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But, for most others especially those earning a salary or having income from business or profession, choosing tax savers that come with E-E-E status helps. exempt- exempt- exempt status on the income earned.The principal invested qualifies for deduction under Section 80C of the Income Tax Act, 1961 and the income in all of them is tax exempt under Section 10.One can open a PPF account in one's own name or on behalf of a minor of whom he is the guardian.While the minimum annual amount required to keep the account active is Rs 500, the maximum amount that can be deposited in a financial year is Rs 1.5 lakh.Illustratively, a taxpayer between ages 60-80 earns only interest income from such taxable investments of about Rs 3 lakh a year.

After the lock-in ends, one may continue with the ELSS investments similar to any open-ended MF scheme.After all, the principal and the interest earned have a sovereign guarantee and the returns are tax-free.PPF currently (subject to change every three months) offers 7.9 percent per annum.While investing in a tax-saving instrument or for that matter any investment, it's important to keep an eye on the taxability of its income.If the income earned is taxable, the scope to build wealth over long term gets constrained as taxes will eat into the returns.

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