Sukanya Samruddi Yojana ( SSY) Certificate for Income Tax Benefits
The Sukanya Samriddhi Scheme allows provisions for one depositor to deposit money on behalf of the girl child. This depositor could either be a parent or a legal guardian. While contributions towards this scheme are eligible for tax deductions, only one depositor can claim tax exemptions under Section 80C of the Income Tax Act. This means that either a parent or a legal guardian can claim exemptions, not both.
Income Tax Benefits under Sukanya Samriddhi Account(SSA)
- Sukanya Samriddhi Yojana offers the following tax benefits to those enrolled in the scheme.
- Investments made towards this scheme are eligible for tax deduction under Section 80C of the Income Tax Act. This deduction is subject to a maximum of Rs 1.5 lakh towards this scheme.
- This scheme accrues interest which is compounded and credited to the account annually. This accumulated interest is exempt from taxes, ensuring that the funds grow to their maximum potential.
- The amount invested can be withdrawn on maturity or on closing the account. This amount is exempt from tax, ensuring that the girl child can utilise the amount in its entirety without having to pay tax on it.
- These tax provisions ensure that both the depositor and the beneficiary enjoy tax exemptions, ensuring they can carry on with their lives without having to worry about taxes.
- Sukanya Samriddhi Scheme is a win-win for both the girl child and her parents/legal guardian, offering tax incentives to both, paving the way for a brighter future for the child.
Download....SSY Certificate for Income Tax Benefits
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