Tax saving tips: FY 2024-25 is now on the verge of ending. In such a situation, taxpayers are looking for such ways of investment, which help in saving tax along with giving good returns in the new financial year. We are telling about five best investment plans here. These will give you great returns, as well as help in saving tax.
Public Provident Fund (PPF)
PPF is a safe and long -lasting government savings scheme. This is especially right for those who do not want to take risks. It has a 15-year lock-in period. It gives tax exemption of up to ₹ 1.5 lakh under Section 80C. Its interest rate is around 7.1% annually. Interest and maturity amount on this investment is tax free.
Equity Linked Savings Scheme (ELSS)
ELSS is a mutual fund scheme, mostly invested in the stock market. It has a three-year lock-in period and under Section 80C, a tax exemption of up to ₹ 1.5 lakh is given. Since it has ups and downs associated with the market, it is right for those who are ready to take risks and also want strong returns instead of saving tax.
National Pension Scheme (NPS)
NPS is a good way to save for retirement National Pension Scheme (NPS). Employees of both government and private sector can invest in this. There is a tax exemption of ₹ 1.5 lakh under Section 80C and an additional ₹ 50,000 under Section 80C. This scheme is good for retirement planning and also gets good tax benefit.
Senior Citizens Savings Scheme (SCSS)
SCSS is especially made for people above 60 years of age. This scheme gives about 8.2% annual returns. It has a five-year lock-in period. A maximum of ₹ 30 lakh can be invested in SCSS. It gives tax exemption under section 80C. This is a good option for senior citizens for safe investment and better returns.
National Savings Certificate (NSC)
NSC is a guaranteed government scheme, which gives a fixed interest rate of about 7.7%. It has a five-year lock-in period and it gives a tax exemption of up to ₹ 1.5 lakh under Section 80C. This is perfect for those who want safe returns without risk.
All these schemes will not only help you save tax, but will also help in becoming financially strong for a long time. If you want to save tax and also want good returns, then you can invest in any scheme.
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