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August 22, 2024The government offers several ways to legally reduce your liability and save taxes. There are various tax-saving avenues where you may invest your money to reduce your tax liability.
You have two options to save taxes; the first is tax deduction and the second is tax exemption.
In this article, we have discussed the various tax-deduction investment options that are available. The most popular with multiple investment options is Section 80C of the Income Tax Act, 1961.
Best tax-saving investments under Section 80C
Section 80C offers multiple tax-saving investments that can be categorized as government-backed and non-government schemes. The former offers fixed returns guaranteed by the government.
Although the latter types of investments do not offer fixed returns, these are also good options to consider.
Let us now look at seven government-backed investments.
Employee Provident Fund (EPF)
Your employer also contributes to the EPF to help you save for your retirement; however, this contribution is a part of your overall cost to the company (CTC).
The minimum contribution is INR 1800 per month and the maximum is capped at 12% of the basic salary plus the dearness allowance (DA).
Generally, EPF contribution is mandatory if your salary is less than INR 15000 per month. The primary goal of EPF is retirement; however, you can prematurely withdraw the amount under certain conditions. The rate of interest is changed every quarter.
EPF is an exempt-exempt-exempt scheme—the contribution, interest, and maturity amounts are all tax-exempt—(EEE).
Our EPF calculator will help you determine the amount of money generated by your EPF and how much you can expect to get at retirement.
Written and Reviewed by:
Priyanka Rao is a content strategist for Jupiter.Money, and specializes in writing on topics related to finance, banking, budgeting, salary & wages, and other financial matters. She has a passion for creating engaging content that resonates with audiences across various digital platforms. In her free time, Priyanka enjoys traveling and reading, which allows her to gain new perspectives and inspiration for her work. With a keen eye for detail and a creative mindset, Priyanka is committed to creating content that connects well with her readers, enhancing their digital experiences.
Prithvi Raj Tejavath is currently the Business Head - Investments at Jupiter Money, where he leverages his extensive experience in product marketing, business growth, and leadership. Prior to this, he held the role of Chief Product Marketing Officer and Chief Product Officer at Scripbox, a leading digital wealth management platform. His journey at Scripbox began after the acquisition of Upwardly, a company he co-founded, where he served as CPMO overseeing product and marketing. At Upwardly, Prithvi played a crucial role in making investment opportunities more accessible to a broader audience.
Before Upwardly, Prithvi was Vice President of Category Management & Growth at Urban Ladder, where he managed the P&L for their furniture, décor, and mattress divisions, and successfully launched the Decor and Mattress business units. Earlier in his career, he founded BuynBrag.com, India's first social shopping website focused on home and lifestyle products. Under his leadership, BuynBrag was acquired by Urban Ladder in September 2014.
With a background in online product management, growth strategy, and marketing, Prithvi has consistently demonstrated his ability to scale businesses and drive innovation across sectors. His entrepreneurial spirit and strategic acumen continue to shape his contributions to the financial and investment landscape.
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