Income Tax Saving Tips: These 4 schemes come in EEE category, if you invest money in them, tax will be saved in 3 ways.

No matter how a lot money you earn, everybody faces issues when tax is deducted in your money. This is the rationale why individuals invest in all forms of schemes and discover new methods to avoid wasting revenue tax. In such a state of affairs, right here we will inform you about 4 such schemes which come in EEE class. By investing in this you can save money in 3 ways.

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EEE means Exempt Exempt Exempt. There are 3 ways in which tax is saved in the schemes falling in this class. In this, there is no such thing as a tax on the quantity deposited yearly, aside from this, there is no such thing as a tax on the curiosity earned yearly and the complete quantity obtained on the time of maturity can also be tax free i.e. funding, curiosity/return and maturity are tax free. There is financial savings. Know in which schemes you can avail this benefit-

Public Provident Fund (PPF)

PPF is a greater possibility to avoid wasting tax and invest in a secure place. Under this scheme, any investor can deposit a minimal of Rs 500 and a most of Rs 1.5 lakh in a 12 months. Annual curiosity of seven.1 p.c is accessible on PPF. The particular factor about this scheme is that the funding money, curiosity obtained on the funding money and maturity quantity are all tax free.

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Under this scheme the investor will get 8.2 p.c curiosity. Under this scheme, any father can deposit Rs 250 to Rs 1.5 lakh yearly in his daughter’s account. The money is deposited for 15 years and when the daughter turns 21, the complete quantity together with curiosity is returned to the investor. To invest in this, the daughter’s age ought to be lower than 10 years.

Equity Linked Savings Scheme (ELSS) can also be referred to as tax saving mutual funds. In fairness linked saving schemes, you can deposit money in lump sum and can even do it by SIP. Its lock-in is for 3 years. After this you can withdraw money each time you need or proceed your funding. If you withdraw the quantity after 3 years, you get tax advantages.

Employee Provident Plan (EPF)

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If you are employed then you can even save your tax by EPF. EPF can also be an EEE class scheme. At current 8.25 p.c curiosity is given on it. In such a state of affairs, you can add a very good quantity of money by this scheme. If you need, you can even enhance your contribution by VPF.

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