Income Tax Saving Tips: You can get tax exemption by investing capital in some schemes. This benefit is available only to taxpayers who choose the old tax regime.
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Income Tax Saving Tips: March 31 is coming. In such a situation, if you have not yet invested for tax saving, then you may face problems. If you have not yet made a tax saving investment for the current financial year 2024-25, then you will have to do this work before March 31. Only then will you be able to make a deduction of up to Rs 1.5 lakh under section 80C of the Income Tax Act for the financial year 2024-25. This benefit is available only to taxpayers choosing the old tax regime. Choose from the investment options given below and reduce your tax burden.
Public Provident Fund (PPF)
Public Provident Fund is an attractive tax-saving investment option under section 80C. Currently the interest rate on PPF is 7.1 percent. The government reviews the interest rate every 3 months. You can claim tax deduction by investing a minimum of Rs 500 and a maximum of Rs 1.5 lakh in PPF.
Sukanya Samriddhi Yojana (SSY)
Sukanya Samriddhi Yojana is especially for parents having daughters. Parents can open Sukanya Samriddhi account for their daughters. The interest rate in this scheme is 8.2 percent which is even higher than PPF. It is necessary to deposit a minimum of Rs 250 in the account. The interest received in this scheme is tax-free.
National Savings Certificate (NSC)
The minimum limit of investment in National Savings Certificate is Rs 1,000. The interest rate on this is 7.7 percent. The maturity period of NSC is 5 years, after which the account matures. Low-risk investors can buy this certificate for tax deduction.
Senior Citizens Savings Scheme
Senior Citizens Savings Scheme is for people above 60 years of age. Its lock-in period is 5 years. A minimum investment of Rs 1,000 and a maximum of Rs 30 lakh can be made in it. However, tax deduction can be claimed only up to the limit of Rs 1.5 lakh of Section 80C. The interest rate on this scheme is 8.2 percent.
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