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Are there any tax-advantaged savings plans I can take advantage of?

Curious about tax savings?

Are there any tax-advantaged savings plans I can take advantage of?

Yes, there are several taxadvantaged savings plans that you can take advantage of in India, including:

1. Employee Provident Fund (EPF): This is a mandatory savings plan for employees in India, where both the employee and employer contribute a percentage of the employee's salary each month. The contributions are taxdeductible, and the interest earned is taxfree.

2. Public Provident Fund (PPF): This is a longterm savings plan for individuals that offers tax benefits under Section 80C of the Income Tax Act. The contributions made to PPF accounts are taxdeductible, and the interest earned is taxfree.

3. National Pension System (NPS): This is a voluntary savings plan that offers tax benefits under Section 80CCD of the Income Tax Act. Contributions made to NPS accounts are taxdeductible, and the maturity proceeds are partially taxfree.

4. EquityLinked Saving Scheme (ELSS): This is a taxsaving mutual fund scheme that offers tax benefits under Section 80C of the Income Tax Act. The investments made in ELSS funds are taxdeductible, and the returns earned are taxfree.

5. Sukanya Samriddhi Yojana (SSY): This is a savings scheme for the girl child that offers tax benefits under Section 80C of the Income Tax Act. The contributions made to SSY accounts are taxdeductible, and the interest earned is taxfree.

It's important to note that each of these taxadvantaged savings plans has its own eligibility criteria, investment limits, and tax benefits. So, you should carefully evaluate your options and consult with a financial advisor to determine which savings plan is right for you.

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