Fixed deposits are the most popular way of investing your money in India. It is considered as the most secure avenue for investing your hard earned funds.It hurts a lot when you have to pay tax on the amount of interest you earned from the fixed deposits. Moreover , you have to every year include this income while filing your Income Tax Return. In other words, investing money in fixed deposits without having complete information would result in Income Tax notice or increased taxes.Didn’t know about these intricacies? Right.We areSEE DETAILS

Few specified expenditures / investments are reduced from your income, and then tax is calculated on the balance income, so they can be termed as tax saving tools. Let’s take a look at the prominent deductions and how they reduce your tax burden.1. 80C Deductions This is the most popular deduction for the salaried employees. Total Rs. 1,50,000 can be claimed as deduction under 80C. Some of the expenditures/ investments that fall in this section are:Life Insurance Premium LIC premium paid on policy of own, spouse or children is eligibleSEE DETAILS

We all understand the importance of family. Family members provide crucial support at all times whether it is emotionally, mentally or financially. But we almost always forget the importance of family members while planning our taxes.Taxes can be saved in an effective and completely legal manner by allocating some of our incomes and expense to our family members. Here is how: 1. Pay House Rentals to your ParentsWe often ignore the tax benefits associated when living in your parents’ home. If you are living with your parents, you can claim exemptionSEE DETAILS