Income-tax Return: If you want to save tax, then take the help of these five methods


July 31 is the last date for filing income tax returns for assessment year 2021-22 (FY 2020-21). In such a situation, the idea of ​​adopting several options of tax saving in the mind of the taxpayer would be going on. You can get an exemption in income tax deduction through these five methods. Most taxpayers invest in several options for tax exemption. Section 80C of Income Tax gives the person the benefit of exemption of up to Rs 1.5 lakh from taxable income. This is the most popular option. There are several ways under which tax exemption can be taken. & Nbsp;

Investment in PPF & nbsp;

& nbsp; Investing in PPF is not only safe, but also offers the full benefit of tax exemption. Currently, PPF is getting a & nbsp; 7.1 per cent interest. , Which is compounded annually. . Deductions up to Rs 1.5 lakh can be taken on the amount invested in this scheme. Tax earned on both the interest and maturity amount earned in PPF.

Investment in ELSS) & nbsp;

Investing in equity market is done through ELSS. There is a lock in period of three years. & nbsp; ELSS is a tax saving investment instrument. Investors get big benefit in the form of tax savings with higher returns of ELSS. Tax exemption can be availed by investing in it for a long time. & nbsp;

Insurance plans

80C comes under the purview of tax exemption. You can choose a traditional or unit linked plan i.e. ULIP. The premium given for this is tax deductible. & nbsp;

Tax Saving FD & nbsp;

Tax benefit is available on FD maturity. & nbsp; Under Section 80C of the Income Tax Act, tax deductions can be taken on investments up to Rs 1.5 lakh in fixed deposits. A five-year FD of any bank is called a tax-saving FD. All banks offer tax saving FD. On tax saving FDs, & nbsp; also senior citizens get more interest than others. & Nbsp;

Sukanya Samriddhi Yojana

Up to 15 years can be invested in Sukanya Samriddhi Scheme. In this, tax deduction of up to Rs 1.5 lakh can be claimed under Section 80C on the amount to be paid. Apart from this, the interest on the deposit and the money received on completion of the maturity period is also tax free. & Nbsp;

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