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INCOME TAX SAVING SCHEMES
HERE'S ALL THE INCOME TAX SAVING SCHEMES YOU NEED TO KNOW
Published By Livemint
| 18 Mar, 2023
TAX SAVING OPTIONS
Section 80C allows an individual to claim maximum deduction of ₹1.5 lakh from their taxable income
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Here are some of the common options available under Section 80C, 80CCC and 80CCD (1) for saving income tax
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ELSS mutual funds are one of the common investment options used under Section 80C to save income tax
EQUITY-LINKED SAVINGS SCHEME
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PPF is exempted from tax and maturity amount is also exempted from tax
PUBLIC PROVIDENT FUND
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Investment made in NPS is eligible for deduction under Section 80CCD (1) of the Income-tax Act
NATIONAL PENSION SYSTEM
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EPF is one of the most popular tax-saving instruments for salaried individuals
EMPLOYEES PROVIDENT FUND
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A 5-year tax saving fixed deposit is another option available to individuals to save income tax in the current financial year
TAX SAVING FIXED DEPOSITS
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An individual can invest in NSC as well to save income tax
NATIONAL SAVINGS CERTIFICATE
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This a savings scheme for the girl child. A parent of a girl child can invest in Sukanya Samriddhi Yojana and save tax on it
SUKANYA SAMRIDHI YOJANSSA
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