on the amount invested.
There is only a lock-in period of 3 years.
PPF

Opening a PPF account is very easy.
Take the help of internet banking to open an account soon.
You have to take a print out of the filled form and submit it to the branch.
If the PPF account is already open, you can also transfer funds from the savings account with which it is linked.
Choose this option only if you want to invest money for a long time. Your money in PPF account will be blocked for 15 years.
ULIP

Unit linked insurance plan (ULIP) is a type of insurance.
There is an option to invest along with risk cover.
Invest online to avoid commissioning.
Net banking can be paid by credit card.
Aadhar card may also be required in some policies.
Atal Pension Yojana

A person aged 18 to 40 can invest in the Atal Pension Yojana.
You can also register online for investment.
Under this scheme, tax exemption is available under Section 80CCD (1) of the Income Tax Act on investment.
In this, in addition to Rs 1.50 lakh of Section 80C, the tax deduction of Rs 50,000 is available annually.

Nidhi Malviya

Nidhi Malviya is fun loving girl. She writes at NoobFeeds about various topics related to Finance, Technology, Business etc.

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