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Tax Saving Schemes: The end of the year is considered a good time to review your investments and plan for new investments. Along with this, many taxpayers also present many types of proofs for tax saving, so that they can get tax exemption. If you are also planning to save tax and want to get a good profit, then here are some options for you. These government schemes will give you profit on investment as well as save tax.
Public Provident Fund (PPF)
PPF is a better plan to invest for a long period. Section 80C tax exemption of income tax can be claimed under this scheme. Up to Rs 1.5 lakh can be invested in it every year and tax exemption is given up to Rs 1.5 lakh under section 80C. This means that this scheme is tax free. 7.1 percent annual return is available on this scheme.
tax saving mutual fund
Equity Linked Savings Schemes (ELSS) are attractive funds offering high returns and tax exemptions to investors. These funds linked to the market give tax exemption to the people under section 80C and it is also known as Mutual Fund Tax Saving Scheme. Tax exemption up to Rs 1.5 lakh can be found in such mutual funds.
National Pension System (NPS)
NPS is a government-run tax saving scheme, which is suitable for risk-averse investors. The scheme allows a maximum tax deduction of Rs 2 lakh under section 80CCD. It gives a deduction of up to Rs 1.5 lakh under section CCD(1) and an additional Rs 50,000 under section CCD(1B).
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insurance plan
Investing in life and health insurance is considered a safe scheme. It protects your property from unforeseen damages. Also, the premiums paid for these policies are tax-deductible under different sections of the Income Tax Act.
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