Business News: Best Ways to Save Tax Efficiently

Tax Saving Options: Tax savings include deductions, credits, and exemptions permitted by tax laws. Let us know some of the best options to save tax. Let us know some of the best tax-saving options. 

How to Save Tax?

The first way is Fixed Deposit (FD). If you do FD for 5 years, then you get a tax benefit of about Rs 1.5 lakhs under the Income Tax Act. You also get interest up to 7-8% on FD, although tax is imposed on it, but you can take this benefit in tax reduction. The next one is the Employees Provident Fund or Public Provident Fund. Through EPF, you can claim a tax of up to Rs 1.5 lakhs, while you can take a tax rebate of up to Rs 1.5 lakhs in PPF. Another way to save tax is with the Equity Linked Saving Scheme. In this, you will get a tax benefit of up to Rs 1 lakh in a year with a 10% deduction.