The Income Tax Department provides a number of tax saving measures to individuals, each categorised under different Sections of the Income Tax Act. Some of the popular modes to save tax are by investing a portion of the income in products offered by banks. Each provision under the Act provides scope for tax exemption and deduction, which, if used properly can help people save considerable amounts in tax.
Save Tax with Dhanlaxmi Bank:
Dhanlaxmi Bank offers a host of products designed to save you some taxes, with these products adhering to the provisions of the Income Tax Act. Saving taxes can be a tedious and complicated process, but investing in Dhanlaxmi Bank could offer multiple benefits without any additional burden.
Tax Saving Products under Section 80C:
Utilising Section 80C of the Income Tax Act, one can avail tax exemptions of Rs 1.5 lakh in a year, with the Act offering a host of investment options to utilise this benefit. Some of the popular products offered by Dhanlaxmi Bank which can be used to avail exemptions under Section 80C are mentioned below.
- Dhanlaxmi Bank Tax Saving Term Deposit: Dhanam Abhivridhi
Dhanam Abhivridhi, a term deposit offered by Dhanlaxmi Bank can be availed for terms ranging between 5 and 10 years, with the minimum deposit set at Rs 100.
- Home Loan
Tax benefits on interest paid for a home loan can be availed by customers of Dhanlaxmi Bank home loans. The bank offers four different home loan variants, a Home Extension Loan, a Home Improvement Loan, a Construction Loan and a Plot plus Construction Loan.
Tax Saving Products under Section 80E:
- Dhanlaxmi Bank Education Loan – An education Loan from Dhanlaxmi Bank can help you save on tax by utilising provisions of Section 80E of the Income Tax Act. This education loan can be used to meet all expenses related to educating an individual, including travel and hostel fee.
Tax Saving Products under Section 80TTA:
Opening a Savings Accounts with Dhanlaxmi Bank could help you save tax by utilising provisions under Section 80TTA of the Income Tax Act. As per this section, one can claim tax deductions on interest from savings accounts to the tune of Rs 10,000 every financial year.
The following Savings Accounts are offered by Dhanlaxmi Bank.
- Dhanam Vanitha: This is a product which is designed for women only, offering unique features to help empower the woman of today. Women over the age of 18 years can choose to save tax by opening this account.
- Dhanam Yuvak: Designed for the young community, this account is targeted to those in the 18-35 years age bracket. Personalised features combined with tax saving benefits help the youngster use money wisely.
- Dhanam Preferred: A product designed to showcase the best of banking, this account can be opened by groups or individuals, with an option to have an account for minors also.
- Dhanam + and ++ Savings Account: This is a unique account which combines the flexibility of a savings account with the advantages of a term account.
- Dhanam Premium: This account aims to offer an enhanced banking experience and can be opened by individuals and groups alike.
- Dhanam Basic Savings Bank Account: Simple to open and operate, it is without any hassles, offering simple banking solutions.
- Smart Salary Savings Account: Simple salary management and ease of use combined with nil balance make this a sought after product.
Apart from the aforementioned savings accounts, Dhanlaxmi Bank offers a Dhanam Basic Savings Bank Deposit Account – Small, a Regular Savings Account and a Dhanam Privilege savings Account.
Saving tax isn’t very complicated, if one follows a few simple pointers. Banking with Dhanlaxmi Bank can help us save considerable taxes, and one can get started by either approaching their nearest Dhanlaxmi Bank branch or logging on to their official website.