Tax can also be saved by investing in pension plan
Tax Saving Investment Schemes: The new tax system is going to change from 1 April. Under the new tax regime, the income of up to Rs 12 lakh will now be completely tax free. However, under the new tax system you do not get the benefit of tax exemption on investment. Only those people who have chosen the old tax system and pay tax accordingly. Today, most people have come under the new tax system, but the number of people running under the old tax system is also very high. If you are still running under the old tax system and are looking for a good investment plan to save tax, then this information is only for you.
Bank FD
If you do FD for at least 5 years in a bank, then you can save a lot of tax. Under Section 80C of Income Tax Act, 1961, you can qualify for tax deduction of up to Rs 1.5 lakh every year by investing in 5 years FD scheme.
Pension plan
Tax can also be saved by investing in pension plan. The premiums you pay under the pension plan are eligible for tax deduction of up to ₹ 1.5 lakh every year under Section 80ccCCCCCCCCCCCCCCCCCCCCCCCC.
Ulip
You can save tax every year through unit linked insurance plan ie ULIP. The premium you deposit under ULIP, under Section 80C of the Income Tax Act, 1961, get a tax benefit of up to ₹ 1.5 lakh every year.
Els Mutual Funds
All mutual fund houses offer investments in ELSS funds. The ELSS funds come with a 3-year lock-in period. Under Section 80C of Investment Income Tax Act, 1961 in ELSS Fund, we qualifies for tax deduction of up to ₹ 1.5 lakh.
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