Income Tax Saving: If you want to save income tax, follow these tips, February-March salary will not be deducted!

The end of the current financial year is just a short time away and most of the taxpayers would have started their financial planning. If you haven't done tax saving planning yet and you are thinking about how and where you can invest your hard earned money, then this news is just for you. We are informing you about the best options available to save tax, so do this without wasting any time.

Keep in mind that to save tax, one has to invest ahead of time and then provide documents related to the investment as evidence to the Income Tax Department. You can claim deduction during ITR by investing in some schemes till March 31, 2024. For this you can invest in various government savings schemes. Along with tax savings, the returns in these schemes are also excellent. There are several options available for this, including NSC, Sukanya Samriddhi Yojana, PPF, NPS.

First option- PPF

Public Provident Fund (PPF) is a long term investment option and is popular as the most popular tax saving scheme in India. Currently, PPF earns interest at the rate of 7.1 percent. You can invest in this scheme. Under Section 80C of the Income Tax Act, you can contribute Rs. 1.5 lakhs investment can get tax exemption. The government offers a guarantee on the investment in PPF, which means there is no fear of losing money. Let us tell you that the money in Public Provident Fund (PPF) is locked in for 15 years.

Another option- NPS

The National Pension System (NPS) is a government retirement savings scheme. This also provides tax relief on investment under Section 80C of the Income Tax Act. You have to pay Rs. 1.5 lakh and additional Rs. You can invest even 50 thousand. By investing in NPS, you save a total of Rs. 2 lakhs discount can be availed. Government is also promoting NPS. You can start investing from Rs 1000 per month. Any Indian citizen between the age of 18 to 65 years can open an account in this scheme. NPS account can be opened in any bank.

Third Option- SSY Scheme

You can save tax by investing in Sukanya Samriddhi Yojana, a small savings scheme run by the government especially for daughters. You can save tax by opening an account in Sukanya Samriddhi Yojana (SSY) in the name of your daughter under 10 years of age. Income tax exemption can be availed by depositing a maximum of Rs 1.5 lakh per annum in this scheme. Recently, the government has revised the interest rates and reduced the interest on the Sukanya Samriddhi Yojana to 8.2 percent. That means, along with tax relief, you also get strong returns.

Fourth option- SCSS

Another option for tax saving is the Senior Citizen Savings Scheme (SCSS), which is also a very popular savings scheme. To invest in this scheme, you can open your account in a bank or post office. By investing in this, you can get income tax exemption under 80C on the amount deposited in the account. You can invest a maximum of Rs 1.5 lakh per annum in this. Like the Sukanya Samriddhi Yojana, the government has also changed its interest rate to 8.2 percent.

Fifth option- ELSS

Equity Linked Savings Scheme (ELSS) is a type of equity fund and is the only mutual fund that is eligible under Section 80C of the Income Tax Act for Rs. Provides tax exemption up to 1.5 lakhs. Annually in ELSS Rs. No tax on returns/profits up to 1 lakh. ELSS has the shortest lock-in period of 3 years which is the best among all tax saving investment options. Apart from this, you can also save tax by buying tax saving FD and Unit Linked Insurance Plan (ULIP).