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Tax Saving Schemes In India

Tax Saving Schemes in India

  • Meaning:- By utilizing the deductions allowed by the Income Tax Act of 1961, Tax Saving Schemes are the greatest strategy to invest money to reduce your tax liability.
  • ELSS:- A diversified equity strategy with a three-year lock-in period is known as an equity-linked savings system, or ELSS, and it is provided by mutual funds in India. Under Section 80C of the Income Tax Act of 1961, they provide tax benefits. (ELSS) allow an individual or HUF to deduct up to Rupees 1.5 lacs from their total income.
  • PPF- A long-term investment option that provides an appealing rate of interest and returns on the amount invested is the Public Provident Fund (PPF) program. The returns and interest received are not subject to income tax. The PPF has a 15-year minimum term that can be increased in 5-year increments at your discretion.  PPF permits investments with a minimum of Rs. 500 and a maximum of Rs. 1.5 lakh every fiscal year. A maximum of 12 installments or a lump sum can be used to make investments. 
  • EPF- For salaried workers, the Employee Provident Fund (EPF) is a retirement benefit program. This program is run by the Employees Provident Fund Organization (EPFO). According to Section 80C of the IT Act, an employee's contribution to the EPF account is eligible for a deduction of up to Rs 1.5 lakh.

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