Invest in this scheme for only 500 to 1.5 lakh per annum
See what are the 6 schemes
You can invest in these 6 Post Office schemes including PPF and National Savings Certificate for tax saving and higher returns.
You have to invest till March 31 to get income tax exemption for 2020-21. In such a case, if you want to invest to get tax exemption, it would be advisable to invest in Post Office Small Savings Scheme. There are many schemes where you get the benefit of income tax under Section 80C of the Income Tax Act along with interest.
According to CA Abhay Sharma (former Chairman Indore Chartered Accountant Branch), Section 80C of the Income Tax Act has several options in which you can save tax on an amount of Rs 1.5 lakh by investing. Today we are telling you about 6 schemes operated by Post Office in which you will also get the benefit of income tax exemption along with good returns.
Public Provident Fund (PPF)
The Public Provident Fund (PPF) can be opened for only Rs.500, but the latter requires a deposit of Rs.500 once a year. A maximum of Rs 1.5 lakh can be deposited in this account every year.
The scheme is for 15 years, out of which money cannot be withdrawn in the meantime. But after 15 years the plan can be extended for 5-5 years.
This account cannot be closed before 15 years. But after 3 years the loan can be taken against this account. Anyone can withdraw money under the rules from the 7th year of this account if they wish.
The government reviews interest rates every three months. This interest rate can be more or less. This account is currently earning 7.1% interest.
The scheme can be opened anywhere in a bank or post office. Apart from that it can also be transferred to any bank or any post office.
National Savings Certificate (NSC)
The Post Office is earning 6.8% annual interest on investment in National Savings Certificate (NSC).
The interest is calculated on an annual basis, but the amount of interest is paid on the investment period.
You have to invest a minimum of Rs.1000 to open an NSC account.
This account can also be opened in the name of an adult and a joint account in the name of 3 adults.
An account can be opened in the name of a minor above 10 years of age under the supervision of a guardian.
You can invest any amount in NSC. There is no maximum investment limit.
Time deposit scheme
This is a type of fixed deposit (FD). You can take advantage of fixed returns and interest payments by investing a lump sum for a fixed period.
The Post Office Time Deposit Account offers interest rates ranging from 5.5 to 6.7 percent for a period of 1 to 5 years.
According to the official website of the Indian Post Office, tax exemption under Section 80C of the Income-tax Act, 1961 can be availed on investment for a period of 5 years.
It requires a minimum investment of Rs. As well as no limit to the maximum investment.
A person who is above 18 years of age can also invest in the scheme. It can also open a joint account.
Kisan Vikas Patra (KVP)
Kisan Vikas Patra (KVP) Savings Scheme is currently earning 6.9% interest.
There is no maximum limit to invest in KVP. However, your minimum investment should be Rs.
The investor must be at least 18 years of age. Apart from single account, it also has the facility of joint account.
Also, a minor can be included in this scheme. But his parents will have to maintain his account.
If you want to withdraw your investment you have to wait at least 2.5 years. It has a lock-in period of two and a half years.
The amount deposited under it is exempt under Section 80C of the Income Tax Act.
Senior Citizen Savings Scheme
The scheme is earning interest at the rate of 7.4% per annum. If the amount of interest exceeds Rs. 10,000 per annum, tax deduction i.e. TDS is deducted at its source.
Investment under this scheme is taxable under Section 80c of the Income Tax Act.
People 60 years of age or older can open an account. 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
Under this, an account can be opened before the age of 10 after the birth of any child.
You can open this account for only 250 rupees. It is offering interest at the rate of 7.6% 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.
Read In Gujarati
What is Section 80C?
Section 80C of the Income Tax Act is in fact part of the Income Tax Act, 1961. It deals with the mining scheme in which an income tax exemption can be claimed by investing. Many people start investing to save tax before the end of the financial year.
Posts
No comments:
Post a Comment