Tax Savings is an effective measure to ensure that people save some of their tax liability in a legal way. There are many investment options which provide deductions to the assessee and some of them are listed below. Tax saving schemes are one of the parts of tax planning. Tax planning is legal and everyone should do it to increase wealth.
In spite of the fact that we all want to save taxes in India, only a few of us are successful. If you don’t have the right knowledge or are having trouble fitting the best choice into your investment plans, the answer might be a lack of knowledge. We have compiled a list of the best tax-saving investment options that you can make in India to help you compare them and make an informed decision about your investment.
National Saving Time Deposit
| Tax Saving Scheme |
National Saving Time Deposits (Earlier Post Office Time Deposit) |
| Rate of Interest |
Check Here |
| Investment Limit |
No Limit |
| Tax Benefits |
Deduction u/s 80 C Available |
| Details |
Click Here to Know More |
Kisan Vikas Patras (KVPs)
| Tax Saving Scheme |
Kisan Vikas Patras (KVPs), 2014 (w.e.f. 23-9-2014) |
| Rate of Interest |
Check Here |
| Investment Limit |
No Limit |
| Tax Benefits |
Deduction u/s 80 C Available |
| Details |
Click Here to Know More |
Bank Term Deposit Scheme (Fixed Deposit) 2006
| Tax Saving Scheme |
5 Years Time Deposit |
| Rate of Interest |
Depends on Bank |
| Investment Limit |
No Limit |
| Tax Benefits |
Deduction u/s 80 C Available |
| Details |
Click Here to Know More |
National Saving Certificate VIII Issue
| Tax Saving Scheme |
5 Year National Saving Certificates VIII Issue |
| Rate of Interest |
Compound (Half-Yearly) Interest @6.8% p.a. |
| Investment Limit |
No Limit |
| Tax Benefits |
Investment & accrued interest for the first 4 years qualify for deduction u/s 80C. Interest chargeable to tax on an accrual basis (No TDS) |
| Details |
Click Here to Know More |
Public Provident Funds
| Tax Saving Scheme |
15 Years Public Provident Fund |
| Rate of Interest |
7.1% p.a. every year but payable at the time of maturity |
| Investment Limit |
minimum Rs.500 and maximum Rs.1,50,000 |
| Tax Benefits |
Interest totally exempt u/s 10(11) investment qualify during the year allowed for deduction u/s 80C |
| Details |
Click Here to Know More |
National Saving Time Deposits Scheme
| Tax Saving Scheme |
National Saving Time Deposit Scheme |
| Rate of Interest |
5.5% to 6.7% (As per Term) |
| Tax Benefits |
Deduction u/s 80 C Available |
| Details |
Click Here to Know More |
Senior Citizen Saving Scheme, 2004 (Post Office)
| Tax Saving Scheme |
5 Year Senior Citizen Saving Scheme 2004 |
| Rate of Interest |
7.4% per annum payable quarterly |
| Investment Limit |
maximum deposit of Rs. 15 lakh |
| Tax Benefits |
Investments qualify for deduction u/s 80C |
| Details |
Click to Know More |
Sukanya Samriddhi Account
| Tax Saving Scheme |
Sukanya Samriddhi Account |
| Rate of Interest |
7.6% p.a. Compounded Yearly |
| Investment Limit |
Minimum Rs. 1000, Maximum Rs. 1,50,000 |
| Tax Benefits |
Interest totally exempt from tax u/s 10(11A). Investment qualifies for deduction u/s 80C |
| Detail |
Click Here to Know More |
However, it shall be noted that most of the above-mentioned tax saving schemes directly fall under the deductions category of section 80C, where the maximum permissible limit is up to [Rs. 1, 50, 000. Henceforth, the total amount as a collective of all the available schemes would be taken into consideration. Still one can use medical expenses and other similar expenses to avail further deductions u/s 80D.
can i take benefit of 80TTA+ Sec 10 (15 i) this year?
10000/- 80TTA 3500/- post saving acc int
total-13500
What are the bonds available for Capital Gains scheme?
Interest on SB upto 10,000/- will be exempt u/s 80TTA
please let me know the tax savings schemes for NRO account holders apart from Mutual fund ELSS schemes
PPF maximum limit is 1,00,000/- and not Rs 70,000/- as mentioned above. Kindly update.
mam can u explain me, why deduct tds,some dedeuct tds, some not,,,who is lialility ,,if any company dont deduct tds ,,what effect can u explain plz mam
Kindly let me know whether 10,000 reiceve din SB account as interest and Rs.12,000 under Section 80L cane bd deducted from taxable incoime for all individual alike ,I mean for Male,Women and Senior citized assessees.