dear sir.
Want to invest in sr citizen savings scheme.but some doubts is it qualify for deduction under 80c ? is TDS is 10%. suppose i want to keep the interest up to 5 years. So i am eligible for rebate for entire interest? suppose i invest the amount in some ELSS, then i can escape from tax?
Please ADVISE SIR IF ANY ARTICLE SUCH AS HOW TO ESCAPE TAX ON INVESTMENT BY YOU IS SUGGESTED. IF TAX IS SAVED BY CONSIDERING TDS 10@ THE NET RATE OF INTEREST WILL BE 8.6- 0.86= 7.74 % IS MEANINGLESS . INSTEAD OF IT WE CAN INVEST MIP SCHEME OF GOOD COMPANY . IS NOT TRUE SIR?
5 Answers
Hi,
Investment made under 'Senior Citizen Savings Scheme' qualifies for the benefit of Section 80C of the Income Tax Act. TDS @ 10% is applicable. Also, kindly note that the interest earned on this scheme is taxable as per the income tax slab rate.
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Kindly note that selection of an investment option should be based on investment objectives or financial goals. Tax savings should not be the sole criteria.
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May I know your investment objective and time-horizon.
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thanks for reply. iam having long time horizon. suppose i will invest in elss scheme of the interest earned in sr citizen savings scheme. then i will save 10% tds by filing my return? i think forgoing 10% on sr citizen savings scheme in meangless. instead of it wecan invest in mip scheme. am right sir ?
Hi,
I am unable to comprehend this point - 'I i will invest in elss scheme of the interest earned in sr citizen savings scheme. then i will save 10% tds by filing my return' ??
Kindly rephrase it.
the interest earned in sr citizen saving scheme is reinvested in elss scheme, then i can escape from tax deduction under sr citizen saving scheme. but ofcourse, i will file the i.t return for get back my tds deducted from sr citizen saving scheme
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