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Many people invest under the 80C only, till the amount of their investment is Rs 1.50 lakhs. But investing in any scheme should not be for tax saving only. Investment Instruments also offer benefits other than tax saving, like good returns. We are telling you some such schemes in which investing can get better profits with tax rebate …
You can deposit a maximum of Rs 1,50,000 every year under the Public Provident Fund – PPF account. The amount of investment in the PPF gets deduction under section 80C. The PPF plan comes with a lock-in period of 15 years. However, even after 7 years, some of the funds can be withdrawn from the scheme. The PPF account can be extended for 5 years after completion of 15 years. After 5 years, this account can also be closed Pre-Maturity.Under this scheme, investment can be done from Rs 500 to Rs 1.5 lakh. Current interest rate is 8 percent. You can open a PPF account on the name of your child or minor.
Sukanya Samrudhi Yojana- In this scheme, a girl’s parents or legal guardian can invest. Investment should be done for a girl whose age is 10 years or less. The Sukanya Samrudhi Yojana account can be opened for maximum two children. If someone has twins, then in that case they can also join the third girl. The investment made in this scheme is tax exemption under section 80C.Under this scheme, you can deposit money every year for 14 consecutive years. After 21 years of opening the account, the scheme is completed. 50% of the investment amount can be withdrawn for the completion of 18 years of the girl’s expenditure on education or marriage. This account can be opened in any government bank or post office. In today’s time, its interest rate is 8.5 percent and you can invest from Rs 1,000 to Rs 1.5 lakh every year in this scheme.
National Pension Scheme – This scheme started in 2008. Those who work in the private sector, they can invest in this scheme. Pension is available after retirement on investment in this scheme. You can invest more than 1.5 lakh rupees. According to your risk factor, you can invest in different NPS schemes. The investor gets deduction under section 80C tax. although,If the investment made by the person is voluntary, according to the budget 2016, you can take a deduction under Section 80CCD (1B) of Section 50,000 separately. On the other hand, the NPS’s maturity amount has to be taxed, which is a loss. Also, there is no guarantee of earning with this scheme.
Equity Linked Savings Scheme – Equity Linked Savings Scheme is an open-ended equity mutual fund that comes with a lock-in period of three years from the date of investment. Experts believe that investors who are planning to invest for a long time, such as 5-7 years, they should invest in this equity scheme. Under this scheme, nearly 65 percent funds are invested in the equity market.The amount of investment in ELSS gets deduction under Section 80C. The rate of interest on the investment is directly linked to the market. You can invest from 500 rupees to any amount of money in this scheme.
Also Read : Taxes | Tax Deductions That Went Away This Year
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