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. The tax saving schemes are the one of the part of tax planning. Tax planning is legal and everyone should do it to increase wealth.
National Saving Time Deposits
Tax Saving Scheme |
National Saving Time Deposits (Earlier Post Office Time Depoists) |
Rate of Interest |
Check Here |
Investment Limit |
No Limit |
Tax Benefits |
Deduction u/s 80 C Available |
Details |
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Kisan Vikas Patras (KVPs), 2014 (w.e.f. 23-9-2014)
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 2006
Tax Saving Scheme |
5 Years Time Deposit |
Rate of Interest |
Interest 7.8% p.a 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 @8% p.a. |
Investment Limit |
No Limit |
Tax Benefits |
Investment & accrued interest for first 4 years qualify for deduction u/s 80C. Interest chargeable to tax on accrual basis (No TDS) |
Details |
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Public Provident Funds
Tax Saving Scheme |
15 Years Public Provident Fund |
Rate of Interest |
8% p.a. every years 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 |
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Post Office Saving Bank Account
Tax Saving Scheme |
Post Office Saving Bank Account |
Rate of Interest |
Interest @4% p.a. credited annually |
Investment Limit |
Minimum: Rs.20 and Maximum Rs. 1,00,000 for Individuals, Rs. 2 Lakh for two or more adults jointly in one or more account. |
Tax Benefits |
Deduction up to Rs.10,000 is available under section 80TTA from the A.Y. 2013-14 |
Details |
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7.75% Saving Taxable Bonds
Tax Saving Scheme |
7.75% Saving Taxable Bonds |
Rate of Interest |
7.75% payable half yearly or compounded with half yearly rests |
Investment Limit |
No maximum limit, |
Tax Benefits |
Interest chargeable to tax (tax to be deducted at source) |
Senior Citizen Saving Scheme, 2004 (Post Office)
Tax Saving Scheme |
5 Year Senior Citizen Saving Scheme 2004 |
Rate of Interest |
8.5% per annum payable quarterly |
Investment Limit |
maximum deposit Rs. 15 lakh |
Tax Benefits |
Investments qualifies for deduction u/s 80C |
Details |
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Sukanya Samriddhi Account
Tax Saving Scheme |
Sukanya Samriddhi Account |
Rate of Interest |
8.5% 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 upto [Rs. 1, 50, 000 (A.Y. 2017-18 & 2018-19)]. 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.