Tax Saving Schemes: Have you filed your income tax return, then you might have heaved a sigh of relief. But have you thought whether you were able to save as much tax as you could have last year.
If not, then don’t worry. There is still a chance! In this article, we will tell you about some investment options through which you can not only save tax but also invest your money in a safe and good return-giving place.
PPF – Tax exemption along with security
PPF i.e. Public Provident Fund is a long-term savings scheme. You can invest money in it for 15 years. This is a very safe investment and also gives good returns.
At present, you are getting 7.1% interest on PPF. The best thing is that it comes under the EEE category, which means you get triple savings in income tax.
The money deposited, the interest received, and the entire amount received on maturity, all three are tax-free.
NPS – Tax benefits with retirement planning
National Pension Scheme (NPS) is an excellent option for your retirement. By investing in it, you get a large amount at the time of retirement and you can also get a pension every month.
There are three benefits of investing in NPS – first, you will be able to accumulate funds for retirement, second, there will be regular income after retirement and third, you will get additional tax exemption of up to Rs 50,000 under section 80CCD (1B).
Health Insurance – Double benefit of security and tax savings
Having health insurance is most urgent in today’s time. It not only gives security cover to you and your family but you can also get tax exemption on health insurance premiums under section 80D.
Home Loan – Fulfill the dream of a home, save tax too
If you are planning to buy a house, then a home loan can be a good option for you. Most people take home loans from the bank to buy a house.
The good thing is that you get tax exemption on this too. You can get tax exemption of up to Rs 1.5 lakh per annum on the principal amount of a home loan and up to Rs 2 lakh on interest under section 24.
EPF – Golden opportunity for salaried people
A part of the salary of salaried people goes to EPF i.e. Employee Provident Fund. This is also a means of tax saving under section 80C. You can get tax exemption on EPF contributions of up to Rs 1.5 lakh annually.
Know about these schemes well and invest according to your financial goals. Remember, a little planning will keep your money safe and also save a lot of tax.