Any person between 18 and 70 years can invest in NPS. Under Section 80C of Income Tax, one gets a rebate of up to Rs 1.50 lakh, and under 80CCD (1B) up to Rs 50,000.

The government takes a part of our earnings as tax. Whenever this huge amount is deducted from our salary, everyone feels sad. In such a situation, we will tell you about some such government schemes, where you can save a huge amount by investing.

To save income tax, you can invest in National Pension Scheme (NPS). By investing in this scheme, you can collect money for your retirement, which you will get in the form of pension, along with this you can also do tax saving of up to two lakh rupees.

Any person between 18 and 70 years can invest in NPS. Under Section 80C of Income Tax, a deduction of up to Rs 1.50 lakh and under 80CCD (1B) a deduction of up to Rs 50,000 is available. The annual return in NPS is between 7.5 to 16.9 percent.

You can also save tax by investing in Sukanya Samriddhi Yojana. This scheme is for daughters. You can open a bank account under Sukanya Samriddhi Yojana in any bank or post office. Investing in this scheme gives interest at the rate of 8.2 percent and tax exemption up to Rs 1.50 lakh is available.

Tax can also be saved by investing in Senior Citizen Savings Scheme (SCSS). Any person above 60 years of age can invest in this scheme. Also, a joint account can be opened with your wife in this scheme. In this, interest is given at the rate of 8.2 percent on investment. Up to Rs 1.50 lakh can be saved in income tax.

You can also save tax by investing in fixed deposits (FD). Banks give 7 to 9 percent annual interest on investments in FD. In this, a maximum deduction of Rs 1.50 lakh can be made under Section 80C of Income Tax.

You can also save tax by investing in term insurance or health insurance or any insurance policy. Up to Rs 1.50 lakh can be availed on term life insurance and up to Rs 25 thousand on health insurance.