Want To Save Tax, Read This ITR Filling Scheme
If you are reading this article, you probably want to save tax right? Almost every year when it comes to ITR filing, many want to save as much income tax as they can. Always looking for the new methods and processes through which they can make their incomes tax free.
For this reason we are going to tell you about a tax saving scheme known as SBI Tax Saving Scheme 2006. Usually there are numerous schemes available in the financial world to save income. But in terms of high savings and low income tax ratio the SBI scheme is the most appropriate one.
About SBI Tax Saving Scheme 2006
Term Period & Investment Amount
State Bank of IndiaI which is the largest public sector bank offers this tax saving scheme. For this scheme the term period is between minimum 5 years and maximum 10 years. The investors can deposit the minimum amount of Rs.1000 and the cannot deposit over Rs.150,000.
The interest rate of the SBI scheme is same as the return rate of Fixed Deposits. As per the recent modifications that are effective from February 15, the interest rate is 5.5 percent for the term period of 5-10 years.
Withdrawal & Nominations
- As per the scheme the investors cannot make any withdrawals before the maturity period of 5 years.
- Under the nomination rules the investors can nominate themselves.
- The investors can fill up and submit form 15G/15H to get tax exemption on their investment under income tax rules.
- But the government can charge TDS at standard rates.