Government savings plans that provide tax advantages
Several government-supported investment options, such as the Public Provident Fund, Sukanya Samriddhi Yojana, Senior Citizens Savings Scheme, and National Savings Certificate, allow for tax savings under Section 80C of the Income Tax Act. Additionally, five-year Post Office Time Deposits are eligible for deductions under the same section. Regarding the National Pension System, 60% of the total amount at maturity is exempt from tax, though the monthly pension payments are subject to taxation.
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