People who want to make investment in banking instruments while also saving on tax can invest in the banking products offered by Kotak Mahindra Bank. As a matter of fact, the products of this bank are great instruments to save tax in a legal way.
How to save tax? This is a question on the mind of every Indian taxpayer, as taxes can burn a serious hole in our bank accounts, testing our financial limits. Tax saving measures have been provided by the government, with the usage of these methods depending on individual taxpayers. Kotak Mahindra Bank offers a unique range of products designed to aid individuals save tax, while adhering to the rules of the land.
The Income Tax Act has provisions for certain deductions and exemptions when it comes to taxes, with products designed to help one save tax. Kotak Mahindra Bank offers some of the most popular tax saving products to its customers, thereby helping them save tax through simple means.
Utilising Section 80C of the Income Tax Act, taxpayers can get exemptions of Rs 1.5 lakh in a financial year by investing in certain products. Kotak Mahindra Bank offers the following products which provide tax benefits under Section 80C.
Section 80TTA of the Income Tax Act can be utilised by taxpayers by opening Savings Accounts. Under this section, interest earned on Savings Accounts can be claimed as tax deductions in a FY (max of Rs 10,000). Kotak Mahindra Bank offers a number of options when it comes to Savings Accounts, as mentioned below.
Some of the other popular Savings Accounts offered by Kotak Mahindra Bank are My Family, Classic savings account, Nova savings account, Sanman savings account, Platina savings account and Alpha savings account.
Utilising the provisions under the Income Tax Act can help one save considerable taxes, and partnering with Kotak Mahindra Bank to avail their unique products is simple and easy.
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