10 Investment Options to Save Your Tax

Author: Nikshey Dhiman Date: 18/01/2024 Credit: Google Images

Invest in ELSS Funds

[{"selector":"#anim-22641fc4-394c-45c9-89ce-be446f341329","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e814dde6-b996-4713-a77e-cecea6a14d6f","keyframes":{"transform":["translate3d(118.95425%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-bdbaf351-7388-4dca-a9e8-2a71cfb476eb","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e19dbf57-2e2d-4232-ad5c-360be6966055","keyframes":{"transform":["translate3d(118.95425%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Mutual funds with a lock-in duration of three years are known as Equity Linked Savings Scheme (ELSS) Funds. Section 80C of the Income Tax Act allows tax exemptions up to ₹1.5 lakhs, which is what these funds offer. Credit: Google Images

Sukanya Samriddhi Yojana

[{"selector":"#anim-f076713e-7fec-414c-8455-12e4c72a97e9","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a38d1762-af6d-4f47-b189-5fbde9359eae","keyframes":{"transform":["translate3d(118.95425%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c21580e9-01fb-478f-b25f-4e35dccc4130","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-deb32862-b16e-4fa4-8903-6c04064862fc","keyframes":{"transform":["translate3d(118.95425%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] This program is specifically intended for parents of girls. A parent who qualifies for this scheme can save up to ₹1.5 lakh annually, with a 21-year maturity period. Credit: Google Images

National Pension System

[{"selector":"#anim-aa625c6e-b925-4f20-a810-9ecfeb713b3d","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ba9115cc-8977-422a-90f4-849f11fe6192","keyframes":{"transform":["translate3d(118.95425%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-19b88c59-23bb-465c-b9a0-3d0e4b8e46b8","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-28632014-1da7-4050-bdac-f2633a97e7a1","keyframes":{"transform":["translate3d(118.95425%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] NPS is a retirement-focused pension plan that qualifies for a ₹1.5 lakh tax credit under Section 80C and enables contributions up to ₹50,000 annually. Credit: Google Images

Senior Citizen Savings Scheme

[{"selector":"#anim-1f813f04-e2b8-4673-be2a-f1813b0652b5","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e859508b-eae3-4858-8c56-877641852cb0","keyframes":{"transform":["translate3d(118.95425%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3c1af789-1e75-4959-a28b-3e67ca12ba6b","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-dfd05aeb-4346-4092-af08-091dbf7d85de","keyframes":{"transform":["translate3d(118.95425%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Senior citizens participating in the government-backed SCSS program can save up to ₹15 lakhs in a fiscal year and receive a ₹1.5 lakhs tax deduction under Section 80C of the Income Tax Act. Credit: Google Images

Public Provident Fund (PPF)

[{"selector":"#anim-dd080332-c450-4ba8-8925-21cb31f7c3bb","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-61272f87-e079-45ae-a57d-d8472651157d","keyframes":{"transform":["translate3d(118.95425%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-463c5014-9e42-4c97-932d-aceeded493c1","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-5042b080-c798-4549-a33e-564e442cfee7","keyframes":{"transform":["translate3d(118.95425%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] For individuals who wish to save for retirement, PPF is the best tax-saving option. A maximum of ₹1.5 lakhs can be invested in a financial year, and up to ₹1.5 lakhs can be deducted from taxes. Credit: Google Images

National Savings Certificates (NSCs)

[{"selector":"#anim-edc728fc-8c67-4cd8-9354-f287d7159f8e","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d0a1a46b-108e-42c3-9734-ccc0ac4b6c9b","keyframes":{"transform":["translate3d(118.95425%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ed5d4f42-ee93-4107-90f8-3e9cfa9703b6","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-32f8d5da-72cd-4088-ad39-34e26be7d18a","keyframes":{"transform":["translate3d(118.95425%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] The post office issues NSCs, which are great for people searching for a risk-free investment with certain profits. A maximum investment of ₹1.5 lakhs is allowed. Credit: Google Images

Equity-Oriented Mutual Funds

[{"selector":"#anim-725759e9-55cd-41c7-9204-f65275ece9eb","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-67196c1d-8981-4a3f-affd-6d9d5b18fa6d","keyframes":{"transform":["translate3d(118.95425%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-eede29b8-f733-4798-9669-da8d003c70d6","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6c984d1b-2a5f-4459-b191-74a5fef9ad4f","keyframes":{"transform":["translate3d(118.95425%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Mutual funds that prioritize equity are a great choice for individuals who wish to engage in the stock market but require additional time or knowledge. A maximum of ₹1.5 lakhs can be invested in a financial year, and up to ₹1.5 lakhs can be deducted from taxes. Credit: Google Images

Invest in Health Insurance

[{"selector":"#anim-0737315e-de90-404f-afde-d585d2c6441a","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c3e98e11-954b-4401-be11-18163d3132ae","keyframes":{"transform":["translate3d(118.95425%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-7378a577-2bbc-4725-bac9-e7e04987316f","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-371f3653-2c12-42e6-819f-7c9d1ff52ae6","keyframes":{"transform":["translate3d(118.95425%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Under Section 80D of the Income Tax Act, health insurance policies provide a tax deduction of up to ₹25,000 for individuals and ₹50,000 for families. Credit: Google Images

Invest in Home Loan

[{"selector":"#anim-b85df728-af3c-4b5a-8ce9-09c556b2934f","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-80e6a67f-0007-4982-869b-c6e9b76ca96e","keyframes":{"transform":["translate3d(118.95425%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f2beb22a-c470-485f-909f-560bbc968987","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c9bf8e81-4d98-471d-be24-9998e5bfcf12","keyframes":{"transform":["translate3d(118.95425%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Under Section 24 of the Income Tax Act, you can deduct up to ₹2 lakhs in taxes from the interest you pay on a home loan. Credit: Google Images

Unit-Linked Insurance Plans

[{"selector":"#anim-863150dc-7b68-4d74-a18d-2e538a616631","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ac8a8914-fe14-4d8d-8802-a877d8de8fd3","keyframes":{"transform":["translate3d(118.95425%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f9b2edd0-70d7-40c8-9373-7985bd88a373","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-dcdd65a4-abf8-4bee-a5fc-a1dad1397813","keyframes":{"transform":["translate3d(118.95425%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Investment and insurance are combined in ULIPs. Under Section 80C, they provide a tax deduction of up to ₹1.5 lakhs. Credit: Google Images

Click Here

[{"selector":"#anim-1c13bf35-20be-45ed-aa7a-cb1b9e448645","keyframes":[{"offset":0,"transform":"translate3d(0, -1164.81434%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.29,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.45,"transform":"translate3d(0, -327.54579240799995%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.61,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.71,"transform":"translate3d(0, -111.35625090399999%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.8,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.85,"transform":"translate3d(0, -41.816834805999996%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.92,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.96,"transform":"translate3d(0, -18.171103703999997%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":1,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"}],"delay":0,"duration":600,"fill":"both"}] [{"selector":"#anim-c5dc0a7f-1728-41e4-a216-2be8819d4584","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-8b77ceec-31fb-47a5-81e2-22e7a65e816c","keyframes":{"transform":["translate3d(118.95425%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Credit: Google Images