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Tax saving helps an investor in reducing their taxable income, thereby helping them save more, both in terms of savings as well as income. In the present scenario, with a slew of investment instruments that offer tax saving options, it is quite difficult for a financial fresher to choose the most appropriate one.
Before, going into the details of tax saving options, let us list down the primary ways to save tax:
How to Save Tax?
The tax-saving season begins from 1st of April for every taxpaying citizen of India. If you happen to be an income taxpaying citizen, your primary goal is to reduce the taxable income to zero by making adequate investments under different categories provided by the various sections of the Income Tax Act. In this regard, it is highly recommended that the tax-planning starts right from the first quarter of the fiscal year instead of scampering in the final months. This gives you a better chance of saving the maximum permissible amount under the Act.
Tax saving options for freshers:
The foremost financial investment one should consider are life insurance products. Once you start earning, it is imperative to safeguard the financial future of your family against income loss, pending obligations or any other financial emergencies that may arise after your unfortunate demise.
Life Insurance plans accord two significant tax benefits:
List of tax saving life insurance plans for freshers:
Before availing any insurance product, one must read the policy documents thoroughly before putting in your money. Most of them have various conditions in the form of exclusions and inclusions, which must be carefully read before enrolling.
Know more long term savings plan and mera term plan on PNB MetLife.
The income tax is levied on all earning individuals who fall under a taxable income bracket. The income tax is paid to the Government of India and is charged annually. However, there are several tax deductions and exemptions that you can claim to lower your tax liability. The Income Tax Calculator helps you ascertain your tax output for a financial year based on your taxable income. This can help you plan well and save tax using the tax-saving deductions and exemptions, if possible.
The aforesaid article presents the view of 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 or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health advisor before making any decision.
PNB MetLife India Insurance Company Limited ,
Registered office address: Unit No. 701, 702 & 703, 7th Floor, West Wing, Raheja Towers, 26/27 M G Road, Bangalore -560001, Karnataka.
IRDAI Registration number 117 | CIN U66010KA2001PLC028883.
PNB MetLife Mera Term Plan is an Individual Non-Linked, Non-Participating, Pure risk premium Life Insurance Plan | Product UIN Number – 117N092V03
#Maximum maturity age: 99 years for all options (except Joint Life cover option), Joint Life Cover option: 75 years (applicable for both Primary & Secondary life).
For more details on risk factors, please read the sales brochure and the terms and conditions of the policy, carefully before concluding the sale.
Goods and Services Tax (GST) shall be levied as per prevailing tax laws which are subject to change from time to time.
The marks "PNB" and "MetLife" are registered trademarks of Punjab National Bank and Metropolitan Life Insurance Company, respectively. PNB MetLife India Insurance Company Limited is a licensed user of these marks.
Call us Toll-free at 1-800-425-6969.. Phone: 080-66006969, Website: www.pnbmetlife.com, Email: email@example.com or Write to us: 1st Floor, Techniplex -1, Techniplex Complex, Off Veer Savarkar Flyover, Goregaon (West), Mumbai – 400062, Maharashtra. Phone: +91-22-41790000, Fax: +91-22-41790203
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As your trusted life insurance partner, PNB MetLife is with you amidst the current COVID-19 outbreak. Our policies also cover COVID-19 Claims. In case of a Death Claim, kindly submit the signed Claim Intimation Letter mentioning the policy number, brief of the insured event and other claim documents on the email mentioned herewith. Please write-in to us at firstname.lastname@example.org or email@example.com. You can also call us on 1800-425-6969 for death claims intimations and for any queries on Monday - Saturday between 10:00 am - 7:00 pm.
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.