New Delhi:
As the new year starts, the money year 2023-24 is almost finished. Now, it’s your final opportunity to invest and save on taxes.
If you make smart plans, you can save a lot of money by investing in different kinds of plans. We want to share one option with you that helps you save on taxes and gives you good returns.
It’s called the Public Provident Fund Account.
If you put money in Public Provident Fund, or PPF, you get guaranteed returns and you don’t have to pay taxes.
You can put your money in PPF for 15 years.
People can add money each year, starting from Rs 500 to Rs 1.50 lakh.
You’ll receive 7.1 percent extra money as interest on the amount you put in.
Also, you don’t have to pay taxes on Rs 1.50 lakh every year for your PPF investment.
It’s like a special rule called Section 80C of Income Tax.
According to the PPF calculator, if you invest up to Rs 1.50 lakh every year for 15 years, you will receive Rs 40.68 lakh upon maturity.
Your total investment will be Rs 22.50 lakh, and the interest earned will be Rs 18.18 lakh.
