Consultation For Your Financial Freedom
The Indian government offers tax-relief bonds to risk-averse investors seeking a medium-term investment alternative that could lower their income tax obligations. Tax-saving government bonds are entirely different from tax-free bonds. Tax-free bonds are generally offered by government-backed entities such as HUDCO, IRFC, NHAI, etc.
The tax-saving bonds have special benefits under Section 80CCF of the IT Act that enable investors to lower their income tax liability by up to Rs 20,000 in a financial year. In other words, by investing in these tax-saving bonds, you can decrease your tax responsibilities by up to Rs. 20,000 even if you have already taken advantage of other deductions and exemptions.
The interest rates on the bonds differ. For instance, for investors in the 0% to 20% tax bracket, the 8% Savings Bond was a particularly well-liked tax-saving bond. It was changed to the GOI 7.75% bond in 2018.
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