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28-02-2024

Last-Minute Income Tax Saving Tips

When time is running out, taxpayers can still find ways to save on income tax. Here are some straightforward options:

  1. Section 80C (ELSS, PPF, and Bank FD): Look at your current tax-deductible expenses like insurance premiums, children’s tuition, EPF contributions, and home loan repayments. You can invest in LIC, PPF, fixed deposits, or tax saver mutual funds to save tax under Section 80C, if you haven’t reached the ₹1.5 lakh limit yet.
  2. An Alternative Choice (NPS): If your expenses exceed ₹1.5 lakh under Section 80C, you don’t need to invest more for tax savings there. But if you haven’t reached the limit, consider investments covered by Section 80C/80CCC/80CCD. Additionally, you can invest up to ₹50,000 in NPS (Tier 1) and claim an extra deduction under section 80CCD(1B), along with the ₹1.5 lakh deduction allowed under section 80C.
  3. Health Insurance (Section 80D): Paying medical insurance premiums or family and parent health check-ups can get you deductions under section 80D, up to ₹5,000.
  4. Donations or Charitable Contributions: If you want to help out charitable causes, make your donations by March 31, 2024, and claim deductions under section 80G of the Act. But remember, the deduction available under the Old Tax Regime isn’t there in the New Tax Regime.

Before making any decisions, it’s wise to consult with experts.

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