Business News Desk, The date for filing income tax return is getting closer. If there is taxable income, then tax will have to be paid on the income earned in the financial year 2022-23. At the same time, tax on income can also be saved. If tax will be filed in the old tax regime, then after having taxable income, the benefit of tax exemption can also be availed. For this, benefits can also be taken by investing in a scheme.
investment
The name of the scheme being talked about here for tax saving is Sukanya Samriddhi Yojana. Sukanya Samriddhi Yojana (SSY) account is considered to be one of the best savings and investment schemes for depositing a sizeable amount in the name of a girl child. The scheme allows parents to invest up to Rs 1.5 lakh per year in an SSY account in the name of their girl child.
Sukanya Samriddhi Yojana
The amount invested under the SSY scheme is also eligible for tax deduction under section 80C of the Income Tax Act. Currently SSY has an interest rate of 7.6%, which is better than many FD options provided through banks and even post offices. However, it needs to be noted that the SSY interest rate is revised from time to time by the government.
Sukanya Samriddhi
The interest rate may increase or decrease in future. This means that the total return from the investment made under the SSY scheme may also change. However, the benefit of tax exemption can be taken from this scheme. Since the launch of the scheme, the government is providing higher rate of interest on SSY deposits. It is expected that the interest rate of SSY may be revised in the next cycle.