Act Now: The Deadline for Tax Saving is Approaching
The financial year 2024-25 is coming to an end, and the new financial year 2025-26 will begin on April 1. If you’re looking to save on taxes, you still have time to invest in tax-saving schemes before March 31, 2025.
Best Investment Options to Save Lakhs in Tax
By opting for the old tax regime, you can claim deductions by investing in various government-backed schemes. Popular tax-saving options include PPF, NPS, SSY, ELSS, and SCSS, which offer significant tax benefits.
1. ELSS – Equity-Linked Saving Scheme
- A type of equity mutual fund that helps in tax savings and wealth creation.
- Lock-in period: 3 years.
- Tax exemption: Up to ₹1.5 lakh under Section 80C.
- Returns up to ₹1 lakh are tax-free.
2. PPF – Public Provident Fund
- Interest rate: Up to 7.1%.
- Tax exemption: Up to ₹1.5 lakh under Section 80C.
- Lock-in period: 15 years (premature withdrawal is restricted).
3. SSY – Sukanya Samriddhi Yojana
- Designed for parents of daughters below 10 years of age.
- Interest rate: Up to 8.2%.
- Tax exemption: Up to ₹1.5 lakh under Section 80C.
4. NPS – National Pension System
- Ideal for retirement planning.
- Tax exemption: ₹1.5 lakh under Section 80C + ₹50,000 under Section 80CCD(1B).
- Minimum investment: ₹1,000.
- Open for Indian citizens aged 18 to 65 years.
Maximize Your Tax Savings Before March 31!
To avail tax benefits, ensure you invest in these schemes before the financial year ends. Smart planning can help you save lakhs of rupees while securing your financial future.
