Wednesday, April 20, 2022

Want to save money? Here are 7 investment schemes for tax saving

In every new year, as human beings, we want to set goals for ourselves

And make plans to do more by crossing our sides every year. However, many are planning to read, Most books set routines, while others prioritize financial planning for a better future.

By the end of 2021, we have only three months left to file our income tax return. However, you need to be prepared, keep your investments in line for that and for tax savings.

Tax deductions can be avoided by investing in a number of government-funded projects. NSC in Government Small Savings Scheme Sukanya Samriddhi Yojana (SSY), PPF, NPS.

Here are a few hints to assist you with saving expenses: Public Provident Fund (PPF)- PPF plot is viewed as the best government plan to save annual assessment. You can invest up to Rs 1.5 lakh PPF The government guarantees investment in PPF every year, that is, the money will not sink. The current government is 7.10. payment

Percentage of interest per annum in PPF. It provides income tax relief on investment under section 80C. Public Pension System (NPS) - NPS is an administration retirement investment funds plot. In addition to section 80C of the Income Tax Act, Lakhs of people will get a tax benefit of Rs 50,000. You can get a total income tax deduction of Rs 2 lakh by investing in NPS. You can do this Start investing 1,000. Any Indian citizen between the age of 18 to 65 years can open an account under this scheme.

Sukanya Samriddhi Yojana (SSY) - You can save charge by opening a record in Sukanya Samriddhi Yojana (SSY) for the sake of your girl less than 10 years. This is a small savings project launched by the Modi government. income tax can be waived

Take advantage of this scheme by depositing a maximum of Rs 1.5 lakh per year. At present, the government is giving 7.8 percent interest on this per annum.

Plan

- Senior Citizens Savings Scheme (SCSS) - SCSS is a good savings scheme for senior citizens. This investment account can be opened in a bank or mailing station

Deposits in this office account may be subject to income tax deduction u/s 80C. The maximum investment that can be made in this is Rs 1.5 lakh.

At present, the interest rate is 7.4 percent per annum.

Life Insurance - 

Tax saving is available only for investing in Unit Linked Insurance Plans (ULIPs). You will not get a tax deduction.

The premium for ULIPs is more than Rs 2.5 lakh. Under the current income tax laws, life insurance policies are exempt from maturity

From tax under section 10(10D). The blend of protection and interest in ULIPs accompanies a lock-in time of 5 years.

- Tax Saving FD - 

You can save income tax by investing in tax-saving fixed deposits. Investment in tax saving FD is closed for 5 years. Equity Linked Savings Scheme (ELSS) - Equity Linked Savings Scheme (ELSS) is a type of equity fund and is the only tax-paying mutual fund.

Exception up to Rs 1.5 lakh under segment 80C of the Income Tax Act. In ELSS Rs. Refund/Profit up to Rs.1 lakh is not taxable. ELSS

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