The following are various Tax Savings Schemes you can
avail of to save your Tax.
National Savings Certificates (NSC)
Min Investment - 100
Max Investment - No Limit
Returns - 8 %
Maturity - 6 Years
Tax Benefits - Exemption u/s 88 (on Money Invested)
Exemption u/s 80L (on Interest gained)
Public Provident Fund (PPF)
Min Investment - 500
Max Investment - 70,000
Returns - 8 %
Maturity - 15 Years
Tax Benefits - Exemption u/s 88 (on Money Invested)
Exemption u/s 80L (on Interest gained)
Other Highlights - Loans can be taken & nominations.
Kisan Vikas Patra (KVP)
Min Investment - 100
Max Investment - No Limit
Returns - Money Doubles in 8 Years
Tax Benefits - No
Unit Linked Insurance Plan (ULIP)
An ULIP - Unit Linked Insurance Plan - is a financial product that offers you life insurance as well as an investment like a mutual fund
Investments in ULIP attract the benefit under Section 80C.
Infrastructure Bonds -- IDBI/ ICICI Bank
Financial institutions like IDBI and ICICI Bank come out with bonds that also have a tax benefit under Section 88.
One can claim exemption from tax to the tune of Rs 15,000 under Section 80L
Max Investment - 100,000
Returns - 5 - 6 %
Lock in period - 3 Years
Tax Benefits - Exemption u/s 88 (on Money Invested)
No Exemption (on Interest gained)
Mutual Funds -- ELSS
Max Investment - 10,000
Returns - Not fixed
Lock in period - 3 Years
Tax benefits - Dividends and appreciation in NAV. Both are tax free
There are other Tax Saving Schemes..
Life insurance schemes
Medical Insurance Schemes (Section 80 D)
Pension Plans (Section 80 CCC)
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