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Triple E (EEE) means Exempt - Exempt - Exempt. Those investment schemes are called Triple E schemes, in which not only tax exemption is available at the time of investment, but the return and maturity amount are also tax free as per the rules.
Public Provident Fund (PPF) is a tax exemption scheme. Under 80C, tax exemption is available on investment up to Rs 1.5 lakh every year in Public Provident Fund (PPF). In this, the initial lock-in is of 15 years, after which the account can be extended for 5 years each.
Employees' Provident Fund (EPF) is a government scheme, in which contributions are made by both the employed employees and their employers. Tax exemption under 80C is available on employee's contribution of up to Rs 1.5 lakh per year in the EPF account.
Sukanya Samriddhi Yojana (SSY) has been introduced for daughters, in which parents of a daughter up to 10 years of age can open an account in her name and deposit an amount of up to Rs 1.5 lakh in a year.
Under this scheme, tax exemption under Section 80C is available on investments up to Rs 1.50 lakh annually in equity-linked savings scheme (ELSS).
Investments made in unit-linked insurance plans (Ulips) are also tax exempt under Section 80C, provided the insurance amount is at least 10 times the annual premium.
Compiled by Syed Muskan