Tuesday, April 16, 2024

Do this work in March to save income tax! salary will not be deducted

Now that March has arrived, everyone is preparing to save money on taxes. Get an alert right away if you want to reduce your taxes and you are also working. Your pay can be reduced in March if you haven’t made any arrangements for tax savings. To save income tax, you must invest in advance.

income tax

In addition to government schemes,

investing in many mutual funds can help you save taxes. Investing in various plans such as PPF, Sukanya Samriddhi Yojana, and the National Pension System can help you avoid taxes.

income taxNational Pension System

Through the National Pension System (NPS), you can also save taxes. You will benefit from section 80C’s tax exemption in this. You profit from an income tax exemption in this. Apart from this, you can also invest additional Rs 50,000. You can make this investment under Section 80CCD (1B).

income tax

Sukanya Samriddhi Yojana

It is possible to register a Sukanya Samriddhi account under your daughter’s name. Additionally, you will benefit from tax exemption on this. This account may be opened in the name of a girl who is younger than ten years old. Additionally, a maximum investment of Rs 1.5 lakh in the Sukanya Samriddhi Yojana is tax-exempt. Interest is currently being paid on this at an 8.2 percent rate.

income tax

Public Provident Fund

Tax savings are possible if you invest in PPF. There is now a 7.1 percent interest rate available on this. One benefit of the Public Provident Fund Scheme is the 80C exemption. A 15-year lock-in term applies.

income tax

Equity Linked Saving Scheme

The only mutual fund available that 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.

income taxSenior Citizen Saving Scheme

You can invest in the Senior Citizen Savings Scheme to reduce your taxes. This plan is highly favored. The post office is where you may invest in this. Investments made under this plan will benefit from the 80C exemption. The highest amount you can invest in this is Rs 1.5 lakh.

Read More: Admit Cards for the UPSC CISF 2024 recruitment exam released

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