Income Tax Saving Scheme: Saving tax is a big challenge for employed people. A thoughtful investment can help you a lot in saving tax. Today we tell you about 6 ways to save tax-
Tax Saving Ideas: Saving tax is a big problem for employed people… Saving tax is a big challenge for those whose salary is Rs 30 lakh or more. A thoughtful investment can help you a lot in saving tax.
You can save tax deductions under Section 80C and many other tax acts. Let us tell you today in which 6 ways you can save your tax.
1. Tax Saving Fixed Deposits
Tax Saving Fixed Deposits (FDs) are the easiest way to save tax. You can avail tax exemption under section 80C of bank FD tax. At present FD is a safe option to invest money.
2. Public Provident Fund
Apart from this, you can also invest in PPF. Public Provident Fund is a good way to save. In this, along with saving money, tax is also saved. This is a long term saving and investment method, through which you can save tax. This is a government scheme so it is considered quite safe.
3. National Savings Certificate
You can also save money through NSC. This is a fixed income investment option. By investing in National Savings Certificate, you can avail tax exemption under Section 80C of the Income Tax Act of 1961. There is a lock in period of 5 years. Apart from this, guaranteed returns are available.
4. Senior Citizen Savings Scheme (SCSS)
You can also save tax through Senior Citizen Savings Scheme. In this, this scheme has been made for senior citizens aged 60 years and above. In this also one gets the benefit of exemption under Section 80C. The lock-in period of this scheme is 5 years and you can extend it for 3 more years. In this scheme, the benefit of exemption up to Rs 1.5 lakh is available under 80C.
5. Sukanya Samriddhi Yojana (SSY)
Sukanya Samriddhi Yojana is a tax saving scheme. This scheme is especially for girls. Modi government had started this scheme for the advancement of daughters. You can withdraw the money when your daughter turns 21 years old. In this, one gets the benefit of tax exemption under 80C. The interest received under this scheme is also tax free.
6. Loan
Apart from this, you can also save your tax by taking loan. You can also save tax through home loan, education loan. Under section 24(b) of the Income Tax Act, you can save tax up to Rs 2 lakh on home loan. Whereas, if we talk about education loan, you can avail tax exemption under Section 80E.
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