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Tax Saving Schemes- If you want to get huge returns on investment, that too without paying tax, then invest in these schemes

Siddhi Jain December 22, 2024 07:15 PM

As we all know that we have to pay tax on our earnings, which is the right of the government. But still if you do not want to pay tax on your hard-earned money, then there are many such schemes which not only reduce your taxable income but also give attractive returns on your hard-earned money. Let's know about these schemes-

1. Public Provident Fund (PPF)

The Public Provident Fund (PPF) is one of the most popular and safest tax-saving instruments in India. With an annual interest rate of 7.1%, PPF offers the dual benefit of tax savings and attractive returns.

2. Sukanya Samriddhi Yojana (SSY)

If you have a daughter, Sukanya Samriddhi Yojana is a great way to invest for her future while saving tax. This scheme offers an interest rate of 8.2%, and you can start with a minimum deposit of just ₹250. The maximum deposit limit is ₹1.5 lakh per annum, with tax deductions available under Section 80C.

3. National Savings Certificate (NSC)

The National Savings Certificate (NSC) is a fixed-income investment with a tenure of 5 or 10 years. The current interest rate is 7.7%, and the minimum investment is ₹1,000. NSC is eligible for tax benefits under Section 80C.

4. National Pension Scheme (NPS)

The National Pension Scheme is a great way to secure a pension after retirement while saving on taxes. Apart from the standard deduction under Section 80C, NPS offers an additional deduction of up to ₹50,000 under Section 80CCD (1B).

5. Senior Citizen Savings Scheme (SCSS)

If you are a senior citizen, Senior Citizen Savings Scheme (SCSS) offers a safe and beneficial option. With an interest rate of 8.2%, this scheme is designed for individuals above 60 years of age or 55 years of age retiring under VRS or Special VRS. You can also claim tax exemption under Section 80C for investments up to ₹1.5 lakh.

Disclaimer: This content has been sourced and edited from [Samachar Nama]. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.