Tax Saving Options

Income Tax – Get Tax Benefits with the Best Returns – These 5 Schemes are Doing Wonders

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Tax Saving Options: Nowadays, everyone is looking to invest in places where they can get excellent returns along with secure investments. People also want to reduce their taxes. If you are also looking for an investment scheme that offers tax benefits along with investment returns, then this news could be very useful for you.

For your information, timely tax planning is very important so that you don’t face any problems at the end of the year. Below, we are going to tell you about some excellent tax-saving options, by investing in which you can not only save on taxes but also earn handsome returns.

National Pension Scheme (NPS)

NPS is an excellent option for retirement. It offers an additional tax deduction of ₹50,000 under Section 80CCD (1B), in addition to the deduction of up to ₹1.5 lakh under Section 80C. This allows you to secure your future while also saving on taxes.

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Public Provident Fund (PPF)

PPF is a safe and tax-free investment option. Investments in it are eligible for deductions under Section 80C, and the interest and maturity amount are also completely tax-free. This is ideal for those who want to invest for the long term.

Tax Saver Fixed Deposit (FD)

If you want a low-risk investment, then a Tax Saver FD is a good option. It has a five-year lock-in period and offers a tax deduction of up to ₹1.5 lakh under Section 80C. Note that it is not possible to withdraw money from this FD before maturity.

Senior Citizen Savings Scheme (SCSS)

SCSS is a very beneficial scheme for senior citizens. It offers an annual interest rate of 8.2% and tax deductions on investments up to ₹30 lakh. This scheme is ideal for a secure retirement.

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Sukanya Samriddhi Yojana (SSY)

The SSY scheme is specifically designed for daughters under the age of 10 years. It offers tax exemption of up to ₹1.5 lakh under Section 80C, and the returns are also tax-free. This scheme is an excellent way to secure your daughter’s future.

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