There are several tax-saving schemes and plans available in INDIA to help individuals reduce their tax liability. Some of the most popular Schemes are:

  1. Employee Provident Fund (EPF): EPF is government-backed retirement savings scheme , both the employer and employee contribute portion of the salary. This  contributions are eligible for tax deductions under Section 80C  of Income Tax Act.

  2. Public Provident Fund (PPF): PPF is considered as a  long-term savings scheme offered by the government. Contributions to the  PPF accounts are eligible for deductions under the Section 80C, and the interest earned on that amount is tax-free.

  3. National Savings Certificate (NSC): NSC is  fixed-income savings scheme with ( 5 or 10)year tenure. The interest is compounded annually, and the investments in NSC are tax-deductible under Section 80C.

  4. Sukanya Samriddhi Yojana (SSY): SSY  scheme aimed at the girl child’s  marriage  and education expenses. Contributions to  this SSY accounts are also eligible for deductions under Section 80C, and interest earned is tax-free.

  5. 5-Year Fixed Deposit with  any authorized Banks: Banks offer tax-saving  fixed deposits with  lock-in period of 5 years. The interest earned on this deposits is eligible for deductions under Section 80C.

  6. National Pension System (NPS): NPS is  voluntary, long-term retirement savings scheme that also offers tax benefits. Contributions to NPS are eligible for deductions under  the Section 80CCD(1) and 80CCD(1B).

  7. Equity-Linked Saving Schemes (ELSS): ELSS is a kind of mutual fund  invests in equities. Investments in ELSS funds are also  eligible for deductions under Section 80C, and they have potential for higher returns compared to the traditional schemes.

  8. Tax-Saving Fixed Deposits: Some banks offer tax-saving fixed deposit schemes with lock-in period of 5 years. The interest earned is taxable, but  principal amount is eligible for the deductions under Section 80C.

  9. Senior Citizens Savings Scheme (SCSS): SCSS is a savings scheme designed for the senior citizens. Investments in this SCSS are eligible for deductions under Section 80C.

  10. Tax-Saving Bonds: The government of india occasionally issues tax-saving bonds, such as  7.75% Savings (Taxable) Bonds, which often  offer tax benefits. Interest earned on this bonds is taxable.


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