Tax Saving Scheme: To save tax in the income tax return to be filed next year, you will have to invest money in the tax saving scheme in this financial year 2023-24, only then you can avail tax exemption in the ITR filed next year. You can also save your money.
Income Tax Saving: Filing income tax return is necessary for every person whose income is taxable. Whereas this year, the last date for filing income tax return through salaried people was 31 July 2023. By this date, people had to disclose their income made in the financial year 2022-23. At the same time, people can disclose income under two tax regimes. One is the old tax regime and the other is the new tax regime.
Income tax saving
On the other hand, if a person files tax from the old tax regime, then he also gets the benefit of many types of tax exemption. In such a situation, people can save their income tax by investing money in some tax saving schemes. If you did not take advantage of tax saving while filing income tax return this year, then tax saving can be done next year.
Tax exemption
To save tax in income tax return to be filed next year, you have to invest money in tax saving scheme in this financial year 2023-24, only then you can avail tax rebate in ITR to be filed next year and your Can save money too.
Tax saving
Tax Saving Schemes are the best way to invest to save tax by claiming deductions available under the provisions of the Income Tax Act, 1961. Tax saving schemes provide a platform to the taxpayers through which they can easily save tax. Investing in income tax deduction is a way to legally save tax. Tax saving schemes take into account these deductions and come up with the best way for you to save tax.
You can invest in these schemes for tax saving
- Public Provident Fund (PPF)
- FD
- Unit Linked Investment Plan (ULIP)
- ELSS Scheme
- Life Insurance
- National Pension Scheme
- Senior Citizens Savings Scheme (SCSS)
