Keep these things in mind before paying income tax in March, otherwise tax will be deducted from salary

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Income Tax Savings Scheme: The month of March has come and everyone is planning to save tax. If you are employed and want to save tax, be alert now. If you have not planned tax saving till now, your salary will be deducted in the month of March. You need to invest early to save tax.

You can save tax by investing in some mutual funds with government schemes. For example, you can save tax by investing in some schemes like National Pension System, Sukanya Samriddhi Yojana, PPF.

National Pension Scheme

You can save tax under National Pension Scheme. In which you get tax relief under Section 80C. In this you get tax relief on income up to 1.5 lakhs. Apart from this you can invest a maximum of 50000 rupees under section 80CCD(1D) you can invest.

Besides it has other benefits, the National Pension Scheme (NPS) is a voluntary retirement savings scheme. It helps one to save returns during their retirement and fulfill their needs with pleasure. In this scheme, a fixed amount is paid as monthly pension after the completion of 60 years. That means after 60 years you will not need to depend on anyone.

Sukanya Samriddhi Yojana

You can open a Sukanya Samriddhi account in your daughter's name. A maximum of Rs 1.5 lakh can be deposited under Sukanya Samriddhi Yojana. Investing in Sukanya Samriddhi Yojana can avail tax exemption under Section 80C of the Income Tax Act. Under which you can get tax exemption on annual investment up to 1.5 lakh rupees. Apart from this, they get interest at the rate of 8.2 percent.

Public Provident Fund (PPF)

By investing in PPF you can save tax. It earns interest at the rate of 7.1 percent. Public Provident Fund Schemes benefit from tax exemption under Section 80C. Its lock-in period is 15 years.

Senior Citizen Savings Scheme

You can invest money in Senior Citizen Saving Scheme to save tax. People are liking this scheme a lot. You can invest in this through the post office. Investments made in this scheme are tax exempt under 80C. Under this scheme you can invest up to a maximum of 1.5 lakh rupees.


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