Friday, March 29th, 2024

Invest in these 4 places for tax saving


Photo: CANVA Invest in these 4 places to save money

Tax Saving Schemes: The tax saving opportunity for the new financial year 2022-23 is slowly slipping away from your hands. The last date for tax saving is 31 March 2023. That is, now you have only five days left for tax savings. If you want your hard earned money to be saved from the Income Tax Department, then plan to invest in four places as soon as possible. For tax savings, you can invest in FD, PPF, NPS or any insurance policy.

1. Tax Benefits in FD

You can invest in FD to save your hard earned money. With this, you will not only get higher interest rate than savings account, but you will also get tax exemption under rule 80C. However, you will have to get at least 5 years old FD. There is no tax exemption on FDs with a shorter tenure than this.

2. Investment in NPS

You can also invest in NPS i.e. National Pension Scheme to get tax benefit of up to two lakh rupees in income. Apart from this, tax exemption up to Rs 2 lakh is not available in any other investment scheme. Actually, a rebate of 1.50 lakh is available in this due to 80C and an additional tax benefit of Rs 50 thousand is also available for contributing to Tier-1 account of NPS.

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3. Investment in PPF

You can also invest in PPF to safeguard your earnings. This also comes under the purview of 80C and in this also tax benefit of up to 1.50 is available. You can invest in this scheme for 15 years, where you also get 7.1 percent interest on your investment.

4. Insurance Policy

Apart from NPS, PPF and FD, you can also get tax exemption by investing in health insurance policies. In this also you get tax exemption due to Rule 80C.

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