Continue saving taxes in these schemes; Don't forget to do this before March 31, 2022

New Delhi: The deadline for tax-saving investments for FY2021-22 ends on March 31, 2022. If you do not make the tax-saving investments and expenditures by the end of this month, your tax burden for the fiscal year 2021-22 would be higher.

Many tax-saving investment schemes have a prerequisite for investors to make minimum deposits every financial year so that such accounts do not become inactive. These schemes include the Public Provident Fund (PPF), National Pension System (NPS) and Sukanya Samriddhi Yojana (SSY), except this PMAY Housing Subsidy also ends on March 31, 2022. Followings are the schemes-

The Ministry of Housing and Urban Poverty Alleviation (MoHUPA) launched the Credit Linked Subsidy Scheme (CLSS) in June 2015 under the Pradhan Mantri Awas Yojana (PMAY- Urban)- Housing for All initiative. The final of the three phases of the PMAY scheme ends on March 31, 2022.

Sukanya Samriddhi Account is a Government of India backed saving scheme targeted at the parents of girl children. The scheme encourages parents to build a fund for the future education and marriage expenses for their female child. To keep your account active, a minimum deposit of Rs 250 is required to be deposited in a financial year. If the minimum deposit is not made in a financial year, the account will be dormant.

Public Provident Fund (PPF) scheme is a long term investment option that offers an attractive rate of interest and returns on the amount invested. The interest earned and the returns are not taxable under Income Tax. The minimum yearly contribution for the PPF account in a fiscal year is Rs 500. The last date to make this payment for the current financial year is March 31, 2022. If an account holder fails to contribute by March 31, 2022, they will have to pay a penalty of Rs 50 for the previous year and an arrear subscription of Rs 500 for that year.

NPS is a voluntary scheme where a subscriber can contribute at any point in a Financial Year and change the amount he wants to set aside and save every year. Tier-I NPS account holders must make a minimum contribution of Rs 1,000 in a financial year, as per current rules; otherwise, the account will become dormant.

If you also have a Tier II NPS account, then along with the Tier-I account, the Tier-II account will also automatically get frozen. A deduction of Rs 1.5 lakh is allowed under Section 80CCD (1) for investment towards the Tier I account of the National Pension System.