You can invest in these 5 schemes including Post Office Time Deposit and PPF for income tax exemption and good returns
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The time limit for investing in sections 80C, 80D, 80E of the Income Tax Act has been extended from June 30 to July 31 to save tax. In such a case if you want to invest to get tax exemption, you can invest till July 30. If you have not yet invested in it, it would be wise to invest in a post office small savings scheme. There are many schemes where you get the benefit of Inktax under Section 80C of the Income Tax Act with higher interest.
According to CA Abhay Sharma (Former Chairman, Indore Chartered Accounts Branch), Section 80C of the Income Tax Act has a number of options in which you can save up to Rs 1.5 lakh by investing. Today we are telling you about 5 such schemes operated by Post Office in which you will also get the benefit of income tax exemption along with better returns.
Senior Citizen Savings Scheme
The scheme is earning 7.4 per cent interest per annum. If the amount of interest is more than Rs.10,000 per annum, TDS is deducted at source.
Investments under this scheme are taxable under section 80c of the Income-tax Act, 1961.
Accounts can be opened after the age of 60 years or more. As well as VRS recipients who are over 55 years of age but under 60 years of age can also open this account.
Money can be invested for 5 years under this scheme. The scheme can be extended for 3 years after maturity.
Under this scheme you can invest up to a maximum of Rs 15 lakh.
Sukanya Samrudhi Yojana
An account can be opened before the age of 10 after the birth of a child
You can open this account for only 250 rupees. It offers interest at the rate of 7.6 per cent per annum, which is higher than the fixed deposit.
A maximum of Rs 1.5 lakh can be deposited under Sukanya Samrudhi Yojana in the current financial year.
Tax exemption under 80c can also be availed on investing in this scheme.
This account can be opened at any post office or authorized branch of the bank.
Post Office Public Provident Fund
The Post Office Public Provident Fund (PPF) account is currently earning 7.1 per cent interest.
Interest on the deposit is calculated on an annual basis, which means that it is added to the principal amount each year.
PPF exemptions fall under the EEE category. This means that income is deducted from the return, maturity amount and interest.
This account can be opened for 15 years, which can be extended for 5 years.
An account can be opened in PPF with a minimum of Rs.500. It requires a minimum investment of Rs 500 in a financial.
Under this scheme you can invest a maximum of Rs 1.5 lakh in the account in a year.
Post Office National Savings Certificate
The Post Office is earning an annual interest of 6.8 per cent on investing in National Savings Certificates. The interest is calculated on an annual basis, but the amount of interest is paid only after the investment period.
The amount deposited in the National Savings Certificate is tax deductible under Section 80c of the Income Tax Act You have to invest a minimum of Rs 100 to open an NSC account.
You can invest any amount in NSC. In it. There is no maximum investment limit
Post office time deposit plan
This is a type of fixed deposit (FD). You can take advantage of fixed returns and interest payments by investing a certain amount of money for a fixed period of time.
The Post Office Time Deposit Account offers interest rates of 5.5 to 6.7 percent for a period of 1 to 5 years.
According to the official website of Indian Post https://www.indiapost.gov.in/vas/Pages/IndiaPostHome.aspx, any person can get tax exemption under Section 80C of the Income Tax Act, 1961 for investing under 5 years fixed deposit. You have to invest at least Rs.1000 in it. There is no maximum investment limit
What about Section 80C?
Section 80C of the Income-tax Act is in fact part of the Income-tax Act, 1961. It mentions the means of investment in which income tax exemption can be claimed. Many people start investing to save tax before the end of the financial year
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The time limit for investing in sections 80C, 80D, 80E of the Income Tax Act has been extended from June 30 to July 31 to save tax. In such a case if you want to invest to get tax exemption, you can invest till July 30. If you have not yet invested in it, it would be wise to invest in a post office small savings scheme. There are many schemes where you get the benefit of Inktax under Section 80C of the Income Tax Act with higher interest.
According to CA Abhay Sharma (Former Chairman, Indore Chartered Accounts Branch), Section 80C of the Income Tax Act has a number of options in which you can save up to Rs 1.5 lakh by investing. Today we are telling you about 5 such schemes operated by Post Office in which you will also get the benefit of income tax exemption along with better returns.
Senior Citizen Savings Scheme
The scheme is earning 7.4 per cent interest per annum. If the amount of interest is more than Rs.10,000 per annum, TDS is deducted at source.
Investments under this scheme are taxable under section 80c of the Income-tax Act, 1961.
Accounts can be opened after the age of 60 years or more. As well as VRS recipients who are over 55 years of age but under 60 years of age can also open this account.
Money can be invested for 5 years under this scheme. The scheme can be extended for 3 years after maturity.
Under this scheme you can invest up to a maximum of Rs 15 lakh.
Sukanya Samrudhi Yojana
An account can be opened before the age of 10 after the birth of a child
You can open this account for only 250 rupees. It offers interest at the rate of 7.6 per cent per annum, which is higher than the fixed deposit.
A maximum of Rs 1.5 lakh can be deposited under Sukanya Samrudhi Yojana in the current financial year.
Tax exemption under 80c can also be availed on investing in this scheme.
This account can be opened at any post office or authorized branch of the bank.
Post Office Public Provident Fund
The Post Office Public Provident Fund (PPF) account is currently earning 7.1 per cent interest.
Interest on the deposit is calculated on an annual basis, which means that it is added to the principal amount each year.
PPF exemptions fall under the EEE category. This means that income is deducted from the return, maturity amount and interest.
This account can be opened for 15 years, which can be extended for 5 years.
An account can be opened in PPF with a minimum of Rs.500. It requires a minimum investment of Rs 500 in a financial.
Under this scheme you can invest a maximum of Rs 1.5 lakh in the account in a year.
Post Office National Savings Certificate
The Post Office is earning an annual interest of 6.8 per cent on investing in National Savings Certificates. The interest is calculated on an annual basis, but the amount of interest is paid only after the investment period.
The amount deposited in the National Savings Certificate is tax deductible under Section 80c of the Income Tax Act You have to invest a minimum of Rs 100 to open an NSC account.
You can invest any amount in NSC. In it. There is no maximum investment limit
Post office time deposit plan
This is a type of fixed deposit (FD). You can take advantage of fixed returns and interest payments by investing a certain amount of money for a fixed period of time.
The Post Office Time Deposit Account offers interest rates of 5.5 to 6.7 percent for a period of 1 to 5 years.
According to the official website of Indian Post https://www.indiapost.gov.in/vas/Pages/IndiaPostHome.aspx, any person can get tax exemption under Section 80C of the Income Tax Act, 1961 for investing under 5 years fixed deposit. You have to invest at least Rs.1000 in it. There is no maximum investment limit
What about Section 80C?
Section 80C of the Income-tax Act is in fact part of the Income-tax Act, 1961. It mentions the means of investment in which income tax exemption can be claimed. Many people start investing to save tax before the end of the financial year
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