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