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Monday, 22 March 2021

How to save tax: टैक्स कैसे बचाए five popular tax saving schemes that everyone should know

“Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble.”
Gujarat: If you too are thinking of investing in a better place, then this news is for you. Currently the month of March is going on, if you are looking at investment options this month, then you can invest money at such places where tax benefits will be available. Section 80C of Income Tax gives the person the benefit of exemption of up to Rs 1.5 lakh from taxable income. There are several ways through which tax exemption can be taken. Let us know through our news 5 such popular methods, in which tax exemption is given under section 80C.

1. Public provident fund 

 Investing in PPF is not only safe, but also offers the full benefit of tax exemption.

There is little risk in this for investors. Since investment in PPF is fully protected by the government, it is completely risk free. It is known that currently the interest rate on PPF is 7.1 per cent, which is compounded annually. Comparing this to the fixed deposits of many banks, Public Provident Fund (FD), PPF pays more interest to its subscribers. There is a 15-year period for subscribers after which they can withdraw the amount under the tax exemption. But subscribers can apply for another 5 years. In this, deduction of up to Rs 1.5 lakh can be taken on the amount invested in the scheme. For your information, let us know that both the interest and maturity amount earned in PPF are tax deductible.

 2. Sukanya Samriddhi Yojana

 Sukanya Samriddhi Yojana (SSY) is a very good savings scheme for daughters. SSY account can start from a minimum of Rs 250. It has fixed minimum deposit of Rs 250 and maximum of Rs 1.5 lakh in a financial year. A maximum of 15 years can be invested in Sukanya Samriddhi Scheme. Tax deduction up to Rs 1.5 lakh can be claimed under Section 80C on the amount deposited in SSY. Apart from this, the interest on the deposit and the money received on completion of the maturity period is also tax free. Thus SSY is a tax saving scheme of the EEE category.

 3. ELSS Fund

 This not only reduces the tax liability of the investors, but also increases their savings in the long term. The ELSS investment amount is invested in the equity market. The ELSS has a lock-in period of 3 years. However, after this lock-in period ends, the investor can continue it if the market is in decline at that time and the returns are getting less.

4. Insurance plans

 If you choose to invest in a traditional insurance plan, then there are endowment benefits in it. Or you can invest in unit linked plans, which give linked returns from the market.

 5. Tax Saving Fixed Deposit

 Fixed deposits offered by banks with a maturity period of 5 years and saving tax. On the other hand, they usually have lower interest rates than other deposits with lower maturity.
“Risk comes from not knowing what you are doing.” - warren Buffett (investor)

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