Income tax return (ITR) filing: At a post office near you, get a big tax break; here are 5 ways how

Income tax return (ITR) filing: Small investors can avail benefits offered through many post office savings schemes, which provide a secure and attractive investment option. The interest rate on these small savings schemes are revised on a quarterly basis. Some of these schemes, which come with income tax return benefits, include 15-year Public Provident Fund Account (PPF), National Savings Certificate (NSC), Senior Citizen Savings Scheme (SCSS), post office deposit schemes and Sukanya Samriddhi accounts. Let us have a look at these popular savings options offered by post offices.
 
1. PPF Account: You can begin your investment journey with a minimum amount of Rs 500 and can also invest maximum Rs 1,50,000 in a financial year. Deposits can be made in lump-sum or in 12 instalments. From January 1, 2018, interest rates are 7.6% per annum (compounded yearly). The maturity period is 15 years but the same can be extended within one year of maturity for further 5 years and so on. Deposits qualify for deduction from income under Section 80C of IT Act, and interest is completely tax-free.
 
2. National Savings Certificates: An investor can deposit minimum amount of Rs 100, and in multiples of Rs 100. There is no maximum limit. From January 1, 2018, one can avail interest rate benefit of 7.6% compounded annually but payable at maturity. Deposits also qualify for tax rebate under Section 80C of IT Act.
 
3. Senior Citizen Savings Scheme: Senior citizens can avail an interest of 8.3% per annum, payable from the date of deposit of 31st March/30th Sept/31st December in the first instance. Thereafter, interest shall be payable on 31st March, 30th June, 30th Sept and 31st December. There shall be only one deposit in the account in multiple of Rs 1000 and the maximum amount should not exceed Rs 15 lakh.
 
4. Sukanya Samriddhi Accounts: A legal guardian/natural guardian can open account in the name of girl child with minimum amount of Rs 1000, and maximum amount can be Rs 1,50,000 in a financial year. From Jan 1, 2018, one can avail 8.1% annual interest, calculated on yearly basis, and yearly compounded. This account can be opened up to age of 10 years only from the date of birth. Partial withdrawal can also be made up to 50% of balance standing at the end of the preceding financial year after account holder attains age of 18 years. Account can be closed after completion of 21 years.
 
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5. Time Deposit Account: A person can open account with a minimum amount of Rs 200 and multiple thereof. There is no limit for maximum amount. On the 5-year deposit, a person can earn interest at the rate of 7.4%. The investment under 5 years TD qualifies for the benefit under Section 80C of the Income Tax Act, 1961.