5 schemes to help you save tax smartly
With the current river year just a few months away, now is the perfect time to plan your portfolio properly. This is a must-know, especially if you are an income tax filer. In this post, we are going to see about 5 investment schemes that have tax benefits with investment. Many of you may already know some of these.
What general PPF
The General Provident Fund Scheme is one of the most popular schemes in the post office. Under this scheme you can get maximum tax benefit of Rs 1.5 lakh under Section 80C. You can invest it monthly or in lump sum. The interest rate for this scheme is currently 7.1%.
How do Mutual Funds (Tax Savings)
Generally there is no tax savings in mutual funds. But tax benefits can be availed through ELSS scheme. Under this scheme, under section 80C, 1.5 tax benefits can be availed. However, the lock-in period in this scheme is 3 years.
National Pension System
Liability for tax deductions u/s 80CCD (1B) in National Pension System, a government scheme. This will give you a tax benefit of up to INR 1,50,000. Apart from this a tax deduction of Rs 50,000 is available under CCD (1B). So a total tax benefit of 2 lakh rupees will be available. It is useful for people’s leisure time.
There are many types of life and health insurance plans available today. This is useful in unexpected situations. You can also get tax benefits through this. You can get deductions for the premiums paid for you, your spouse and children. Premiums paid to your parents are not exempt.
Many employees who are generally employees can also get tax relief and additional income tax relief. In this you can get tax benefit under Section 80C of Income Tax. Apart from this, Sukanya Samriti Yojana, Equity Linked Savings Scheme and Fixed Deposit Scheme will be among the tax concession schemes.
Income tax payers can avail tax saving benefits by investing in government approved infrastructure bonds under Section 80CCF. The maximum amount for deduction under section 80CCF is Rs.20,000 per assessment year. So you can benefit from this too.