Let’s take a look at some of the prominent measures you can adopt to enhance your tax savings and prepare for the upcoming fiscal year. Getty

Let’s check out a number of the distinguished measures you may undertake to reinforce your tax financial savings and put together for the upcoming fiscal yr. Getty

You can opt to invest in tax saving avenues such as the EPF, PPF, ELSS, etc, which will help you save tax under Section 80C of the I-T Act. Getty

You may choose to put money into tax saving avenues such because the EPF, PPF, ELSS, and so forth, which is able to allow you to save tax beneath Part 80C of the I-T Act. Getty

You can also opt to claim deductions up to Rs 1,50,000 for interest payments by owing electric vehicles, subject to certain conditions. Getty

You may also choose to assert deductions as much as Rs 1,50,000 for curiosity funds by owing electrical automobiles, topic to sure circumstances. Getty

Deductions on health insurance premiums for self, spouse, dependent offspring, and parents worth Rs 25,000 each also help reduce taxable income. Getty

Deductions on medical insurance premiums for self, partner, dependent offspring, and oldsters value Rs 25,000 every additionally assist scale back taxable revenue. Getty

Another possible way to develop savings and reduce taxes is investing in government schemes such as the NPS, Sukanya Samriddhi Yojna, etc. Getty

One other potential approach to develop financial savings and scale back taxes is investing in authorities schemes such because the NPS, Sukanya Samriddhi Yojna, and so forth. Getty

By opting to contribute to charitable organisations such as the Prime Minister’s Relief Fund, certified NGOs, you can avail tax benefits under Section 80G of the I-T Act. Getty

By opting to contribute to charitable organisations such because the Prime Minister’s Reduction Fund, licensed NGOs, you may avail tax advantages beneath Part 80G of the I-T Act. Getty

Senior citizens can go for the Pradhan Mantri Vaya Vandana Yojana which allows them to put in a one-time investment and reap benefits at an annual rate of 7.4 per cent for a period of 10 years. Getty

Senior residents can go for the Pradhan Mantri Vaya Vandana Yojana which permits them to place in a one-time funding and reap advantages at an annual fee of seven.4 per cent for a interval of 10 years. Getty

Printed at : 30 Mar 2024 04:03 PM (IST)

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