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The most popular way to save income tax is through Section 80C, but most savings plans fall within its purview, offering a deduction of only up to 1.5 lakh rupees. However, there are several options where investing won't incur any deductions.
Insurance can be a strategic tool for tax optimization, offering financial safety net and potential tax-saving benefits.
The Post Office offers Term or Time Deposit schemes of tenures of 1 year, 2 years, 3 years and 5 years. The interest rate ranges from 6.9 to 7.5 per cent.
Best tax-saving FDs: 5 banks offering up to 7.4% fixed deposit interest rate
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