{"id":16644,"date":"2023-07-19T15:46:54","date_gmt":"2023-07-19T10:16:54","guid":{"rendered":"https:\/\/kuvera.in\/blog\/?p=16644"},"modified":"2023-07-28T11:32:20","modified_gmt":"2023-07-28T06:02:20","slug":"how-to-save-taxes-and-what-are-the-best-tax-saving-schemes","status":"publish","type":"post","link":"https:\/\/kuvera.in\/blog\/how-to-save-taxes-and-what-are-the-best-tax-saving-schemes\/","title":{"rendered":"How to Save Taxes and What are the Best Tax Saving Schemes?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_40 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" area-label=\"ez-toc-toggle-icon-1\"><label for=\"item-69d6f12080254\" aria-label=\"Table of Content\"><span style=\"display: flex;align-items: center;width: 35px;height: 30px;justify-content: center;direction:ltr;\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/label><input  type=\"checkbox\" id=\"item-69d6f12080254\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/kuvera.in\/blog\/how-to-save-taxes-and-what-are-the-best-tax-saving-schemes\/#Best_tax_saving_methods_to_save_taxes\" title=\"Best tax saving methods to save taxes:\">Best tax saving methods to save taxes:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/kuvera.in\/blog\/how-to-save-taxes-and-what-are-the-best-tax-saving-schemes\/#Steps_for_Income_Tax_Login\" title=\"Steps for Income Tax Login\">Steps for Income Tax Login<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/kuvera.in\/blog\/how-to-save-taxes-and-what-are-the-best-tax-saving-schemes\/#How_to_save_tax_on_salary\" title=\"How to save tax on salary\">How to save tax on salary<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/kuvera.in\/blog\/how-to-save-taxes-and-what-are-the-best-tax-saving-schemes\/#FAQs\" title=\"FAQs\">FAQs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/kuvera.in\/blog\/how-to-save-taxes-and-what-are-the-best-tax-saving-schemes\/#What_is_a_Tax_Deduction\" title=\"What is a Tax Deduction?\">What is a Tax Deduction?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/kuvera.in\/blog\/how-to-save-taxes-and-what-are-the-best-tax-saving-schemes\/#What_is_the_maximum_deduction_from_the_80C_tax_-_saving_schemes\" title=\"What is the maximum deduction from the 80C (tax &#8211; saving schemes)?\">What is the maximum deduction from the 80C (tax &#8211; saving schemes)?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/kuvera.in\/blog\/how-to-save-taxes-and-what-are-the-best-tax-saving-schemes\/#What_are_the_tax_-_saving_schemes_to_save_taxes\" title=\"What are the tax &#8211; saving schemes to save taxes?\">What are the tax &#8211; saving schemes to save taxes?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>&nbsp;<\/p>\n<div class=\"embed-container\"><iframe src=\"https:\/\/www.youtube.com\/embed\/gUjgbRJP3U0\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/div>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">We have compiled a comprehensive tax-saving guide to help you with your tax-planning journey.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Best_tax_saving_methods_to_save_taxes\"><\/span><strong>Best tax saving methods to save taxes:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/kuvera.in\/blog\/saving-schemes-types-interest-rates-and-benefits-of-savings-schemes-in-india\/\">Tax Saving Schemes<\/a><span style=\"font-weight: 400;\"> are the most effective way to save taxes in India by claiming deductions available under the Income Tax Act of 1961.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Investing in income tax deductions is a legal way to save money. These <\/span>tax deductions<span style=\"font-weight: 400;\"> are considered tax-saving schemes, which provide you with the best way to save taxes. <\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">The following are some tax-saving schemes to be aware of:<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><strong>Invest in tax-saving options &#8211;<\/strong><span style=\"font-weight: 400;\"> The most effective way to save taxes is to invest your hard-earned money in various tax- saving instruments. Tax <\/span>deductions under Section 80C<span style=\"font-weight: 400;\"> of the Income Tax Act (ITA) of India <\/span><span style=\"font-weight: 400;\">up to Rs 1.5 lakh are available<\/span><span style=\"font-weight: 400;\">. <\/span><span style=\"font-weight: 400;\">You have the option of investing in:-<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b>1. Employee Provident Fund (EPF):<\/b><a href=\"https:\/\/kuvera.in\/blog\/category\/investing-101\/\"><span style=\"font-weight: 400;\"> EPF <\/span><\/a>is a retirement savings plan for salaried workers. In this case, the employer deducts 12% of the basic salary and Dearness Allowance (DA). This money is then invested in government-approved provident fund schemes.<\/p>\n<p>&nbsp;<\/p>\n<p><b>2. Public Provident Fund (PPF): <\/b>Public provident fund<span style=\"font-weight: 400;\"> is a government-supported investment with a minimum lock-in period of 15 years. After 7 years, you can withdraw a portion of your funds and earn an interest rate of around 8%.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b>3. 5-Year Bank Fixed Deposits (FDs): <\/b><span style=\"font-weight: 400;\">It is one of the most effective tax-saving schemes under Section 80C of the Income Tax Act of 1961. The invested amount cannot be withdrawn in the interim. The interest rate is higher than that of regular FDs<\/span>. The interest earned at the end of the five years is fully taxable.