Income Tax Saving Schemes: These schemes will not allow you to pay tax on your hard earned money...

7 Tax Saving Schemes: When the hard-earned money goes into income tax, everyone faces problems. The New Year has started. In such a situation, it is very important for you also to start tax planning. To make this planning easier, we are going to tell you about some such schemes by investing in which you can save a large part of your hard-earned money from income tax. Know here about 7 such schemes-

PPF
Public Provident Fund which is commonly called PPF. This is a scheme in which you get guaranteed returns and your investment remains absolutely safe. PPF matures after 15 years, that is, it is a long-term investment scheme. At present interest is being given at the rate of 7.1 percent. Investments made in PPF have been kept in the E-E-E category. This means that your investment, interest, and maturity amount are completely tax-free. On investing in PPF, tax exemption up to Rs 1.5 lakh is available under Section 80C of Income Tax.

ELSS
Equity Linked Savings Schemes (ELSS) of Mutual Funds is one such option, which provides tax savings along with better returns. In this too, you can save tax up to Rs 1.5 lakh under Section 80C and can also create a huge fund. ELSS is the product with the shortest lock-in period. Investment in ELSS cannot be redeemed for 3 years. However, you should invest money only after understanding its risk.

SSY
If you are the father of a daughter, then you can invest in Sukanya Samriddhi Yojana to secure her future. At present, interest is being given on it at the rate of 8.2 percent. The advantage of this scheme is that not only will a good fund be deposited for your daughter, but also you can save tax up to Rs 1.5 lakh annually under 80C. A minimum of Rs 250 and a maximum of Rs 1.5 lakh can be invested in this scheme and it can be opened for a maximum of two daughters.

NPS
If you want to save tax then you can also invest in the National Pension System i.e. NPS. In this, you can get an exemption under 80C and a tax exemption of Rs 50 thousand under 80CCD(1B). This is a better scheme for retirement planning. In this, you can also avail the benefit of a pension in old age along with tax exemption on investment every year.

SCSS
Senior Citizen Savings Scheme i.e. SCSS is a special scheme run by the government for the elderly. Under the Post Office's savings scheme, Senior Citizen Saving Scheme, senior citizens are getting interest at the rate of 8.20 percent on the deposits. Under this scheme, investment can be made from Rs 1000 to Rs 30 lakh. This scheme is a very beneficial deal for senior citizens. Through this, account holders can claim tax exemption under section 80C by filing an ITR.

NSC
National Savings Certificate i.e. NSC is also a scheme giving safe and guaranteed returns. Any Indian citizen can invest in it. Investment in NSC can be started with Rs 1000. There is no maximum limit for investment. At present, interest is being given on it at the rate of 7.7 percent. This account can be opened in any post office in the country. In this also, one gets the benefit of tax exemption under 80C.

FD
If you make a Fixed Deposit i.e. FD for 5 years, then you get the benefit of tax exemption on it. Therefore this FD is also called tax saving FD. You get the option of tax-saving FD not only in banks but also in post offices. Interest rates vary everywhere. You can invest at your convenience by looking at the interest rate. You can also avail tax exemption under 80C.

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