Tax Saving Tips- Save your tax worth lakhs of rupees like this, see all the details

Tax saving Tips- If you are planning for tax saving, then this article is for you. One can apply for many different types of government schemes for tax saving. Along with this, if you are planning for tax saving, then you have to apply in any scheme before 31 March 2025.

Save lakhs of rupees in tax by investing in these schemes

You can apply for various schemes for tax saving. After this, you can easily claim deduction by choosing the old tax regime. At present, investments can be made in many government schemes like PPF, NPS, SSY, ELSS and SCSS. All these schemes are quite popular among investors. By investing in these schemes, you can save tax worth lakhs of rupees.

ELSS Saving Scheme

ELSS is also called Equity Linked Saving Scheme. This is a kind of equity mutual fund. By investing in this mutual fund, a good amount of funds can be created for the future. Along with this, tax worth lakhs of rupees is also saved. The lock-in period of this scheme is 3 years. Under this scheme, a tax exemption of Rs 1.5 lakh is available under Income Tax Section 80C. At the same time, there is no tax on returns up to Rs 1 lakh received from ELSS.

PPF Savings Scheme

You get up to 7.1 percent interest in Public Provident Fund (PPF). This is the most popular scheme among investors. In this scheme also you will get a rebate of up to Rs 1.5 lakh under Income Tax Section 80C. However, the investors’ money remains locked in for 15 years. That is, you cannot withdraw money from this scheme before 15 years.

SSY Scheme

Sukanya Samriddhi Yojana is specially designed for daughters. Under this scheme, you can open an account for daughters below 10 years of age. Under this scheme, tax payers can save tax up to Rs 1.5 lakh. Under this scheme, you get interest up to 8.2 percent. This scheme not only saves your tax but you can also save lakhs of rupees under this scheme.

NPS Saving Scheme

This scheme is also called National Pension System. This scheme is specially designed for retirement. Under this scheme also you can save Rs 1.5 lakh under section 80C. Apart from this, you get a tax exemption of Rs 50,000 under section 80CCD (1B). You can apply for NPS with just Rs 1,000. Any Indian citizen between the ages of 18 and 65 can apply for this scheme.