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List of post office schemes that does not offer tax benefits under section 80C of Income-tax Act, 1961.Let us now take a look at each of these schemes in detail and how investments and interest earned are taxed.
Your money in an ELSS is locked in for three years, even if you invest in excess of Rs 1.5 lakh. But mind the lock-in when you put your money through SIPs. Each SIP instalment gets locked in for three years.
Tax-saving guide: In order to claim the section 80C deduction, a taxpayer must invest the specified amount in eligible investment instruments or spend it on designated expenses within the same financial year.
Fulfilling one's financial obligations like registering tax-saving investments and updating returns by the financial year's last day to avoid penalties is a must.
New Tax Regime vs Old Tax Regime: An important aspect of opting into the new regime was that once opted in, persons having business/professional income could only opt out of the regime once and thereafter, would be prevented from opting back in.