The financial year 2024-25 will end soon, and the new financial year 2025-26 will begin from April 1. If you are planning to save tax, you still have some time left. There are many government schemes available for tax saving. But to get the tax benefits, you must invest or apply in any of these schemes before March 31, 2025.
Save Lakhs in Tax by Investing in These Schemes
Investing in various schemes can save you taxes. Choosing the old tax regime allows you to easily claim deductions.
Here are some popular government schemes where you can invest and save tax worth lakhs of rupees:
1. ELSS (Equity Linked Saving Scheme)
ELSS is a type of equity mutual fund. It helps you build a good fund for the future and saves a significant amount of tax.
- Lock-in period: 3 years
- Tax exemption: Rs 1.5 lakh under Income Tax Section 80c
- Tax on returns: No tax on returns up to Rs 1 lakh
2. PPF (Public Provident Fund)
The PPF scheme offers up to 7.1% interest and is very popular among investors.
- Tax exemption: Rs 1.5 lakh under Income Tax Section 80c
- Lock-in period: 15 years (no early withdrawal allowed)
3. SSY (Sukanya Samriddhi Yojana)
This scheme is specially designed for daughters. You can open an account for daughters under 10 years of age.
- Tax exemption: Save up to Rs 1.5 lakh
- Interest rate: Up to 8.2%
- The SSY not only saves tax but also helps you save lakhs for your daughter’s future.
4. NPS (National Pension System)
The NPS is meant for retirement planning. It allows you to save for your retirement while saving tax (Tax Saving Tips).
- Tax exemption: Rs 1.5 lakh under Section 80C
- Additional tax benefit: Rs 50,000 under Section 80CCD(1B)
- Minimum investment: Just Rs 1,000
- Eligibility: Any Indian citizen aged 18-65 can apply
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