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The services rendered by a freelancer are generally treated as professional and technical services and TDS @10% is made on the payments in case the aggregate of the payments in a year is likely to exceed ₹30,000
Senior Citizens’ Saving Scheme (SCSS) is basically a retirement benefits scheme. Backed by the government, SCSS is considered the most preferred option for retirees (above the age of 60 years). The lock-in period is 5 years which can be extended for another 3 years at the time of maturity.
Both these long-term saving instruments have slightly different benefits and are opted by investors with different goals. Find out which suits you best?
5 ways other than Section 80C to save more taxes - Under Section 80C, a taxpayer can lower their overall taxable income by a maximum of Rs 1.5 lakh per year.
As per the provisions of section 80CCD(1), an individual employed by the Central government on or after 1 April 2014 shall be allowed a deduction for the amount paid under the notified pension scheme (includes NPS) up to 10% of the defined salary (being basic and DA)