Tax Saving Options: If you are looking for tax saving schemes, then we are telling you about some such schemes, which can save a large part of your income from income tax…
Tax Saving Tips: National Pension Scheme is a great option for tax saving. By investing in this scheme, you are getting an additional exemption of Rs 50,000 under Section 80C of Income Tax and 80CCD(1B). This is a retirement plan, in which you get the benefit of pension along with tax exemption.
Sukanya Samriddhi Yojana is a good tax saving scheme. The government is offering 8.20 percent interest rate on deposits under this scheme in the quarter from January to March. Along with this, you can invest from Rs 250 to Rs 1.50 lakh in SSY in a financial year. A rebate of Rs 1.50 lakh is available on the invested amount under Section 80C of Income Tax.
National Saving Scheme is also a great tax saving scheme, under which you are getting the benefit of 7.70 percent interest on the deposited amount. Under this scheme, you can invest any amount from Rs 1000 to multiples of Rs 100. In this scheme also, a rebate of Rs 1.50 lakh is available under Section 80C.
Tax saving FD is also a great investment option for tax exemption. Under this scheme, you can get the benefit of tax exemption by investing in bank or post office FD for 5 years. Under this scheme, you are getting 7.70 percent interest rate as well as an annual exemption of Rs 1.50 lakh under Section 80C.
Equity Linked Savings Schemes (ELSS) of mutual funds is also a great tax saving scheme. Under this scheme, you get better returns as well as a rebate of Rs 1.50 lakh in a financial year under Section 80C of Income Tax.
By investing Rs 500 to Rs 1.50 lakh every year in PPF i.e. Public Provident Fund account, you can get exemption of up to Rs 1.50 lakh under Section 80C of Income Tax. At present the government is offering interest rate of 7.10 percent in this account.
Senior citizens can invest in Senior Citizen Savings Scheme for tax saving. Under this scheme, an amount ranging from Rs 1000 to Rs 30 lakh can be invested, on which the government is currently giving an interest rate of 8.20 percent.
