10 Effective Tax Saving Options

Invest in Public Provident Fund (PPF)

A long term investment option that offers attractive interest rates and returns are fully exempt from tax

National Savings Certificates (NSC)

A fixed income investment scheme, suitable for small to mid-income investors. The interest accrued annually is also eligible for tax deductions

Equity Linked Savings Scheme (ELSS)

A diversified equity mutual fund which has majority of the corpus invested in equities. It has a lock-in period of 3 years

Unit Linked Insurance Plans (ULIPs)

A combination of insurance and investment. A part of the investment goes into providing an insurance cover, while the rest is invested in equity and debt instruments

Invest in National Pension System (NPS)

It is a government-sponsored pension scheme that allows subscribers to contribute regularly in a pension account during their working life

Health Insurance Premiums

Premiums paid on health insurance for self, spouse, children, and parents can be claimed as a deduction under Section 80D

Home Loan Repayment

The principal component of your home loan repayment can be claimed as a deduction under Section 80C