The Income Tax Department has made it possible for tax paying residents of India to save up on taxes by offering tax deductions and exemptions under various sections of the Income Tax Act,1961. One has to invest in a tax saving instrument to avail tax deductions and tax exemptions. Corporation Bank provides a variety of tax saving instruments which offer more than tax deductions. These tax saving instrument offer various financial solutions along with tax deductions. The customer can choose from a wide range of multifunctional tax saving instrument to reduce their tax liability.
Save Tax with Corporation Bank:
Corporation Bank which is one of the oldest banks in India offers multi beneficial products that let’s a tax payer save on taxes and earn attractive returns at the same time. Listed below are some of the most popular tax saving instruments offered by Corporation Bank, India.
Tax Deductions under Section 80C:
Listed below are the tax instruments that offer tax deductions under section 80C of the Income Tax Act, 1961.
-
Corp Tax Saver Plus Deposit Scheme
This “Corp Tax Saver Plus Deposit Scheme” by Corporation Bank is a fixed deposit scheme with a lock in period of 5 years. The minimum amount that needs to be invested in the account is Rs.100 and no partial or premature withdrawal can be made before 5 years. This scheme is one of a kind as it is the only fixed deposit scheme to offer tax rebates. One can avail tax exemptions on the money invested in the tax saver deposit account under section 80C of the Income Tax Act, 1961.
- Home Loan by Corporation Bank – The home loan offered by Corporation bank qualifies for tax deductions under special conditions. The home loan borrower can claim tax exemptions only after the home loan is repaid and only if its a residential property.
-
Corporation Bank Atal Pension Yojana
Corporation Bank Atal Pension Yojana is a pension scheme that is mainly targeted at individual who work in the private sector and wish to save for their future after retirement. The scheme qualifies for tax deductions of Rs.50,000 under Section 80CCD of the Income Tax Act, 1961.
-
Corporation Bank Provident Fund
Corporation Bank Provident Fund scheme is a government scheme offered by the bank. The account comes for a tenure of 15 years with renewal blocks of 5 years. The account qualifies for tax deductions under section 80C of the Income Tax Act, 1961.
- Corporation Bank Sukanya Samriddhi Yojana – Sukanya Samriddhi Yojana is a savings scheme specially designed for the girl child. Any girl child under the age of 10 years is eligible for the scheme and payment for the scheme has to be made for 14 years. The scheme qualifies for tax exemptions till Rs. 1,50,000 under section 80C of the Income Tax Act, 1961.
Tax Deductions under Section 80E:
Listed below are the tax instruments that offer tax deductions under section 80E of the Income Tax Act, 1961.
- Corporation Bank Education Loan – Corporation Bank Education loan not only offers finance to fund your education but also offers tax rebates under section 80E of the Income Tax Act, 1961.
One has to be very careful while investing in a tax saving instrument and should choose a product that suits their financial and tax saving needs. These products can be availed online by applying on the official website of the corporation bank or one can visit a third party financial website.