People invest money in various tax saving plans to reduce their tax burden. Tax exemption can be acquired using these plans while filing an income tax return. There are currently numerous programmes available where investing can result in tax exemption. Today, we will tell you about one such programme that allows even a tiny investment and offers tax benefits.
The income tax programme we refer to here is PPF or Public Provident Fund.
Among investors, this investing strategy is well-liked. This programme is managed by the federal government and is regarded as one of the best long-term investment programmes available. This plan will mature in 15 years.
Investors can begin participating in this scheme with as little as Rs. 500 for tax saving
while filing their income tax returns. Moreover, a maximum of Rs 1.5 lakh can be invested in this plan by a single investor per fiscal year. Also, by investing in this programme, tax benefits of up to Rs. 1.5 lakh per year under Section 80C of the Income Tax Act may be claimed.
Tax Advantage
The maturity sum received under this programme is also tax-free, and no tax returns are required. If someone is in this scenario and would like to select a tax saving strategy, they can do so and take advantage of it when completing their income tax return.
Read More: Important news for ITR filers, there will be issues if you don’t complete this
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