Many post office savings schemes give you tax benefits along with investment. Post office schemes with income tax exemption include National Savings Certificate, PPF, Sukanya Samriddhi Yojana, Senior Citizens Saving Schemes, which also guarantee you safe investment with tax exemption.
Only a few days are left for the end of the financial year. In such a situation, if you want to save big tax by investing your hard earned money somewhere, then this news can prove to be of great use to you. In this news, we are going to give you information about many such schemes, by investing in which you can get the benefit of tax exemption under income tax. Along with this, you will also get a good return.
Many post office savings schemes give you tax benefits along with investment. Post office schemes with income tax exemption include National Savings Certificate, PPF, Sukanya Samriddhi Yojana, Senior Citizens Saving Schemes, which also guarantee you safe investment with tax exemption.
Public provident fund
You can open PPF i.e. Public Provident Fund account in your name. The current interest rate on this is 7.1 percent per annum. Apart from this, the PPF scheme also gives you three times the tax benefit because according to section 80C of the IT Act, a maximum contribution of Rs 1.5 lakh can be made in the scheme. Tax exemption is also available on the maturity amount. The maturity period is 15 years, which can be extended for 5-5 years. You can make partial withdrawal from this scheme after 7 years and can take a loan after 4 years.
Sukanya Samriddhi Yojana
This scheme is specially run for daughters. This is also kept in the category of exemption in section 80C. In this scheme, the account can be opened in the name of a girl child below 10 years of age. At the same time, after turning 18, the daughter gets access to the account. You can start investing in this scheme with a minimum of Rs 250. While a maximum of Rs 1,50,000 can be deposited annually.
Senior Citizen Saving Scheme
Any retired person of 60 years or above can invest in Senior Citizen Savings Scheme. The investment period is of 5 years. The minimum investment limit in this is Rs 1,000 and the maximum investment limit is Rs 15 lakh. After the maturity period, it can also be extended for three years. The Central Government is giving 8% interest rate annually on Senior Citizen Saving Scheme. Account holders can also avail tax exemption under section 80C while filing ITR.
National Savings Certificate
This scheme of the post office is a one time investment plan. In this, you get the principal and interest amount after maturity. Its tenure is of 5 years. The minimum is Rs 1,000. The total interest at maturity is taxable, but the annual interest is reinvested in the scheme itself in the first four years, in which case it is treated as a separate investment and gets tax deduction under 80C.
