Income Tax: Do this work in the month of March, salary will not be deducted, tax will be saved...

Income Tax Savings Scheme: The month of March has arrived and everyone is planning to save tax. If you are also employed and want to save tax, then get alert now. If you have not yet planned for tax savings, then your salary may be cut in the month of March. You have to invest ahead of time to save tax.

RBI made new rules regarding maintaining minimum balance in bank accounts, will be implemented from next month, and issued instructions to banks

You can save tax by investing in many mutual funds along with government schemes. You can save tax by investing in many schemes like the National Pension System, Sukanya Samriddhi Yojana, and PPF.

National Pension System-
You can also save tax through the National Pension System (NPS). In this, you will get the benefit of tax exemption under section 80C. In this, you get the benefit of tax exemption on income up to Rs 1.5 lakh. Apart from this, you can also invest additional Rs 50,000. You can make this investment under Section 80CCD (1B).

Sukanya Samriddhi Yojana-
You can open a Sukanya Samriddhi account in the name of your daughter. You will get the benefit of tax exemption on this also. You can open this account in the name of a daughter below 10 years of age. You can also get tax exemption on a maximum investment of Rs 1.5 lakh in Sukanya Samriddhi Yojana. Currently, interest is being given on this at the rate of 8.2 percent.

Public Provident Fund-
You can save tax by investing in PPF. Currently, the interest rate is available on this at the rate of 7.1 percent. The Public Provident Fund Scheme provides the benefit of exemption under 80C. Its lock-in period is 15 years.

Equity Linked Saving Scheme-
This is the only mutual fund that offers tax exemption up to Rs 1.5 lakh under Income Tax Act 80C. Apart from this, there is no tax on returns up to Rs 1 lakh. Its shortest lock-in period is 3 years.

Senior Citizen Saving Scheme-
To save tax, you can invest money in the Senior Citizen Saving Scheme. This scheme is very much liked. You can invest in this from the post office. Investments made in this scheme will get the benefit of exemption under 80C. You can invest a maximum of up to Rs 1.5 lakh in this.

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