Income Tax: Know the method before filing return, you can save tax in these 9 ways, employed people will get relief

[ad_1]

income tax: In today’s time, saving income tax has become a big challenge for employed people. If you are also thinking of saving your tax this year, then you should start preparing from now. If you plan tax saving systematically, you will be able to save more money.

Many such schemes are being run by the Central Government by investing in which you can save tax up to Rs 1.5 lakh under Section 80C of Income Tax. Let us know which are the schemes by investing in which you can save your money along with returns.

fixed deposit

If you make an FD for five years, then you get exemption under Section 80C of Income Tax on the interest received on the deposit amount. At present banks are giving interest ranging from seven to eight percent.

ppf

You can also save your tax by investing in Public Provident Fund (PPF). This is a long term investment which has a lock in period of 15 years. Its interest rates change every quarter. The interest received on the deposited amount is tax free.

Equity Linked Savings Scheme

Equity Linked Savings Scheme (ELSS) has a lock-in period of three years. However, it is subject to capital gains tax. Redemption of Rs 1 lakh in a financial year is tax free and thereafter, it is taxed at the rate of ten percent.

National Savings Certificate

A fixed interest is available on National Savings Certificate for five years. You can claim tax exemption up to Rs 1.5 lakh in a financial year.

life insurance policy

If you take life insurance, you can save tax up to Rs 1.5 lakh annually on the premium from the life insurance policy.

National Pension System

You can invest in the National Pension System (NPS) with the confidence of the government. In that you can save tax up to Rs 2 lakh. Also, you can get additional tax benefits of Rs 50,000 under 80CCD (1B).

EPFO

You can get tax exemption of Rs 1.5 lakh under Section 80C of Income Tax on investment in Employees Provident Fund (EPF).

Senior Citizen Savings Scheme

If you are a senior citizen, you can avail tax benefits by investing in the Senior Citizen Savings Scheme. This is an investment scheme for five years.

Sukanya Samriddhi Yojana

Many schemes are being run by the Central Government for the social security of girls. This also includes Sukanya Samriddhi Yojana (SSY). Investment in this scheme is tax free.

[ad_2]

Source link