Tax Benefits of Post Office Schemes: Before the end of the financial year, most people worry about income tax saving. All investors and working people have to submit their investment information and its certificate before the end of the financial year. After this it is known that the tax saving target has not been met.
If you are looking for a way to save tax, then this news can be special for you. Let us tell you that many such schemes are being run by the post office in which investors get a good tax benefit. These schemes of the post office are government-backed schemes. The returns in these are also excellent. The benefit of 80C is not given in all the schemes of the post office. But the schemes we are going to tell about definitely provide tax benefits.
Post Office TD Scheme
The time deposit scheme in the post office is also a very good scheme. You can invest in this account for 1 year, 2 years, 3 years and 5 years. The government revises the interest rates in it every quarter. On investing for 1 year, you get 6.9% interest. On investing for 2 years, you get 7.0% interest. On investing for 3 years, you get 7.1% interest and on investing for 5 years, you get 7.5% interest.
In this scheme, you can invest a minimum of 1 thousand rupees and maximum of any amount. In this, interest is paid at the end of every year. Extra interest amount is received in TD scheme. In this scheme, tax benefit is available on deposit of Rs 1.5 lakh every year under Income Tax Section 80C on 5-year TD scheme. However, tax has to be paid on interest as per the rules.
Public Provident Fund
On investing in PPF scheme, you get tax benefit under Income Tax Act 80C. You get tax benefit of up to Rs 1.5 lakh on investment in a financial year. By investing in this scheme, interest is received at the rate of 7.1 percent. The interest deposited in the PPF account is paid soon after the maturity of the account. Investment has to be made in this scheme for 15 years. After this, the amount received on maturity is completely tax free. PPF is such a scheme on which EEE benefit is available. Along with tax benefit on investment in this, the return and maturity amount are also tax free.