No matter how much money you earn, everyone faces problems when tax is deducted on your money. This is the reason why people invest in all types of schemes and find new ways to save income tax. In such a situation, here we will tell you about 4 such schemes which come in EEE category. By investing in this you can save money in three ways.
EEE means Exempt Exempt Exempt. There are three ways in which tax is saved in the schemes falling in this category. In this, there is no tax on the amount deposited every year, apart from this, there is no tax on the interest earned every year and the entire amount received at the time of maturity is also tax free i.e. investment, interest/return and maturity are tax free. There is savings. Know in which schemes you can avail this benefit-
Public Provident Fund (PPF)
PPF is a better option to save tax and invest in a safe place. Under this scheme, any investor can deposit a minimum of Rs 500 and a maximum of Rs 1.5 lakh in a year. Annual interest of 7.1 percent is available on PPF. The special thing about this scheme is that the investment money, interest received on the investment money and maturity amount are all tax free.
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Under this scheme the investor gets 8.2 percent interest. Under this scheme, any father can deposit Rs 250 to Rs 1.5 lakh annually in his daughter’s account. The money is deposited for 15 years and when the daughter turns 21, the entire amount along with interest is returned to the investor. To invest in this, the daughter’s age should be less than 10 years.
Equity Linked Savings Scheme (ELSS) is also called tax saving mutual funds. In equity linked saving schemes, you can deposit money in lump sum and can also do it through SIP. Its lock-in is for three years. After this you can withdraw money whenever you want or continue your investment. If you withdraw the amount after 3 years, you get tax benefits.
Employee Provident Plan (EPF)
If you are employed then you can also save your tax through EPF. EPF is also an EEE category scheme. At present 8.25 percent interest is given on it. In such a situation, you can add a good amount of money through this scheme. If you want, you can also increase your contribution through VPF.
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