Adopt these schemes before March 31 to save Rs 46,800 in income tax

BusinessAdopt these schemes before March 31 to save Rs 46,800 in income...
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Income Tax Savings: Under Section 80C of the Income Tax Act, many schemes are included, on investing in which you can deduct an amount of up to Rs 1,50,000 from your taxable income.

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New Delhi:

March 31 is not far away, that is, the financial year 2022-23 (FY 2022-23) is about to end, and then the accounting of the year’s earnings and the income tax deducted or deposited on it- The time will come to do the book.

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Remember, you get time till July 31 (and sometimes it is extended even further) to file Income Tax Return (ITR), but you will be able to save income tax on the same amount, which you have deposited since March 31. First there will be expenditure or investment.

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So, today we are telling you about those small savings government schemes (Small Savings Schemes), by investing in which you can save income tax up to Rs 46,800 in a year, ie saving Rs 3,900 every month. But only those taxpayers, ie taxpayers, who will continue to opt for the old tax regime, and pay income tax at the maximum tax slab, i.e. 30 per cent, will be able to save this much. Taxpayers who pay tax at the rate of 20 percent, their savings will be Rs 31,200, which means every month you will be able to save Rs 2,600.

Many schemes are included under Section 80C of the Income Tax Act, investing in which you can deduct up to Rs 1,50,000 from your taxable income. These include amounts like premium paid for life insurance policies, children’s school tuition fees, principal paid towards home loans, but today we will talk about those schemes, which are given comparatively less attention. .

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The four schemes that we are going to talk about are run by the Indian Postal Department only, and investment can be made for these by visiting any post office or bank branch.

Public Provident Fund (PPF)

We have already told about this scheme in great detail (read here), and a maximum of Rs 1,50,000 can be invested in it every year. Under this scheme, the person who opens the account has to be patient for at least 15 years, because before that the account does not mature. By the way, if you have less amount to invest in any year, then this account can be kept running even with an investment of only Rs.500. This account currently pays interest at the rate of 7.1 percent, and the most interesting aspect of this scheme is that the entire amount (principal (investment) and interest) received at the time of maturity is absolutely tax free.

National Savings Certificate (NSC)

Not many people talk about this scheme, but it is a good scheme in the sense that one has to invest in it, and after just five years the same amount is returned with 7% compound interest. Interest is calculated every year, but is paid only at maturity. But one interesting aspect is that you can show the accrued interest on your NSC every year as your new investment. However, a minimum investment of Rs 1,000 can be made in this scheme, while there is no limit on the maximum investment.

Kisan Vikas Patra (KVP)

Kisan Vikas Patra (KVP) is a scheme similar to the National Savings Certificate (NSC), on which the government currently pays 7.2 percent interest, and the investment made in it matures only when it doubles. At present, according to the current interest rate and rules, the investment made in KVP gets doubled in exactly 10 years, ie 120 months. The minimum investment limit in KVP is also Rs 1,000, and there is no limit on the maximum investment.

Sukanya Samriddhi Yojana (SSA)

At present, the maximum interest is being given in Sukanya Samriddhi Yojana in the schemes run by the Government of India, but only those people whose daughter’s age is less than 10 years can open this account. The Sukanya Samriddhi Yojana has already been explained in great detail on this website, which you can read here Are. This account can be opened in the name of maximum two daughters, but if there are twin daughters in the second time, then three accounts can also be opened. Under this scheme, a minimum of Rs 250 and a maximum of Rs 1,50,000 can be invested every year, and this account will mature when its term of 21 years is over, although you have to invest only for 15 years.

The investment made in these four schemes is exempted under Section 80C of the Income Tax Act, with a maximum limit of Rs 1,50,000, so keep in mind, if you have invested Rs 1, Even if you invest more than Rs.50,000, then you will be given exemption on income tax only on Rs.1,50,000.

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