Saving taxes is a critical viewpoint of financial arranging, particularly in India, where charges are an integral portion of one's salary. Accordingly, the Indian government has made a few tax-saving investment alternatives that offer benefits beneath Section 80C of the Income Tax Act 1961.

In any case, a few other investment alternatives give assessed benefits past Section 80C. Therefore, this article will examine 15 tax-saving investment choices beyond 80C in India 2023.

Equity-Linked Savings Schemes (ELSS)

ELSS is a type of everyday finance contributing to values and equity-related securities. Financial specialists can contribute up to Rs. 1.5 lakh in ELSS funds and claim charge benefits on the contributed sum.

National Pension Scheme (NPS)

NPS is a pension plan directed by the Pension Fund Regulatory and Development Authority (PFRDA). NPS is a long-term retirement reserve fund alternative. Investors can contribute up to Rs. 1.5 lakh in NPS and claim charge benefits on the contributed sum.

Public Provident Fund (PPF)

PPF is a government-backed reserve funds scheme. PPF incorporates a lock-in period of 15 a long time and offers a settled intrigued rate. Investors can contribute up to Rs. 1.5 lakh in PPF and claim tax benefits on the contributed sum.

Sukanya Samriddhi Yojana (SSY)

SSY is a government-backed reserve funds scheme planned to encourage parents to spare for their daughter's instruction and marriage. The plot incorporates a lock-in period of 21 long times and offers a settled intrigued rate. Investors can invest up to Rs. 1.5 lakh in SSY and claim assessed benefits on the contributed sum.

Unit-Linked Insurance Plans (ULIPs)

ULIPs are a life protection item that benefits both protection and speculation. Investors can contribute up to Rs. 1.5 lakh in ULIPs and claim assessed benefits on the contributed sum.

National Savings Certificate (NSC)

NSC is a government-backed reserve fund scheme. NSC has a five-year lock-in period and offers a settled intrigue rate. Speculators can contribute to NSC at post workplaces nationwide and claim assessed benefits on the donated sum.

Senior Citizens' Saving Scheme (SCSS)

SCSS is a government-backed savings scheme that's been outlined for senior citizens over the age of 60 for a long time. The plot includes a lock-in period of five long times and offers a settled intrigued rate. Investors can contribute up to Rs. 15 lakhs in SCSS and claim assessed benefits on the contributed sum.

Tax-saving Fixed Deposits (FDs)

Tax-saving FDs are a type of saved deposit. They offer a fixed interest rate and a five-year lock-in term. Investors can contribute up to Rs. 1.5 lakh in tax-saving FDs and claim assessed benefits on the contributed sum.

Infrastructure Bonds

Framework companies issue infrastructure bonds. Foundation bonds have a lock-in period of five years and offer a fixed interest rate. These bonds are aimed at advancing venture in framework ventures in India. Investors can contribute up to Rs. 20,000 in framework bonds and claim assessed benefits on the contributed sum.

Rajiv Gandhi Equity Savings Scheme (RGESS)

RGESS is a government-backed scheme that energises first-time retail investors to invest in equity markets. The system incorporates a lock-in period of three years and investors can contribute up to Rs. 50,000 in RGESS and claim assessed benefits on the contributed sum.

Health Insurance Premiums

Wellbeing protection premiums people pay are eligible for assessed benefits under Section 80D of the Income Tax Act. People can claim tax benefits on the premiums paid for themselves, their life partners, children, and guardians - the charge advantage amount changes depending on the insured individual's age.

National Housing Bank (NHB) Tax Saving Fixed Deposit Scheme

NHB tax-saving fixed deposit scheme is a Fixed Deposit. NHB tax-saving settled store scheme includes a lock-in period of five a long time and offers a fixed interest rate. Investors can invest up to Rs. 1.5 lakh in NHB tax-saving settled stores and claim tax benefits on the contributed sum.

Voluntary Provident Fund (VPF)

VPF is a provident fund that allows workers to contribute more than the required commitment to the Employees Provident Fund (EPF). The contributions made to VPF are added to the EPF account of the representative and gain interest at the same rate as EPF.

NABARD Rural Bonds

NABARD rural bonds are issued by the National Bank for Agribusiness and Rural Improvement. NABARD country bonds have a lock-in period of five a long time and offer a fixed interest rate. These bonds are pointed at advancing speculation in rural improvement ventures in India.

Sovereign Gold Bond Scheme

The paramount gold bond scheme is a government-backed reserve funds scheme that allows financial specialists to contribute to gold without physically owning it. The system has a lock-in period of eight years and offers a fixed interest rate.

Conclusion

There are a few tax-saving investment alternatives beyond Segment 80C in India in 2023. Investors can select from choices such as ELSS, NPS, PPF, SSY, ULIPs, NSC, SCSS, tax-saving FDs, foundation bonds, RGESS, health insurance premiums, NHB tax-saving fixed deposit scheme, VPF, NABARD rural bonds, and sovereign gold bond scheme. 

Investors ought to carefully assess their speculation objectives, hazard appetite, and tax-saving prerequisites sometime recently making an investment choice. If you want to know more about tax-saving strategies, read this blog.