Tax Saving Options: Many schemes have been given to save tax under the Income Tax Act. You can save a lot of tax through these options. Let us tell you how you can save tax.
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Tax Saving Options: The last month of the financial year is going on. so all tax saving optionare looking for. So if you still save tax If measures have not been taken for this, there is still a chance. You can still start investing to save tax. If you do not understand where to invest, then we have come up with some better tax saving options for you. By investing in which you can save your money.
Let us tell you, filing income tax return (Income Tax return) And you have only time till March 31 to save tax. If you invest till March 31 to save tax, you can claim the deducted money while filing income tax return. Many facilities have been given to save tax under the Income Tax Act. You can save a lot of tax through these options. Let us tell you how you can save tax.
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Public Provident Fund (PPF)
Public Provident Fund ie PPF is a good investment option for the long term. In this you can invest minimum Rs 500 and maximum Rs 1.50 lakh annually. This scheme comes with a lock-in period of 15 years. Nowadays PPF is becoming very popular among the people. People are seeing it as a safe investment. In this you get compound interest annually. Under Section 80C of the Income Tax Act, you also get tax benefit in this. At present, you are getting 7.1 percent interest annually on this scheme.
ELSS
Equity Linked Savings Scheme ie (ELSS) It is the best option after PPF. This scheme of mutual funds gives the benefit of tax deduction under section 80C. It is also known as Tax Saver Mutual Fund. You can claim a tax deduction of up to Rs 1.5 lakh annually by investing in Equity Linked Savings Scheme.
National Pension Scheme (NPS)
NPS is a retirement scheme by the government. A very good option for those who do not take risk on their savings. Such people who are investing for old age can raise retirement corpus by investing in this scheme. In this, you can claim maximum tax deduction of up to Rs 2 lakh under section 80CCD.
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insurance plans
Life insurance and health insurance are important parts of a balanced portfolio. The insurance plan protects your property from damages caused by sudden events. Along with this, the insurance policy provides tax benefits under certain sections of the Income Tax Act on the premium.
Provident Fund (PF)
Provident Fund is a good option for your post-retirement life. Employees contributing to this can take the benefit of tax exemption under section 80C.
