Nainital Bank comes with various banking products to enable its customers save a considerable amount of money on taxes while also availing financial benefits at the same time. The tax benefits of the products can be availed under the Income Tax Act.
Under various Sections of the Income Tax Act, 1961, the government has made it possible to claim certain amounts as deductions from total income, making said amounts tax-free. Certain expenditures, investments, etc. if made at the right time, and in the right avenues, could help save you a lot on tax.
Under Section 80C of the Income Tax Act, amounts invested up to Rs.1,50,000 can be claimed for income tax deduction. Nainital Bank offers the following investments for Section 80C deductions:
As per the Income Tax Act, premiums paid towards medical insurance can be claimed as a deduction. Nainital Bank offers the following insurance products:
Under Section 24 of the Income Tax Act, 1961, interest payments on home loans are eligible for income tax deduction - up to Rs.1,50,000 in a year.
Indians seeking education in India or abroad and who have taken an education loan for the same can claim the interest paid on these loans as deductions under Section 80E.
The Income Tax Act provision under Section 10(10D) is for deductions that can be claimed on income in the form of surrendering the life insurance policy.
This section of the Income Tax Act, 1961, states that interest earned (up to Rs.10,000) in any savings bank account can be claimed as deductions. Under the category of Savings Bank Accounts, Nainital Bank offers:
There are a number of ways that a person can save tax with Nainital Bank, although there are many more Sections (other than the ones mentioned above) in the Income Tax Act, 1961, where one can save on taxes.
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