Income Tax: If you want to save income tax, then this is the solution..Tax exemption with refund

You can get such bonus if you invest in government schemes.

  • Investing in Public Provident Fund, Public Provident Fund (PPF) can result in tax savings. Investing in this can give you good returns. Under this scheme you can get returns up to 7.1% percent. You can invest up to Rs 1.50 lakh per annum in this scheme. Under Income Tax Rule 80C, the scheme is given tax relief.
  • If you invest under the Employees Provident Fund (EPF) account, you will get an interest rate of up to 8.1% in this scheme. This scheme will provide tax relief up to Rs 1.5 lakh under Income Tax Rule 80C. So you can easily save tax.
  • Investing in tax saving fixed deposit schemes of banks is also beneficial. Investors can avail tax savings of up to Rs 1.5 lakh under this scheme. Keep in mind that the scheme has a tenure of only 5 years before investment.
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