If you want a 1.5 to 2 lakhs rebate, you can invest in these best tax-saving investment plans.
There are many such investments for which the government keeps the investment out of the tax net or gives exemptions.
Under section 80C of the Income Tax Act, you do not have to pay tax on investments up to 1.5 lakhs in the options mentioned here.
1- Public Provident Fund: PPF gives three times the tax benefits. 1.5 lakh can be contributed as per section 80C.
2- Sukanya Samriddhi Yojana: SSY run for daughters is also kept in the exemption category in section 80C.
3- Senior Citizen Savings Scheme: SCSS account holders can claim tax exemption under section 80C while filing ITR.
4- Employees' Provident Fund (EPF) 5- Equity Linked Savings Scheme 6- National Pension System (NPS)
7- National Savings Certificate- NSC: Tax Deduction under 80C 8- Term Deposit Account: Tax benefit of 1.5 lakhs
There are many other tax-saving instruments like Fixed Deposits (FDs) in which you can get tax exemption on investments.