new Delhi. The year 2021 has passed and the current financial year 2021-22 (FY22) has less than a month left to end. If till now you have not adopted all the methods of saving maximum tax, then it would be better to get this work done as soon as possible. If you have not invested fully for tax saving, then you can do it before 31st March. After that new financial will start.
Tax exemption can be availed under Section 80C of the Income Tax Act, 1961 by investing up to Rs 1.5 lakh annually. Under this, Public Provident Fund (PPF), Senior Citizens Savings Scheme (SCSS), Life Insurance Premium, NSC (NSC), Tuition Fee for two children, Sukanya Samriddhi Yojana and Tax Savings Schemes of Mutual Funds come. The principal of the home loan also comes under the purview of this section.
Deduction will be available only on the amount of investment
Mumbai-based Certified Financial Planner Parul Maheshwari said, “It is important to see how much you have invested. You will get deduction only on the amount you have invested. This will reduce your overall tax liability.”
Invest here in a hurry
Pankaj Mathpal, Founder and Managing Director, Optima Money Managers said, “If you are in a hurry, you can invest in NSC and tax saving schemes of mutual funds.”
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Public Provident Fund (PPF)
Public Provident Fund is considered to be the best government investment scheme to save tax. Contribution of at least Rs 500 is required every year.
Sukanya Samriddhi Yojana (SSY)
Sukanya Samriddhi Yojana is a small savings scheme of the central government for daughters. On this also the benefit of tax deduction is available. If you have taken Sukanya Samriddhi Yojana, then it is also necessary to contribute at least 250 rupees in a year.
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National Pension Scheme (NPS)
National Pension Scheme ie NPS is a retirement savings plan run by the government. If you have made full investment under 80C, then you can claim deduction under section 80CCG1B by investing an additional Rs 50,000 in NPS.
Tags: income tax, Income Tax Planning, Tax saving
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