o help you out, there is that list a set of tax-saving investments that can help you avail of tax exemptions and even tax-free income. You can claim tax exemptions with the proper planning of up to a maximum limit of Rs. 1.5 lakh with these investments, which include fixed deposits, income insurance, provident fund, and more.
If you are seeking under the Income Tax Act, then listed below are some of the top ten tax saving options for you.
1. Employee Provident Fund
Employee Provident Fund is one of the most popular ways of tax saving for salaried people. Also called the EPF, it is a retirement fund that came into existence under the Employees’ Provident Fund and Miscellaneous Act, 1952. This investment is currently managed by the Central Board of Trustees.
Under this investment scheme, you and your employer can contribute a maximum of 12% of your salary to this fund. There’s a fixed rate of interest that you receive on the contributed amount.
Now, both accumulated funds as well as the interest earned, are tax-free!