Jagran Trending | These are the most ideal choices for Income Tax Saving, won't dishearten even regarding returns

Income Tax Saving A plan should not be made in a hurry for saving in income tax, it can be harmful. You should start tax planning from the beginning of the financial year. Today we will tell you such tax saving options which give attractive returns.

New Delhi, Manish Kumar Mishra. Charge Planning | Tax Saving Options: For the vast majority of us procuring individuals who settle personal assessment, for them the new year begins from first April. The greater part of the standards and guidelines proposed in the spending plan become successful from April 1, and specialists accept that with the start of the new monetary year, those individuals who go under the domain of available pay ought to begin chipping away at charge arranging. There are many advantages of annual assessment arranging from the long stretch of April. In the first place, you can contribute a modest quantity north of a year rather than a singular amount. Second, you likewise have sufficient opportunity to use sound judgment. Third, you can pick the best speculation choices thinking about your present moment, medium term and long haul objectives. This won't just assistance you in charge saving, you can likewise effectively assemble a corpus for your objectives. Today we will talk about some comparable Tax Saving Options.

Save money for your little girl's higher education and get tax saving benefits

Sukanya Samriddhi Yojana (SSY): The Sukanya Samriddhi Yojana was started by the central government to collect money for the higher education of girls and their marriage. According to Jitendra Solanki, SEBI Registered Investment Advisor, if you have a daughter up to 10 years of age, then you can open an account of Sukanya Samriddhi Yojana in her name. The highest interest is being paid on this scheme in the Small Savings Scheme. Its interest rate for April to June 2022 has been fixed at 7.6 percent. Its interest rates are decided by the government every quarter. You can get the benefit of deduction under section 80C of the Income Tax Act by depositing up to Rs 1,50,000 in this account annually.

Public Provident Fund (PPF)

Dhirendra Kumar, CEO, Value Research, says that if you would rather not face challenge related with the financial exchange, then, at that point, Public Provident Fund (PPF) can end up being a decent choice according to the perspective of long haul venture. You can likewise open this record for the sake of your youngsters. Its development period is 15 years. Best of all, you get the advantage of Exempt-Exempt (EEE) on this. Meaning, the sum contributed, the premium procured on it and the development sum is totally tax-exempt. Its interest rates are also fixed by the government every quarter. Its interest rate has been fixed at 7.1 percent per annum for the quarter April-June 2022, which adds up annually. As a long-term investment, it can prove to be helpful in raising funds for your children's higher education or your retirement, and it will also save income tax. You can invest in it every month. You will get the benefit of deduction under section 80C on investment up to Rs 1.5 lakh per annum

Value Linked Savings Scheme | Equity Linked Savings Scheme

Value Linked Savings Scheme ie ELSS are the plans of Mutual Funds. Under Section 80C of the Income Tax Act, you can get the advantage of allowance of personal assessment on ventures up to Rs 1.5 lakh per annum. It has a lock-in time of three years. ELSS are broadened value plans, as a matter of fact. As per Kumar, an incredible speculation choice for those can face the challenges related with the securities exchange with a drawn out viewpoint. The best performing funds in the ELSS category have given returns of 39 per cent in three years and 25.23 per cent in five years. You can also invest in these funds through Systematic Investment Plan (SIP) every month. Investing through SIP averages out the cost of mutual fund units and gives you better returns. Let's take a look at some of the best ELSS performances.

National Pension System | NPS

National Pension System is also helpful in your tax saving. Kumar says that if a person wants to save for his retirement then he can opt for NPS. Under Section 80CCD(1) of the Income Tax Act, it provides the benefit of deduction of income tax on investments up to Rs 1.5 lakh annually. Apart from this, investors also get the benefit of additional deduction of Rs 50,000 under Section 80CCD (1B) of the Income Tax Act.