Attention taxpayers with the old tax system! These tips will come in handy if you have little time left to save tax.

Old Age Tax Saving Tips: Income tax payers are now waiting for some time to save their taxes as the end of FY 2024 is just a few days away. You have to make your investment before March 31 so that you can get tax exemption through it while filing income tax return for this year i.e. 2024-25.

You have a deadline of July 31 every year to file your income tax return. Since the old tax regime and the new tax regime have arrived in the country, people are often in doubt as to which tax system to adopt. The number of ITR filers under the old tax system in the country is still high. If you are also in the old tax regime and want to know which investment option will be right for you to invest in this short period of time, your search can be completed here.

Section 80C (PPF, Bank FD, ELSS)

If you have less time left, then first you should see in which investment medium you can invest under section 80C to save your money and also tax. EPF contribution towards insurance premium, children’s tuition fee, home loan payment comes under this section. In this section 80C, you get a tax savings of up to Rs.1.50 lakh.

From LIC to PPF, from fixed deposits to tax saver mutual funds etc., you can invest money and these are investment methods that not only help you save but also help you save taxes. Apart from these, you can take popular investment options like ELSS fund, PPF, NPS and FD.

Other Options (NPS)

Taxpayers can invest up to Rs 50,000 in NPS (Tier 1) through which a deduction can be claimed u/s 80CCD (1B), which can be available for a deduction of up to Rs 1.5 lakh u/s 80C.

Section 80D (Health Insurance)

Under Section 80D, you can claim tax exemption on health insurance through medical insurance premium. In this, you can get a limit of up to Rs 5000 for health expenses incurred for yourself or your family or parents.

Charity or donation

It is important for those taxpayers who are trying to save tax through charity to donate to any eligible charity before 31-03-2024 to claim tax exemption in that assessment year.

Special Note: If you have opted for the new tax regime, you will not be able to get the benefit of the tax deduction provided in the old tax regime.

Disclaimer: (The information provided here is being provided for information only. It is important to note here that investing in the market is subject to market risks. As an investor always take expert advice before investing. ABPLive .com It’s never fair. Invest money here.)

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