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Smart Tax-saving Tips For Salaried Individuals

Smart Tax-saving Tips For Salaried Individuals

The fiscal year-end sees frantic attempts by salaried individuals to reduce their tax burden.

Here are some tax-saving tips to ease your tax worries

Save tax of up to Rs 1.5 lakh under Section 80C

Tax Saver Fixed Deposit with a lock-in period of 5 years

Life insurance premium payments of policies like term insurance, ULIPs, endowments, etc.

Public Provident Fund with a 15 years lock-in period

Equity Linked Savings Schemes with a lock-in period of 3 years

National Pension System helps save additional Rs.50,000 under 80CCD (1B) over and above the 1.5 lakh

Home Loan Principal repayment

Save tax up to Rs 25,000 (Rs 50,000 for senior citizens) for health insurance premium payment

Reduce your taxable income by Rs 2 lakh for home loan interest

Start donating and get deductions up to 50% or 100% of the donation amount

Ensure a planned fiscal year to avoid last-minute hassles. Happy tax planning!

Speak to an insurance specialist now!

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