Now tax will be saved with bumper returns

Income Tax Saving Tips: There is not much time left for the new financial year to start. In such a situation, you should prepare an investment plan for the next financial year from now itself. So that, along with getting good returns, it will also help you in saving tax. We are telling you about these five schemes through which you get excellent returns and also exemption in income tax. But, you have to keep in mind that you will get all these benefits only in the old tax regime. If you want to pay your income tax in the old tax regime, then you will have to pay it before July 31. After this, you will have to pay tax in the new regime.

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National Pension System (NPS)

income tax National Pension System is a good option for saving and long term investment. In this, you can get tax exemption of up to Rs 50 thousand under Section 80CCD (1B) of the Income Tax Act. Also, the pension received under the scheme in future becomes a support for your old age.

Public Provident Fund (PPF)

Public Provident Fund (PPF) is a long term scheme. It matures in 15 years, which can be extended further at an interval of 5 years. In this, investment ranging from Rs 500 to Rs 1.5 lakh can be made in a financial year. You get 7.1 percent interest on this. Under Section 80C of Income Tax, you can get an exemption of Rs 1.5 lakh annually.

Sukanya Samriddhi Yojana

This is an excellent scheme by the Central Government to make daughters financially capable. In this, the investor gets good returns and also saves tax. In this, you can open your daughter’s account till she is 10 years old. The annual investment range in this ranges from a minimum of Rs 250 to Rs 1.5 lakh. Income tax exemption is available under Section 80C on annual investment of Rs 1.5 lakh. The best thing is that its returns and maturity amount are also completely tax-free.

Senior Citizen Savings Scheme (SCSS)

Any retired person of 60 years of age or above can invest in SCSS. You will get 8.2 percent interest annually which is much higher than FD. In this you can invest from Rs 1,000 to Rs 15 lakh. Under Section 80C, you will get the benefit of tax exemption on investment up to Rs 1.5 lakh. However, it is worth noting that tax has to be paid on the interest amount.

National Savings Certificate (NSC)

This scheme will give you 7.7 percent interest annually. The minimum investment limit in this is Rs 1,000, but there is no limit on maximum investment. You can invest as much money as you want in this scheme and in this too you get a rebate of up to Rs 1.50 lakh as per Section 80C.