How to Save Taxes by
Investing This Fiscal Year?
• The time of year has arrived, and we are
most likely a little reluctant to pay taxes and
that’s understandable.
• Explore ways to save tax and the right
investments that could help you do just
that.
Checklist Before Investing
• Determine your risk appetite and
investment goals.
• Consider the liquidity and lock-in
period of the investment.
• Ensure the investment aligns with
your life goals.
Insurance Investments
• Unit Linked Insurance Plans (ULIPs):
Tax benefits under Section 80C and
tax-free maturity amount.
• Health Insurance Plans: Deductions
under Section 80D for premiums and
preventive health check-ups.
Loan Investments
• Home Loan: Tax benefits on principal
(Section 80C), interest (Section
24(b)), and stamp duty (Section
80C).
• Education Loan: Tax deductions under
Section 80E for interest payments.
• Electric Vehicle Loan: Tax deduction
on interest under Section 80EEB.
Government Investments
• National Pension Scheme (NPS): Tax
benefits under Section 80C,
80CCD(1B), and 80CCD(2).
• Public Provident Fund (PPF): Tax
benefits under Section 80C and
tax-free maturity.
• Senior Citizen Saving Schemes: Tax
deductions under Section 80C and
tax on interest.
Equity Investments
• Equity Linked Savings Scheme
(ELSS): Tax rebate of up to Rs 1.5
lakh under Section 80C.
• Other Equity Investments: Taxation
on short-term and long-term
capital gains.
Fixed-Income Investments
• Tax-Free Bonds: Tax-free interest
under Section 10.
• Tax Saving Bonds: Tax deduction on
investment under Section 80CCF.
• Capital Gain Bonds: Exemption on
capital gains under Section 54EC.
Other Tax-Saving Opportunities
• Charitable Donations: Deductions
under Section 80G.
• Rent Deduction: Deduction under
Section 80GG for individuals
without HRA.
• Savings Account Interest:
Deduction under Section 80TTA for
interest income.
Conclusion
• Explore tax-saving investment options to
optimize your tax liabilities.
• Consider the old and new tax regimes to
make informed decisions.
THANK YOU
To know more, visit:
https://goldenpi.com/blog/financial-matters/how-to-save-taxes-by-investing-this-fiscal-year/