what are tax saving scheme?

Answer 1

Itemize, spend money in child care, you can also file any dues you pay on a regular ex: Church, PTA, Union, you can also file any items you buy for work ex: pens, paper, highlighters...

Answer 2

Tax Saving Schemes are the monetary instruments in which by investing some part of your income you can save some of your tax.
This is a good way to save tax and at the same time get good return on your investment. Generally these instruments are highly safe and offer good return on investment.
Some of them are FDs with Bank, Insurance Policies, Mutual Fund Schemes, Bonds etc.

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Answer 3

Tax savings scheme are

1. Home Loans
2. Insurance
3.Government Bonds
4.Donations
5.Certain mutual funds
6.Certain Investments
7.Certain Deposits

Answer 4

tax saving schemes, in simple term means, you invest in these schemes and you save tax, the total limit is INR 100000, you can either invest in tax saving mutual fund schemes which are called ELSS ot you regular insurance policies and bonds etc, mutual funds are the best ones as of now, they do have a lock in period of three years(lock in period is where you can redeem your units for three years) you can either invest in one shot ot you can do a systamatic investment plan(SIP) which is you invest a fixed sum of money every month, SIP are good in the present market scenario, as the markets are to volatile, but over a period of three years you can expect a min return of 15 to 18 % CAGR(compounded average growth rate)PA. whereas in insurance or bonds you dont get these kind of returns and the lock in periods are more than five years, to argue financial advisors will tell u Unit Linked insurance plan(ULIP) are good you can withdraw after 3 years, yes you can withdraw but the charges are too high and the returns are too less once your charges are chgarged, insurance is not a pure investment vehicle, it a life cover so the mortality chrges have to be charged, thus making it expensive and they cannot have a 100% exposure to the equitiy markets, thus your returns are lower when compared to Mutual funds. as far as Bods go they give you a return of 7 to 8 % which is not of any use when compared to our inflation.

Answer 5

tax saving schemes are designed to provide an option to the tax paying public to reduce the extent of their tax liability. but the main purpose of these scemes is to mobilise sufficient resources to enable the govt to spend on developmental activities.
some of the schemes are-
NSC, PPF, KISAN VIKAS PATRA, RBI relief bonds, postal saving schemes etc

Answer 6

if you pay copays on your medication you can claim them....as long as you kept all the paper work on it...