Tax savings are a major issue for those with jobs. For individuals earning Rs 30 lakh or more each year, saving taxes is a significant task. An intelligent investment can significantly reduce your income tax. Under Section 80C and numerous other income tax laws, you can preserve tax deductions. Today, allow us to share with you the six ways you can reduce your taxes.
Tax Saving Fixed Deposit
The simplest way to save taxes is to use tax-saving fixed deposits or FDs. Under bank FD tax section 80C, you are eligible for tax exemption. FDs are currently a secure way to invest money.
Public Provident Fund
In addition, you have the option to invest in PPF. Investing in the Public Provident Fund is a wise decision. This results in tax savings in addition to financial savings. This is an investing and long-term savings strategy that can help you save taxes. Since this is a government program, it is regarded as being quite secure.
National Savings Certificate
Using NSC, you can also save money. This option for investing has a fixed income. You can benefit from a tax exemption under Section 80C of the Income Tax Act of 1961 by investing in National Savings Certificates. A five-year lock-in period is in place. In addition, some returns are guaranteed.
The SCSS, or Senior Citizen Savings Scheme
The Senior Citizen Savings Scheme allows you to save taxes as well. This program is designed for senior citizens who are 60 years of age or older. One benefits from the Section 80C exemption in this as well. This scheme has a five-year lock-in term, which can be extended for an additional three years. Under this program, 80C offers the benefit of exemption up to Rs 1.5 lakh.
Sukanya Samriddhi Yojana (SSY)
One tax-saving program is the Sukanya Samriddhi Yojana. Girls are the target audience for this plan. This program was initiated by the Modi government to help daughters advance. When your daughter turns 21, you can take the money out. This provides the advantage to one of the tax exemptions under 80C. The interest received under this scheme is also tax-free.
Loan
In addition, you can reduce your tax liability by taking out a loan. Tax savings are also possible with house and school loans. You can deduct up to Rs 2 lakh in taxes from your house loan under section 24(b) of the Income Tax Act. On the other hand, Section 80E allows you to receive tax exemption on college loans.
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