If you also want to save thousands of rupees in tax this year, then do this work before March 31, you will be greatly benefited. Let’s know in detail the complete details
While presenting the Budget 2023-24, Union Finance Minister Nirmala Sitharaman had announced a change in income tax slab. In the new tax regime by the Finance Minister, the income tax slab has been reduced to an income of Rs 7 lakh per annum. At the same time, the benefit cannot be availed from investment in the new income tax regime, but if income tax is filed from the old tax regime, then the benefit of investment can be availed.
Income Tax
Tax exemption can be availed under section 80C of the Income Tax Act. A rebate of up to Rs 1.5 lakh can be availed on investing under this section. In such a situation, before March 31, 2023, if you invest in any scheme that comes under the purview of this section, then the benefit can be availed. Let’s know about some schemes…
Public Provident Fund (PPF)
The scheme of Public Provident Fund ie PPF is being run by the government. In this scheme, a maximum investment of Rs 1.5 lakh can be made in a financial year and a minimum investment of Rs 500 can be made. Under this scheme, currently 7.1 percent interest is being given annually.
National Budget Paper (NSC)
One has to invest in this scheme only once. After five years, the amount deposited in this scheme is returned with 7 percent compound interest. Interest is calculated every year and is paid at maturity. A minimum investment of Rs 1,000 can be made in this scheme. There is no limit on the maximum investment.
Sukanya Samriddhi Yojana
This scheme can be started for daughters. People whose daughter’s age is less than 10 years can open this account. A minimum investment of Rs 250 and a maximum of Rs 1.5 lakh can be made in this account. The maturity of this account happens when the period of 21 years is over. However, investment in this scheme has to be made for 15 years.