<\/p>\n<p>&nbsp;<\/p>\n<p><b>4. Equity Linked Savings Scheme (ELSS):<\/b><a href=\"https:\/\/kuvera.in\/mutual-funds\/save-taxes\"><span style=\"font-weight: 400;\"> ELSS <\/span><\/a>is a\u00a0 tax-saving mutual fund schemes offer tax savings and high market-linked returns. These have a three-year minimum lock-in period.<\/p>\n<p>&nbsp;<\/p>\n<p><b>5. Sukanya Samriddhi Account: <\/b><span style=\"font-weight: 400;\">This government-backed scheme allows you to invest up to Rs 1.5 lakh per year. Being a parent of a girl child, you can open an account in her name and earn up to 8.5% interest.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b>6. National Saving Certificate (NSC): <\/b><span style=\"font-weight: 400;\">These have a 5-year minimum lock-in period. The annual interest payment of up to 8% is compounded.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b>7. Unit Linked Investment Plan (ULIP): <\/b><span style=\"font-weight: 400;\">A combination of investment and insurance is tax deductible. It protects against risk but does not guarantee returns. Depending on the scheme, returns can range from 5% to 11%. The maturity earnings are tax-free.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b>8. Tax Saving Fixed Deposits: <\/b><span style=\"font-weight: 400;\">These are similar to standard <a href=\"https:\/\/kuvera.in\/fixed-deposit\/all\">fixed deposits <\/a><\/span>but have a 5-year minimum lock-in period. Interest rates can range between 7% and 9%.<\/p>\n<p>&nbsp;<\/p>\n<p><b>9. National Pension Scheme (NPS) &#8211; <\/b><span style=\"font-weight: 400;\">This government-run social security programme provides retirement benefits to public, private, and unorganised employees. It has two accounts, Tier I and Tier II. The former is a required account that allows withdrawals only after retirement.<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li><b>Getting a home loan &#8211; <\/b><span style=\"font-weight: 400;\">Did you know that getting a home loan can help you save money on taxes? Payments for both interest and principal on your home loan are tax-free under Section 80C of the Income Tax Act. <\/span>HRA exemption<span style=\"font-weight: 400;\"> is a portion of your salary that is not taxable if all conditions are fulfilled. Use the <\/span>HRA calculator<span style=\"font-weight: 400;\"> to determine how much tax you could save on your HRA (house rent allowance).<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li><b>\u00a0Salary restructuring &#8211;<\/b><span style=\"font-weight: 400;\"> You can ask your employer to restructure your salary so that you can take advantage of tax breaks. These benefits include House Rent Allowance (HRA), transportation, personality development, medical treatment, telephone, uniform, and office entertainment. You can also get tax credits on your Leave Travel Allowance (LTA) twice every four years.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li><b>Making voluntary donations &#8211;<\/b><span style=\"font-weight: 400;\"> Making donations can help you save money on taxes. Donations can be made to various relief funds, such as the PM relief fund, drug abuse control funds, and the clean Ganges fund, or you can make voluntary contributions to recognised NGOs. Section 80G of the Income Tax Act exempts all these donations from taxation.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li><b>Senior Citizens Savings Scheme (SCSS) &#8211; <\/b><span style=\"font-weight: 400;\">SCSS are <\/span>tax deductions<span style=\"font-weight: 400;\"> for senior citizens. People over the age of 60 are eligible to invest in this scheme. The interest is taxable but is largely exempt from the taxable limit. The maximum investment amount is Rs. 15 lakhs. There is also a 5-year lock-in period. Senior citizens can benefit from quarterly interest returns.\u00a0<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/kuvera.in\/fixed-deposit\/all\"><img loading=\"lazy\" class=\"alignnone wp-image-25320\" src=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2023\/07\/FD-Banner-9.10-01-300x75.jpg\" alt=\"\" width=\"400\" height=\"100\" srcset=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2023\/07\/FD-Banner-9.10-01-300x75.jpg 300w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2023\/07\/FD-Banner-9.10-01-150x38.jpg 150w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2023\/07\/FD-Banner-9.10-01.jpg 600w\" sizes=\"(max-width: 400px) 100vw, 400px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Steps_for_Income_Tax_Login\"><\/span><strong>Steps for Income Tax Login<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>&nbsp;<\/p>\n<p><b>Step 1: <\/b><span style=\"font-weight: 400;\">Visit the income tax department\u2019s homepage (government page) to access the Indian <\/span><span style=\"font-weight: 400;\">income tax<\/span><span style=\"font-weight: 400;\"> login page.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b>Step 2:<\/b><span style=\"font-weight: 400;\"> Enter your income tax login username and continue to move further.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Note: for income tax login, the user ID is your valid PAN card number.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b>Step 3:<\/b><span style=\"font-weight: 400;\"> Confirm your secure access message and enter the correct password.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b>Step 4: <\/b><span style=\"font-weight: 400;\">Enter the Basic Details (first, middle, and last name): select gender and residential status.