INCOME TAX SAVING SCHEMES

HERE'S ALL THE INCOME TAX SAVING SCHEMES YOU NEED TO KNOW

Published By Livemint | 18 Mar, 2023

TAX SAVING OPTIONS

Section 80C allows an individual to claim maximum deduction of 1.5 lakh from their taxable income
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Here are some of the common options available under Section 80C, 80CCC and 80CCD (1) for saving income tax
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ELSS mutual funds are one of the common investment options used under Section 80C to save income tax

EQUITY-LINKED SAVINGS SCHEME
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PPF is exempted from tax and maturity amount is also exempted from tax

PUBLIC PROVIDENT FUND
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Investment made in NPS is eligible for deduction under Section 80CCD (1) of the Income-tax Act

NATIONAL PENSION SYSTEM
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EPF is one of the most popular tax-saving instruments for salaried individuals

EMPLOYEES PROVIDENT FUND
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A 5-year tax saving fixed deposit is another option available to individuals to save income tax in the current financial year

TAX SAVING FIXED DEPOSITS
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An individual can invest in NSC as well to save income tax

NATIONAL SAVINGS CERTIFICATE
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This a savings scheme for the girl child. A parent of a girl child can invest in Sukanya Samriddhi Yojana and save tax on it

SUKANYA SAMRIDHI YOJANSSA
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