Sunday, April 11, 2021

How to save income tax: Want to save up to Rs 46,800? Here is a method and step by step guide for tax-saving

How you can save revenue tax: Are you a salaried one who must submit funding proofs at your group? Do you know that you could save as much as INR 46,800* simply by investing in tax-saving mutual funds? Digital funds platform, PhonePe, gives an choice to put money into industry-leading tax-saving mutual funds. 

What makes these tax-saving mutual funds engaging for taxpayers is the shortest lock-in interval of simply three years. Primarily based on the previous efficiency, these funds present increased returns in comparison with mounted deposits (FD) and Public Provident Fund (PPF). PhonePe has partnered with mutual fund gamers resembling Axis, Aditya Birla Solar Life, DSP, Tata, SBI, and ICICI Prudential for providing these tax-saving funds. 

Right here, we have a look at a step-by-step information to assist scale back tax by investing in main tax-saving mutual funds on the PhonePe app:-

Step 1: Open the PhonePe app and click on on the ‘My Cash’ part on the backside of the homepage

Step 2: Click on on ‘See all’ underneath the Investments class after which on ‘Tax-Saving Funds’ underneath excessive development merchandise

Step 3: Choose the tax-saving fund you want to put money into and click on on ‘Proceed’

Step 4: Enter funding quantity, select an funding kind (both one-time or month-to-month SIP) and click on on ‘Make investments Now’

Step 5: Choose the checking account from which you want to make investments and click on on ‘Pay’ to finish the transaction. 

Step 6: Congratulations! Sit again & loosen up as you’ve each invested and diminished your tax legal responsibility 

(*The saving of INR 46,800 is for traders with a web taxable revenue of above INR 10 Lakhs however under INR 50 lakhs assuming the investor is within the 30% tax bracket (as per previous tax regime) and contains 4% cess.)

 

 

 

 

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