Tax Saving Schemes for A.Y.2022-23 & A.Y.2023-24

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.

7 thoughts on “Tax Saving Schemes for A.Y.2022-23 & A.Y.2023-24”

  1. can i take benefit of 80TTA+ Sec 10 (15 i) this year?
    10000/- 80TTA 3500/- post saving acc int
    total-13500

    Reply
    • 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

      Reply
  2. 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.

    Reply

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