LONG TERM SAVINGS
Filing income tax returns for a freelancer is a complex process. Their salaried counterparts have it easy because of the Form 16 they receive and the TDS that is automatically deduced on their behalf. But freelancers have a lot more due diligence to do and aspects to take care of.
Hence, it is normal for freelancers to get nervous about filing their taxes. Because of lack of knowledge, they also miss out on a number of ways that they can use to save taxes. There are expenses related to work that freelancers can claim to pay less tax. Let’s take a look at these expenses:
Apart from these expenses that freelancers can claim, they can save and invest in Section 80C deductions of the India Income tax laws (“ITL”). These include investments like, PPF, ELSS funds, tax-saving fixed deposits, etc upto the overall limit prescribed under Section 80C of the ITL. Freelancers can also claim deductions on life insurance, medical insurance, children’s tuition fees, etc upto the overall limit prescribed under various sections of the ITL.
To know more about term plan, term insurance, long term savings visit PNB MetLife website.
Disclaimer:
The aforesaid article presents the view or an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ before making any decision.
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PNB MetLife Insurance, amongst the trusted Life Insurance companies in India, aims to provide a wide range of Life Insurance products that suits the needs of an individual at every stage of his life. Life Insurance Plans range from Term Life Insurance Plans, Term Plan, Protection Plans, Long Term Savings Plans , Retirement Plans & Child Education Plan.