india employmentnews

Tax Saving Option: If you are looking for ways to save tax then these options will be the best..

social media

All taxpayers have to pay taxes on time. In such a situation, many taxpayers look for tax-saving options. The Income Tax Department gives the benefit of tax exemption to taxpayers. If you are also looking for options to save tax, then this news is useful for you.

Come on, today we will tell you which options you can select to save tax. (Tax saving options)

Equity Linked Savings Scheme
In Equity Linked Savings Scheme (ELSS), you can redeem tax up to Rs 1 lakh in 1 year. However, Capital Gains Tax is levied in this. A capital gains tax of 10 percent is levied.

Investors of the Public Provident Fund (PPF) also get tax exemptions. For this, the lock-in period should be over. Let us tell you that the lock-in period is 15 years. There is no tax on the interest received in PPF.

Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana (SSY) has been started for the bright future of daughters. It is a tax-free scheme, that is, there is no tax on its interest.

National Savings Certificate
National Savings Certificate (NSC) gives 6.8 percent interest. There is no risk in this scheme. In this scheme, you can make a tax deduction of Rs 1.5 lakh in 1 financial year.

Life insurance
Tax exemption is also available in a life insurance policy. In this, you can make a tax deduction of up to Rs 1.5 lakh.

Senior Citizen Savings Scheme
Investors get the benefit of tax exemption in the Senior Citizen Savings Scheme. This benefit is available to investors above 60 years of age.

National Pension System
The National Pension System (NPS) is a voluntary scheme. In this scheme also you can get tax exemption of up to Rs 50,000 under 80CCD (1B) of the Income Tax Act.

Employees Provident Fund
Tax can also be saved through the Employees Provident Fund (EPF). In this, you can avail of tax benefits of up to Rs 1.5 lakh under 80C.

In FD with a 5-year tenure, you can avail tax benefit of Rs 1.5 lakh under 80C of the Income Tax Act. Let us tell you that FD offers interest of 7 to 8 percent. The interest received on FD is taxable, however, you can avail of tax deduction on it.

Follow our Whatsapp Channel for latest update