My mother's income has exceeded the maximum exemption limit which is not chargeable to tax i.e. Rs. 180000. Please suggest some tax-saving options available to us which can be utilized at this point of the FY. Please guide.
27 March 2009
To open a PPF account, you can drop by a State Bank of India branch. you do not have to have an account with them.
You can also ask your nationalised bank where you have an account if they are authorised to open PPF accounts. You can also approach the head post office in your area. If that is inconvenient, ask your local post office (selection grade sub post offices are allowed to do so).
27 March 2009
The minimum amount you have to put into your PPF account in a year is Rs 500. The maximum you can put is Rs 70,000 per year.
With NSC, the minimum amount is Rs 100. Here, is no upper limit on investment.
However, NSC is sold in denominations of Rs 100, Rs 500, Rs 1,000, Rs 5,000 and Rs 10,000. So, if you want to invest Rs 30,000, you will have to buy three certificates of Rs 10,000 each.
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