Tax Savings Scheme: If you have not yet planned for tax saving, then your salary may be cut in the month of March. You have to invest ahead of time to save tax.
Income Tax Savings Scheme: The month of March has arrived and everyone is planning to save tax. If you are also employed and want to save tax, then get alert now. If you have not yet planned for tax saving, then your salary may be cut in the month of March. You have to invest ahead of time to save tax.
You can save tax by investing in many mutual funds along with government schemes. You can save tax by investing in many schemes like National Pension System, Sukanya Samriddhi Yojana, PPF.
National Pension System
You can also save tax through National Pension System (NPS). In this you will get the benefit of tax exemption under section 80C. In this you get the benefit of tax exemption on income up to Rs 1.5 lakh. Apart from this, you can also invest additional Rs 50,000. You can make this investment under Section 80CCD (1B).
Sukanya Samriddhi Yojana
You can open Sukanya Samriddhi account in the name of your daughter. You will get the benefit of tax exemption on this also. You can open this account in the name of a daughter below 10 years of age. You can also get tax exemption on maximum investment of Rs 1.5 lakh in Sukanya Samriddhi Yojana. Currently, interest is being given on this at the rate of 8.2 percent.
Public Provident Fund
You can save tax by investing in PPF. Currently, interest rate is available on this at the rate of 7.1 percent. Public Provident Fund Scheme provides the benefit of exemption under 80C. Its lock in period is 15 years.
Equity Linked Saving Scheme
This is the only mutual fund which offers tax exemption up to Rs 1.5 lakh under Income Tax Act 80C. Apart from this, there is no tax on returns up to Rs 1 lakh. Its shortest lock-in period is 3 years.
Senior Citizen Saving Scheme
To save tax, you can invest money in Senior Citizen Saving Scheme. This scheme is very much liked. You can invest in this from the post office. Investments made in this scheme will get the benefit of exemption under 80C. You can invest maximum up to Rs 1.5 lakh in this.
