Income Tax Saving Tips: Do you also want to save tax? If yes, then there are some tasks that you must do before 31st March. What are those tasks? Let’s know.
There is hardly any person in the country who does not want to save tax, who comes under the Income Tax slab. Everyone takes different measures to save tax. There are some good ways to save tax (Tax Saving Schemes), which not only saves your tax but also makes investments.
However, if you want to do this, then you should take these measures before 31 March. By doing this, you will be able to save up to Rs 1.5 lakh for the financial year 2024-25 under Section 80C of the Income Tax Act. However, this facility will be available only in the old regime of Income Tax.
Best ways to save tax
If you are using the old income tax regime, then you can do this work before March 31 and save tax.
◙ Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana i.e. SSY scheme is also a good option to save tax. However, this scheme is only for those people who have daughters. People can open Sukanya Samriddhi account for their two daughters below 10 years of age. 8.2% interest is available on investment in this scheme. Investment of less than Rs 250 cannot be made in the account opened for Sukanya Samriddhi Yojana. There is no tax on the interest received in this scheme.
◙ Senior Citizens Savings Scheme
Senior Citizens Savings Scheme is a good option to save tax for people above 60 years of age. Investment can be made in it for up to 5 years and from Rs 1,000 to Rs 30 lakh can be invested, which can save up to Rs 1.5 lakh on tax. This scheme gives interest at the rate of 8.2%.
◙ Public Provident Fund
Public Provident Fund i.e. PPF is an excellent option for saving tax. The interest rate on PPF is 7.1%. The government reviews the interest rate on PPF every 3 months. Up to Rs 1.5 lakh can be invested in PPF, which can save tax.
◙ National Savings Certificate
National Savings Certificate i.e. NSC is also the right scheme to save tax. It is necessary to invest at least Rs 1,000 in it and money cannot be withdrawn before 5 years. This scheme gives interest at the rate of 7.7%. The account of this scheme matures after 5 years.
◙ Mutual Fund Tax Savings Scheme
Mutual Fund Tax Savings Scheme is also a good option to save tax. It is necessary to invest money in this scheme for 3 years, so that tax can be saved.
◙ Tax Savings Bank Deposit
To save tax, 5-year Tax Savings Bank Deposit can also be made in the bank, in which money can be invested for 5 years. However, if you invest in this scheme, you cannot withdraw money before 5 years.
