The new financial year has begun. Increment operations have also been completed in most of companies. However, there will be some companies that have also informed their employees about the increment. With this increment, there will be many people whose salaries will now come under the tax net due to the increase. In such a situation, it is very important to understand tax evasion methods so that your hard-earned money does not just go to tax.

Most people think this is just the beginning, they will think about tax planning later. Such people often cannot do last-minute tax planning and as a result, they have to pay more taxes.

Employees Provident Fund

The Employees Provident Fund i.e. EPF offers higher returns than other investments, even with a guarantee. Recently, its returns have fallen, after which it has come down to 8.1 percent, but it is still the highest. Investments in EPFs are also tax deductible under 80C. However, only those who have a job can invest in it. For this you have to tell your company that you want to increase your contribution to EPF, as 12% EPF is deducted from the company and 12% from you.

The best option is to invest in PPF

This is a very good tool for tax planning. A PPF account can be opened at a bank or post office. A minimum of Rs.500 and a maximum of Rs.1.5 lakhs can be invested in PPF every year. The maturity period of PPF is 15 years. The biggest advantage of opening a PPF account is that the amount deposited, the interest earned and the money received on maturity are all tax-exempt. The interest rate on PPF is 7.1 percent. This rate is determined on a quarterly basis, subject to change.

Atal Pension Scheme

In Atal Pension Yojana you can be entitled to more pension every month by depositing a small amount, but in case of untimely death, you can also benefit your family. The person must be between 18 and 40 years of age to avail the benefits of Atal Pension Scheme. You will have to pay a very low premium for a permanent pension plan. If you are 18 years old and want to get a pension of Rs 1,000 per month, you will have to deposit only Rs 42 per month. If you want to get a pension of Rs 5,000 per month, you have to pay a premium of Rs 210 per month. If the amount increases with age. You also get a tax deduction under section 80C of the Income Tax Act if you invest in it.