What are tax saving investment schemes?

 Tax saving investments are financial products that are eligible for tax deductions under specific sections of the Income Tax Act in India. These schemes allow taxpayers to reduce their taxable income by investing in specified products and claim deductions on their tax returns. Here are a few examples of tax saving investment schemes:

1. Equity-linked Saving Scheme (ELSS): ELSS is a type of mutual fund that invests primarily in equity shares of companies. Investment in ELSS funds qualify for tax deductions under Section 80C of the Income Tax Act, up to a maximum of Rs 1.5 Lakhs.

2. Public Provident Fund (PPF): PPF is a long-term savings scheme offered by the Government of India. Investment in PPF qualifies for tax deductions under Section 80C of the Income Tax Act, up to a maximum of Rs 1.5 Lakhs.

3. National Savings Certificate (NSC): NSC is a fixed deposit scheme offered by the Government of India. Investment in NSC qualifies for tax deductions under Section 80C of the Income Tax Act, up to a maximum of Rs 1.5 Lakhs.

4. National Pension Scheme (NPS): NPS is a pension scheme offered by the Government of India. Investment in NPS qualifies for tax deductions under Section 80CCD of the Income Tax Act, up to a maximum of Rs 1.5 Lakhs.

5. Life Insurance: Premiums paid for life insurance policies qualify for tax deductions under Section 80C of the Income Tax Act, up to a maximum of Rs 1.5 Lakhs.

6. Home Loan: Interest paid on a home loan qualifies for tax deductions under Section 24 of the Income Tax Act, up to a maximum of Rs 2 Lakhs.

It's important to note that tax laws and regulations are subject to change. It's always recommended to consult with a tax professional or financial advisor before making any investment decisions.