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b>Step 5: <\/b><span style=\"font-weight: 400;\">Provide contact details<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To complete the registration process, fill in the following details: valid Mobile number, Email ID, and Postal address details. After correctly entering all the details, click on \u2018Continue\u2019.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b>Step 6:<\/b><span style=\"font-weight: 400;\"> Verification<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A six-digit One Time Password (OTP) is sent to your mobile number and email ID on submitting the form. Enter OTPs correctly to verify the details successfully.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b>Step 7: <\/b><span style=\"font-weight: 400;\">Verify the details you entered.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b>Step 8:<\/b><span style=\"font-weight: 400;\"> Set password.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">After verification, set a strong password for your account and set up a secure login message<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b>Step 9: <\/b><span style=\"font-weight: 400;\">Click on \u2018Register\u2019.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Click on the \u2018Register\u2019 button, and you will receive an acknowledgement number after a successful registration.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_to_save_tax_on_salary\"><\/span><strong>How to save tax on salary<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">You must first understand your current tax liability if you are a salaried individual with an annual net salary of between Rs 5 lakh and Rs 15 lakh.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Once you have determined the amount of tax you must pay, you must plan to save tax by claiming tax deductions under the relevant provisions of the Income Tax Act. You can maximise your tax savings by investing in tax-saving options, making voluntary donations, taking out a home loan, or asking your employer to restructure your salary. Always plan ahead of time for tax savings, preferably at the start of the fiscal year, to avoid any stress or hassle when filing your annual Income Tax Return (ITR).<\/span><\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"FAQs\"><\/span><strong>FAQs<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<ul>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"What_is_a_Tax_Deduction\"><\/span>What is a Tax Deduction?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Tax deductions are claims taxpayers make to reduce their taxable income due to various investments and expenses. However, the amount of tax you can save is determined by the type of tax benefit you claim.<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"What_is_the_maximum_deduction_from_the_80C_tax_-_saving_schemes\"><\/span>What is the maximum deduction from the 80C (tax &#8211; saving schemes)?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">The deduction is limited to the amount paid or deposited up to Rs. 1,50,000. The maximum deduction of Rs. 1,50,000 is the sum of deductions allowed under sections 80C, 80CCC, and 80CCD.<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"What_are_the_tax_-_saving_schemes_to_save_taxes\"><\/span>What are the tax &#8211; saving schemes to save taxes?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">The tax &#8211; saving savings schemes cover EPF, PPF, ELSS, SSA, ULIP, NPS, FDs, and SCSS.<\/span><\/p>\n<p>&nbsp;<\/p>\n<div>\n<p>Interested in how we think about the markets?<\/p>\n<\/div>\n<p>Read more: <a href=\"https:\/\/kuvera.in\/blog\/category\/zen-and-the-art-of-investing\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Zen And The Art Of Investing<\/strong><\/a><\/p>\n<p>Watch\/hear on YouTube: Investing with legends series<\/p>\n<div class=\"embed-container\">\n<div class=\"embed-container\"><iframe src=\"https:\/\/www.youtube.com\/embed\/tY33RbqMxmI\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\" data-mce-fragment=\"1\"><\/iframe><\/div>\n<\/div>\n<p>Start investing through a platform that brings goal planning and investing to your fingertips. Visit <a href=\"https:\/\/www.kuvera.in\/\"><strong>kuvera.in<\/strong><\/a> to discover <a href=\"https:\/\/kuvera.in\/blog\/direct-plans-better\/\"><strong>Direct Plans<\/strong><\/a> and <strong><a href=\"https:\/\/kuvera.in\/explore\/fixed-deposit\/c\/all\">Fixed Deposits<\/a><\/strong> and <a href=\"https:\/\/kuvera.in\/user\/login\"><strong>start investing today.<\/strong><\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; &nbsp; We have compiled a comprehensive tax-saving guide to help you with your tax-planning journey. &nbsp; Best tax saving methods to save taxes: &nbsp; Tax Saving Schemes are the most effective way to save taxes in India by claiming deductions available under the Income Tax Act of 1961. &nbsp; Investing in income tax deductions [&#8230;]<\/p>\n<p><a class=\"btn btn-secondary understrap-read-more-link\" href=\"https:\/\/kuvera.in\/blog\/how-to-save-taxes-and-what-are-the-best-tax-saving-schemes\/\">Read More&#8230;<\/a><\/p>\n","protected":false},"author":11,"featured_media":25476,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[99,590],"tags":[71,912,896],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to save Income Tax in India? - Kuvera<\/title>\n<meta name=\"description\" content=\"How to save Income Tax. 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