Thinking of investing? Invest in these 7 government schemes, you will get huge tax deduction with high interest
By Lokmat Spotlight Bureau | Published: December 26, 2021 04:13 PM2021-12-26T16:13:53+5:302021-12-26T16:13:53+5:30
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2022 is approaching. Therefore, there are only a few months left for the financial year 2021-22. In that case, if you haven't made any investment in tax savings so far, do it in the next three months. The investment for tax savings has to be made ahead of time and then the G.P.
You can save tax by investing in all government savings schemes. Many plans offer good returns and tax relief. Also, it is completely safe to invest. Government Small Savings Scheme NSC, Sukanya Samrudhi Yojana (SSY), PPF,
Public Provident Fund (PPF) - PPF scheme is considered to be the best government scheme to save income tax. You can invest up to Rs 1.5 lakh per annum in PPF. The government guarantees investment in PPF. At present the government charges 7.10 per cent per annum on PPF
National Pension System (NPS) - The National Pension System (NPS) is a government retirement savings scheme. Under Section 80C of the Income-tax Act, a benefit of Rs. 50,000 can be availed in addition to the tax of Rs. 1.5 lakhs.
Sukanya Samrudhi Yojana (SSY) - You can save tax by opening an account in Sukanya Samrudhi Yojana (SSY) in the name of your daughter under 10 years of age. This is a small savings scheme, started by Modi government. The maximum annual deposit under this scheme is Rs. 1.5 lakhs
Senior Citizen Savings Scheme (SCSS) - A Senior Savings Scheme for Senior Citizens (SCSS). This savings account can be opened at a bank or post office. The amount deposited in this account can be deducted under 80C. We can invest a maximum of Rs 1.5 lakh per annum in this.
Life Insurance- There is also an opportunity to save income tax by taking life insurance. But tax savings discount is available only on investments in Unit Linked Insurance Plan (ULIP). If the premium in ULIP is more than Rs 2.5 lakh, no tax exemption will be given. Under existing income tax law, life
Tax Savings You can save income tax by investing in FD-Tax Saving Fixed Deposit. Investment in tax saving FD is locked in for 5 years. Interest rates on tax saving FDs change from time to time. Tax savings FD investment is a safe and guaranteed return option.
Equity Linked Savings Scheme (ELSS) - Equity Linked Savings Scheme (ELSS) is a type of equity fund and is the only mutual fund that offers tax exemption up to Rs 1.5 lakh under Section 80C of the Income Tax Act. In ELSS, return up to Rs. 1 lakh per annum
