Best tax saving schemes as per section 80c

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All About Section ‘80C’ Tax Deduction


PPF (Public Provident Fund) More About Scheme Minimum Investment in a year Maximum Investment in a year Hidden Costs

   

Risk

 Completely safe  No possibility of principle loss

Return

Taxation

PPF is a deposit scheme run by Central Government Rs 500 Rs 150000 Nil

 8.7%.Compounded yearly  Yearly, but can be withdrawn at maturity

 Interest is tax free  No TDS  Only partial withdrawal is allowed, after 5 years.

Liquidity

 Cant be closed before 15 years


Equity Linked Savings Schemes (ELSS Mutual funds) More About Scheme Minimum Investment in a year Maximum Investment in a year Hidden Costs

   

Risk

 There is market risk involved.  There is a possibility of capital loss.

Return

 Average 14% in last 5 years of all ELSS industry  Return obtained is variable.

Taxation

 Interest is tax free  No TDS on return

An ELSS is a diversified equity mutual fund. Rs.1000 No limit(But the deductions are eligible till Rs.1,50,000) Nil

 There is lock-in period of 3 years. Liquidity

 Money cannot be withdrawn before 3 years.


Sukanya Samriddhi Account More About Scheme Minimum Investment in a year Maximum Investment in a year Hidden Costs

 It is a special account specially for the welfare of girl child.  Rs.1000  Rs.1,50,000  Nil

Risk

 It is a completely safe product  There is no probability of capital loss.

Return

 Return obtained is fixed.  Return obtained is 9.1%.

Taxation

 Interest is tax free  No TDS on return  There is lock-in period of 14 years.

Liquidity

 Money cannot be withdrawn before 14 years.


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Employee Provident Fund More About Scheme Minimum Investment in a year Maximum Investment in a year Hidden Costs

 Its provident fund deducted from employee by employers in case of salaried person  As per employment terms  There is no limit  Nil

Risk

 It is a completely safe product  There is no probability of capital loss.

Return

 Return obtained is fixed.  Return obtained is 8.5%

Taxation

 Interest is tax free if not withdrawn before 5 years.  No TDS on return  One has to retire or resign for the provident fund

Liquidity

 One cannot withdraw money before resignation or retirement.


Life Insurance Policy

More About Scheme

Minimum Investment in a year Maximum Investment in a year Hidden Costs Risk

Return

Taxation

 Life insurance policies like Endowment policies, term insurance policies etc.  Varies among Insurance companies  The maximum tax deduction up to Rs.1,50,000.(The premium is tax deductible if less than 10% of the Sum Insured)  Lot of hidden costs like commissions and expenses  It is a completely safe product  There is no probability of capital loss.  Return depends on the market

 Returns are taxable  No TDS


National Savings Schemes More About Scheme Minimum Investment in a year Maximum Investment in a year Hidden Costs

 NSC is a government bond having maturity period of 6 years or 10 years.  Rs.1000.  There is no upper limit(However deduction only up to Rs.1,50,000)  Nil

Risk

 It is a completely safe product  There is no probability of capital loss.

Return

 Return obtained is fixed.  Return obtained is 8.8% for 10 years and 8.5% for 6 year

Taxation

 Interest is taxable  No TDS on return

Liquidity

 No withdrawal can be made before 6 years or 10 years as per the scheme selected.


TAX saving Fixed Deposit More About Scheme Minimum Investment in a year Maximum Investment in a year Hidden Costs

   

Risk

 Completely safe  No possibility of principle loss

Return

 7%-8%.Compounded yearly- varies among banks

Taxation

 Interest is taxed.  No TDS

These deposits are similar to the bank deposits Rs 100 Rs 150000 Nil

 There is a lock-in period of 5 years. Liquidity

 No withdrawal before 5 years


ULIP (Unit Linked Insurance Plan) More About Scheme Minimum Investment in a year Maximum Investment in a year

Hidden Costs Risk

 ULIP is a investment plan with life insurance  Any amount above Rs 100( Varies among Insurance companies)  No Upper limit(However deduction only up to Rs.1,50,000)  Lot of Costs like Agent’s commission, Admin costs etc

 There is a possibility capital loss

Return

 Returns depend on the market conditions.

Taxation

 Return is taxable at the time of maturity  No TDS on returns  There is a lock-in period of 5 years.

Liquidity

 No withdrawal before 5 years


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