Tax Saving: If you want to save tax for this financial year FY 2024-25, then you have only 12 days left. You have to complete all the investments related to tax-savings by March 31, 2025. Otherwise your entire salary will go in tax.
Tax Saving: If you want to save tax for this financial year FY 2024-25, then you have only 12 days left. By March 31, 2025, you have to complete all the investments related to tax-savings. Otherwise your entire salary will go into tax. Otherwise you will not be able to avail tax exemption. However, the service of tax saving is available only in the old tax regime. If you have chosen the old regime, then you can claim tax exemption in different sections. If you have not made tax-saving investments till now, then decide now. Choose the right investment and save tax by investing your money in the right place by March 31.
Tax-saving options under section 80C
By investing in certain investment options under section 80C of the Income Tax Act 1961, a maximum of Rs 1.5 lakh can be exempted in tax.
ELSS – Best way to save tax as well as build long-term wealth.
PPF – You can invest tax-free with guaranteed returns.
Sukanya Samriddhi Yojana – A great investment option for the future of daughters.
Tax-savings FD – Fixed deposit scheme with a lock-in period of 5 years.
Life Insurance Policy – Tax benefits are available on term plans and other insurance plans.
Children’s tuition fees – Deduction is available on school fees of two children.
Do not invest only to save tax but choose an investment that helps you meet your financial goals. For example, investing in ELSS will not only save tax but can also create a fund for children’s education, marriage or retirement.
Investing in NPS will provide extra tax savings. If you work in the private sector, you can also save tax by investing in the National Pension System (NPS).
Section 80CCD(1) – You can contribute 10% of your basic salary (plus DA). The limit is up to Rs 1.5 lakh.
Section 80CCD(1B) – You will get extra tax exemption on contribution of Rs 50,000.
Corporate NPS – If your employer provides this facility, you can also contribute to it.
Deduction on health insurance under section 80D
If you do not have health insurance, buy a health policy before March 31 and save tax.
For yourself, spouse and children
For those below 60 years of age – deduction up to Rs 25,000.
For those above 60 years of age – deduction up to Rs 50,000.
For parents
Parents below 60 years of age – deduction up to Rs 25,000.
Parents’ age above 60 years – Exemption up to Rs 50,000.
