Income Tax Tips: If you start this planning now, there will be no need to pay tax..

The new financial year 2024-25 has started. Experts say that at the beginning of the new financial year, you should start tax planning and investing for savings. This helps you get good returns and also saves you from doing tax-related work in a hurry at the last moment. Today in this article we are going to tell you about the ways by which you can do tax planning and saving.

Invest in PPF every 5th

From a tax planning point of view, PPF i.e. Public Provident Fund is a great option. If you invest in the scheme on the 5th of every month, you can earn good profits. In this scheme, interest is given on the lowest balance in the account between the 5th and 30th of every month. In such a situation, if you deposit money in it on the 5th of every month from the beginning of the financial year, then you will get more returns. Apart from this, investing in PPF under Section 80C of Income Tax gives the benefit of tax exemption up to Rs 1.50 lakh.

Investment in NPS

The National Pension Scheme is a government retirement scheme. Through this, you can easily save tax. Tax exemption of Rs 50,000 is given on investment in NPS under Section 80CCD (1B) of Income Tax and Rs 1.5 lakh is given on investment under Section 80CCD (1). In such a situation, to get complete tax exemption, one should invest in this scheme from the beginning of the year.

Small Saving Schemes

Small savings schemes are also a good way to save tax. In this, you get the Sukanya Samriddhi Yojana, National Saving Certificate, and many other schemes. In these schemes, tax exemption of up to Rs 1.50 lakh is available under Section 80C of Income Tax. If you start investing in it from the beginning of the financial year, you will be able to do tax planning well and since the interest rate is at a high level, you will also get higher returns.

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