Income Tax: If you want to save tax on your hard earned money, here are 5 ways to save it along with your income...


There is not much time left for the new financial year to start. In such a situation, you should prepare an investment plan for the next financial year from now, so that you not only get good returns but also save tax. We are telling you about five schemes, which will give you excellent returns and also give you tax exemption. But, you have to keep in mind that you can avail of these benefits only in the old tax regime.


National Pension System (NPS)
The National Pension System is a good option for tax saving and long-term investment. In this, tax exemption of Rs 50 thousand can be availed under Section 80CCD (1B) of the Income Tax Act. In this, you not only get the benefit of tax exemption on investment every year, but a pension also becomes a support for your old age in the future.

Public Provident Fund (PPF)
The Public Provident Fund (PPF) is also a long-term scheme. It matures in 15 years, which can be extended further in blocks of 5 years. In this, Rs 500 to Rs 1.5 lakh can be invested in a financial year. Interest of 7.1 percent is available on this. This investment can get you a rebate of Rs 1.5 lakh annually under Section 80C.

Sukanya Samriddhi Yojana
This is one of the best schemes to get good returns and save tax. In this, you can open an account till the age of your daughter is 10 years. The annual investment range ranges from a minimum of Rs 250 to Rs 1.5 lakh. In this also, exemption under Section 80C will be available on annual investment of Rs 1.5 lakh. The best thing is that the returns and maturity amount will also be completely tax-free.

Senior Citizen Savings Scheme (SCSS)
Any retired person of 60 years of age or above can invest in SCSS. You will get 8.2 percent interest annually, which is much higher than FD. You can invest Rs 1,000 to Rs 15 lakh in this. Under Section 80C, you will also get the benefit of tax exemption on investments up to Rs 1.5 lakh. However, the issue is that tax has to be paid on the interest amount.


National Savings Certificate (NSC)
This scheme will give you 7.7 percent interest annually. The minimum investment limit in this is Rs 1,000, but there is no limit on the maximum investment. You can invest any amount of money in this scheme. In this also you will get an exemption of up to Rs 1.50 lakh under Section 80C.

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