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October 2, 2022

Itax Software

Income Tax Software


Tax Saving Tips | With Universal Automated Income Tax Software in Excel for Government and Non-Governmental Employees for Tax Year 2022-23 with Form 10 E

Tax Saving Tips |

 1. Sukanya Samridhi Yojana (SSY)

Has become one of the most important tax-saving schemes is Sukanya Samriddhi Yojana. It was launched in 2015 by the Government of India as part of the Beti Bachao Beti Padhao campaign. This had a great impact on the general public. The scheme allows fixed-income investments, through which the taxpayer can invest regular deposits and at the same time earn interest on them. An investment in Sukanya Samriddhi Yojana is also considered an eligible deduction under section 80C of the Income Tax Act.


The Government of India sets the interest rate on the scheme quarterly, which must be paid at the end of the term.  In other words, The scheme has a fixed period of 21 years and expires after 21 years. Minimum deposit Rs. 250 is required to be done per year for 15 years. Failure to pay the minimum amount within one year will result in account termination. To reactivate your account, you must pay a fine of 50,000 rubles. 50 along with the original Rs. deposit 250 rubs.

You may also like- Automated Income TaxForm 16 Part B for the F.Y.2021-22[This Excel Utility can prepare at a time 50 Employees Form 16 Part B]

Form 16 Part B

However, To open a Sukanya Samriddhi account, below are the eligibility criteria for this tax savings option:

For instance, Only girls can claim the benefits of this scheme.

The girl was less than 10 years old. There is a grace period of one year that allows a father to invest 1 year of a 10-year-old daughter.

Above all, The investor must provide proof of the daughter’s age.

2. National Savings Certificate

An initiative of the Government of India, the National Savings Certificate is a fixed-income investment scheme designed for small and medium-sized investors to invest and earn significant returns. It is considered a low-risk investment and is as safe as the Reserve Fund.

In addition, Investments in NSC are deductible under section 80C of the Income Tax Act up to Rs. 1.50k. In addition to the tax exemption, it provides the investor with full capital protection and interest guarantee. The following are some of the features of the NSC tax savings option: 

 After that, You can claim tax credits under section 80C up to Rs. 1.5 l

Similarly, You can invest from Rs. 1000 (or a multiple of 100 rupees). You can increase the investment amount as you see fit.

At the end of the term, the entire repayment amount will be received by the investor and will be taxed in the hands of the taxpayer.

Therefore, Early check-out is not possible. You can use the same as collateral in case of bank or NBFC loans.

3. Savings deposit with a fixed amount

 In other words, Term deposits are considered one of the safest tax-saving schemes. It is safer than investing in stocks in terms of risk and return. Banks decide on interest rates, and this depends on several factors. The following are some of the features of a term deposit to save taxes:

 You may also like- Automated Income Tax Form 16 Part A&B for the F.Y.2021-22[This Excel Utility can prepare at a time 50 Employees Form 16 Part A&B]

Tax Saving Tips

An investment in a flat tax savings deposit that is deductible under Section 80C in calculating taxable income.

Minimum blocking period 5 years

Older people can get a higher interest rate on investments

In the case of a joint account, the main owner can take advantage of a tax deduction when calculating taxable income.

Savings deposits with a flat tax do not allow early withdrawal. However, after the 5-year lock-up period, investors have access to early withdrawals. Early withdrawal conditions vary from bank to bank.

4. Savings scheme for the elderly

The Senior Citizens Savings Scheme is an income tax savings scheme available to seniors residing in India. The scheme is available for investment through banks and post offices and offers one of the highest rates among various savings schemes.

Contributors can make investments with a minimum amount of Rs. 1000 and its multiples. The scheme also offers the possibility of cash investment if the investment amount is less than Rs. 1 million. Deposits made under the scheme are payable after 5 years. Depositors also have the option to extend the repayment period for another 3 years.

In conclusion

Investment in the Seniors Savings Program qualifies as a deduction under section 80C up to Rs. 1.5 lakh of taxable income. The interest on these deposits is fully tax-deductible and is tax-deductible if the interest exceeds Rs. 50,000. Deposits made to the Senior Savings Account are cumulative and paid annually.

Download Automated Income Tax Preparation Excel-Based Software All in One for the Government & Non-Government (Private) Employees for the F.Y.2022-23 and A.Y.2023-24 

Tax Saving Tips
Tax Saving Tips
Tax Saving Tips

Feature of this Excel Utility:-

1) This Excel utility prepares and calculates your income tax as per the New Section 115 BAC (New and Old Tax Regime)

2) This Excel Utility has an option where you can choose your option as New or Old Tax Regime

3) This Excel Utility has a unique Salary Structure for Government and Non-Government employees Salary Structure.

4) Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E from the F.Y.2000-01 to F.Y.2022-23 (Update Version)

5) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2022-23

6) Automated Income Tax Revised Form 16 Part B for the F.Y.2022-23

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