look news india
Old System Tax Saving Tips: Income taxpayers are now looking for some time to save their taxes as only a few days are left for the end of the financial year 2024. You have to make your investment before March 31 to avail the benefits. Tax exemption will be available through this while filing income tax return for this year i.e. assessment year 2024-25.
You have a deadline of July 31 every year to file your income tax return. Since the introduction of the old tax system and the new tax system in the country, people are often confused about which tax system to adopt. The number of people filing ITR under the old tax system in the country is still high. If you are also in the old tax system and want to know which investment option would be right to invest in this short time left, then your search can be fulfilled here.
Section 80C (PPF, Bank FD, ELSS)
If you have less time left, then first of all you should see in which investment medium you can save your money and also save tax by investing under Section 80C. EPF contributions towards insurance premium, children's tuition fees, home loan repayment come under this section. In this section 80C, you get the facility to save tax 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 such investment methods which not only help you in saving but also help in saving tax. Apart from these, you can take popular investment options like ELSS funds, PPF, NPS and FD.
Other Options (NPS)
Taxpayers can invest up to Rs 50,000 in NPS (Tier 1) through which deduction under 80CCD (1B) can be claimed, in addition to the deduction up to Rs 1.5 lakh available under 80C.
Section 80D (Health Insurance)
Under Section 80D, you can claim tax exemption on health insurance through medical insurance premium. In this you can avail a limit of up to Rs 5000 for the health expenses of yourself or your family or parents.
charity or donation
For taxpayers who are trying to save tax through donations, it is important to donate to an eligible charitable organization before 31-03-2024 so that they can claim tax exemption in this assessment year.