Income Tax Saving Tips: If you also want to increase your savings by saving tax, then this news is for you. In this new financial year, the government has announced many schemes for you through which you can save on your tax. Let us know in detail in the news below how to invest in these government schemes and how much will be saved…
There is only a short time left for the new financial year to start. In such a situation, if you are a taxpayer and are not able to save tax on your income, then there are some government schemes in which tax can be saved by investing. Under the Income Tax Act, 1962, you can also save tax on life insurance plan premium.
As people’s income increases. The liability of taxpayers also increases in the same way. However, the government also provides some ways for the common people to save tax. Under this, you can save tax by investing in some schemes and life insurance. Here we have been told about some such schemes, which come under the Income Tax Act 1962.
1. Public Provident Fund or PPF
Government long term investment scheme Public Provident Fund or PPF (Public Provident Fund) is a scheme which comes under tax exemption. That means, under Section 80C of Income Tax Section 1962, you can save tax up to Rs 1.5 lakh annually. Under this scheme, interest of 7.1 percent is given. In this, an account can be opened with Rs 500 and a maximum investment of Rs 1.5 lakh can be made annually. The maturity of this scheme is 15 years. At the same time, the maturity of this scheme (PPF scheme) can be increased by 5-5 years.
2. EPF or Employee Provident Fund
Employee Provident Fund or EPF is also a better option to save tax. Under PF account, salaried employees get the benefit of returns, investment and tax exemption. This fund can be withdrawn after retirement.
3. Tax exemption in this scheme of post office
Under this scheme, you can invest in Sukanya Samridhi Scheme in the name of your daughter. This savings scheme is run by the Central Government, in which parents can save tax up to Rs 1.5 lakh. You can invest at least Rs 250 in this. At present the interest in this is 8.2 percent. This scheme saves tax up to Rs 1.5 lakh under Section 80C of Income Tax.
4. National Pension Scheme
Retirement Savings Plan: Under NPS, Rs 1.5 lakh can be saved annually under Section 80C of Income Tax and an additional Rs 50 thousand can be saved under Section 80CCD (1B). This scheme (National Pension Scheme) provides a good fund after retirement.
5. Tax exemption on life insurance
If you have taken any kind of life insurance policy from Life Insurance Corporation of India (LIC) or any other company and pay its premium regularly, then you can avail tax exemption. Under life insurance plans, you can save up to Rs 1.5 lakh annually.