Here are 7 investment schemes for tax saving in 2022.

Each new year, we as people love laying out objectives for us and plan to do much more with every year cruising us by. While many designs to peruse more books, set an everyday practice, others love monetary making arrangements for a superior future.

With 2021 closure, we possibly have three months in front of us when we should record our Income Tax Return. Nonetheless, one should be ready for this and save their interests in line for charge investment funds.

One can prevent tax deduction by putting resources into various plans given by the government. Government Small Saving Scheme incorporates NSC, Sukanya Samriddhi Yojana (SSY), PPF, NPS.

Here are some schemes that will help you save tax: 

– Public Provident Fund (PPF) –

 PPF scheme is considered to be the best government scheme to save income tax. You can invest up to Rs 1.5 lakh annually in PPF. The government gives a guarantee on investment in PPF, that is, the money will not sink. At present, the government is giving 7.10 per cent annual interest on PPF. In this, income tax exemption is available on investment under section 80C. 

– National Pension System (NPS) – NPS is a government retirement savings scheme. Under section 80C of the Income Tax Act, in addition to Rs 1.5 lakh in tax, benefits of Rs 50,000 can be taken. By investing in NPS, you can take advantage of a total income tax exemption of Rs 2 lakh. You can start investing from Rs 1,000 a month. Any Indian citizen whose age is between 18 to 65 years can open an account in this scheme. 

– Sukanya Samriddhi Yojana (SSY) – 

 You can save charge by opening a record in Sukanya Samriddhi Yojana (SSY) for the sake of your girl who is under 10 years old. This is a little investment funds plot, which has been dispatched by the Modi government. Personal expense exception can be profited in this plan by keeping a limit of Rs 1.5 lakh yearly. As of now, the public authority is giving 7.6 percent yearly premium on this plan.

– Senior Citizen Saving Scheme (SCSS) – SCSS is a better saving scheme for senior citizens. This savings account can be opened in a bank or post office. Income tax exemption can be taken under 80C on the amount deposited in this account. The maximum one can invest in this is Rs 1.5 lakh annually. At present, there is a provision of interest of 7.4% per annum. 

– Life Insurance – Tax saving exemption is available on investment in Unit Linked Insurance Plan (ULIP) only. Tax exemption will not be available in the premium going in ULIP exceeds Rs 2.5 lakh. As per the existing income tax laws, the maturity proceeds of life insurance policies are exempted from tax under section 10(10D). The combination of insurance and investment in ULIPs comes with a lock-in period of 5 years. 

– Tax Saving FD – You can save income tax by putting resources into Tax Saving Fixed Deposit. Interests in charge saving FDs are secured for a long time. The loan fees of Tax Saving FDs change occasionally. Charge saving FD speculation is a safe and ensured bring choice back. You can profit of assessment exclusion under 80C on repaired stores to Rs 1.5 lakh per annum.

– Equity Linked Savings Scheme (ELSS) – Equity Linked Savings Scheme (ELSS) is a sort of value asset and it is the main common asset that offers charge exclusion of up to Rs 1.5 lakh under Section 80C of the Income Tax Act. In ELSS, returns/benefits up to Rs 1 lakh for each annum are not available. ELSS has the most limited lock-in time of 3 years which is better among all the duty saving speculation choices.

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