Tax Saving Tips, Public Provident Fund: With the beginning of the new year, the financial year 2023-24 is in its last phase. In such a situation, you have the last chance to invest for tax saving.
If you plan smartly, you can save lakhs of rupees by investing in many types of schemes. We are telling you about one such option where you are getting the benefit of tax saving along with good returns. Its name is Public Provident Fund Account.
By investing in Public Provident Fund i.e. PPF, you can avail the benefit of guaranteed returns as well as tax exemption.
You can invest in PPF for a total of 15 years. Investors get the opportunity to deposit money ranging from Rs 500 to Rs 1.50 lakh every year, in which they are getting the benefit of 7.1 percent interest on the deposited amount.
Along with this, you are getting an annual exemption of Rs 1.50 lakh on investment in PPF under Section 80C of Income Tax.
According to the PPF calculator, if you invest up to Rs 1.50 lakh every year for 15 years, you will get Rs 40.68 lakh on maturity. The amount invested in this will be Rs 22.50 lakh, on which Rs 18.18 lakh will be received as interest.
