Income Tax Saving Tips: Now only a few days are left for the end of this financial year. The new financial year will start from April. Before the end of this financial year, you need to do some planning for tax saving.
Income Tax Saving Tips: If you are also employed, then it is obvious that you too must be looking for an option for tax saving. If yes…. So this news is very useful for you. Let us tell you that the salaried people whose salary comes under the ambit of tax should do investment planning before the end of the financial year. You can claim deduction during ITR by investing in tax saving scheme till 31st March.
At present, there are many such schemes in the country, where you can save tax by investing. Here we will tell you about such tax saving tips, by investing in which you will get the benefit of tax exemption and can also prepare a good corpus for the future.
Equity Linked Savings Scheme ie (ELSS)
Equity Linked Savings Scheme ie ELSS Fund is the only mutual fund scheme in which you get the benefit of tax benefit on investing. In this, you get a tax exemption of Rs 1.5 lakh under Section 80C of Income Tax. You can invest in this through SIP of Rs 100. In this you are getting an average return of 10 to 12 percent.
Public Provident Fund (PPF)
Public Provident Fund i.e. PPF is one of the most popular schemes in today’s time to provide long-term tax exemption. This scheme provides tax benefits under section 80C of the Income Tax Act. You can invest a maximum of Rs 1.5 lakh annually in this scheme through several installments during the year.
National Pension Scheme (NPS)
NPS is a tax saving scheme of the government. This investment scheme allows a maximum tax deduction of Rs 2 lakh under section 80CCD. This includes a tax exemption of Rs 1.5 lakh under section CCD(1) and an additional Rs 50,000 under section CCD(1B).
Provident Fund (PF)
Provident Fund is another tax saving plan, this plan is better for those who want to plan for life after retirement. Employees contributing to the Employee Provident Fund (EPF) can avail tax exemption under Section 80C.
Insurance Policy
Investors get exemption under 80D for investing in health insurance scheme. In this, apart from the exemption of Rs 1.5 lakh under 80C, you get an additional exemption of Rs 25,000.
Home Loan
If you have an ongoing home loan, then you can claim a deduction for principal repayment up to Rs 1.5 lakh under Section 80C of Income Tax. Apart from this, additional tax exemption of up to two lakh rupees is also available under section 24B on the interest paid on the home loan.
