Tuesday, January 31, 2023

Tax Saving Scheme: Top 4 schemes from PPF to NPS will save your tax, know details

Tax Saving Scheme:  It is recommended that you assess your investments and make plans for new ones towards the end of the year. Along with this, many taxpayers also provide other kinds of tax-saving proofs in order to qualify for tax exemption. If you are also planning to save tax and want to get good profits then here are some options for you. You may save taxes and earn a return on your investment with these government programmes.

Public Provident Fund (PPF)

PPF is a better scheme to invest for the long term. Section 80C tax exemption of income tax can be claimed under this scheme. Up to Rs 1.5 lakh can be invested in it every year and tax exemption up to Rs 1.5 lakh is available under section 80C. That is, this scheme is tax-free. This scheme gives 7.1% annual return.

Tax-saving mutual funds

Equity Linked Savings Schemes (ELSS) are attractive funds that offer high returns and tax exemption to investors. These market-linked funds offer tax exemption to individuals under section 80C and are also known as Mutual Fund Tax Saving Schemes. These mutual funds offer tax exemptions up to Rs 1.5 lakh.

National Pension System (NPS)

NPS is a tax saving scheme run by the government, which is suitable for risk-averse investors. Under section 80CCD, the programme permits a maximum tax deduction of Rs 2 lakh. It provides up to Rs. 1.5 lakh in deductions under section CCD(1) and an additional Rs. 50,000 under section CCD (1B).

Insurance plan 

It is advised to invest in life and health insurance. It protects your property from unforeseen damages. Also, the premium paid for these policies is tax-deductible under various sections of the Income Tax Act.

Read More: Home Loan Tax Benefit: Tax exemption is also available for buying more than one house by taking a home loan! Understand the rules of income tax from experts

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