As the 31st March deadline is approaching and very less time is left for you to save your taxes, has brought the best tax saver schemes for you to invest in.
As financial year 2023-24 comes to an end on 31st March 2024, It’s only 1 month left for you to save your taxes to be deducted in March 2024 and also to claim the refund of your taxes which are already deducted in January Or February Salary.
So here are the top tax-saving investment schemes you can consider before 31 March to save your tax under 80C & 80D
Also Read– GST Council may soon clarify tax exemption to RERA
Tax Saver Health Insurance
Taking health insurance is not only beneficial for you & your family members to reduce your future cost in hospitalization but will also help you to save your taxes under section 80D. It allows you to take an exemption of up to ₹1,00,000. Apart from this life insurance can also help you to save taxes under section 80C.
Apart from this, if you have got your elder parents for whom you can take a health insurance policy,& claim a tax discount of ₹50,000 per year ( for senior citizens) under Section 80D of the Income Tax Act.
Read More:- How investors can plan to do income tax planning to avoid the last minute rush
Public Provident Fund
Another best investment option is Public Provident Fund. It is the best option to invest for other long-term goals like buying a house or for a child’s education. You can also invest it from the perspective of your retirement where you can get tax benefits up to1 lakh per year.
National Pension Scheme
National Pension System is the government-sponsored scheme, wherein taxpayers can invest to make systematic savings to get long term ebenefits. It falls under Section 80CCB of the IT Act. You can also extend yourTax Deduction benefit to an additional ₹50,000 under the scheme.
Read More:- ITR 2024: Here are 8 ways by which senior citizens can save on taxes this year
Sukanya Samridhi Yojana Account
Sukanya samridhi Yojana account is mainly for those people who want to save for their daughter from an early age. According to the Income Tax Act, the investments made in the SSY scheme are not eligible for deductions till a ceiling of ₹1.5 lakh. SSY interests are eligible for deduction under Section 80C. It’s a good investment plan especially if you want to save more money for your daughter’s education after 18 years of age.
Fixed Deposits
Fixed Deposits are the popular tax-saving investment options for long-term gains among all investors. One can start to invest even from a small amount in FD & get the benefits of compounding on their investments over the period. One doesn’t need to pay any tax on invested amount, interest earned, and maturity amount & can claim benefit under Section 80C of the IT Act.
Read More:- Income Tax FY23-24: How To Get Tax-Free Returns Through Strategic Investments?
National Savings Certificate
If you want low risk with good returns, a National Savings Certificate is a good option for you to save your taxes. With a maturity of five years,you can invest in National Savings Certificates and save taxes under Section 80C of the IT Act. The minimum deposit for a National Savings Certificate is ₹1,000 without any maximum deposit limit.
