Tax Saving Tips for Salaried: ITR has been filed for FY2023-24. People’s refunds have also started coming. Those who have not been able to file tax till now can file belated ITR till 31 December. But those who have filed returns and now they feel that they could not save their tax last year, then now they have plenty of time for tax planning. Here know about some such schemes in which you can take tax benefits along with taking good profits.
PPF
PPF i.e. Public Provident Fund account is opened for 15 years. Any Indian citizen can invest in it. Along with being a safe investment, it can also create a big fund. At present, you are given interest at the rate of 7.1 percent on this scheme. This scheme comes under the category of EEE, so it saves your income tax in three ways. There is no tax on the deposited amount every year, there is no tax on the interest and the entire amount received at the time of maturity is also tax free, that is, there is tax saving in investment, interest/return and maturity.
NPS
National Pension Scheme (NPS) is a long term investment plan. By investing in it, you get a large lump sum fund at the age of retirement. Also, you get monthly pension based on the amount of your annuity and its performance. By investing in it, you will get three benefits. First, you will collect retirement funds for yourself, second benefit is that you will start getting regular income after retirement through annuity and third benefit is that by investing in this scheme, you can get additional tax exemption of Rs 50,000 under section 80 CCD (1B).
Health Insurance
In today’s time, health insurance has become a need for everyone. Through health insurance, you can not only provide security cover to yourself and your family, but can also avail deduction under section 80D on purchasing a health insurance policy.
Home Loan
If you are planning to buy a house, then this is a better investment for you. Nowadays, most people take home loan from the bank to buy a house or flat. In such a situation, you can get tax exemption on both the amount taken for home loan and the interest charged on it. You can get tax exemption on the principal amount of Rs 1.5 lakh per annum of home loan, while under Section 24, you can get tax exemption on interest up to Rs 2 lakh charged on the principal amount.
EPF
A part of the salary of employed people goes into the EPF account. Under Section 80C, you can get tax exemption on investment of up to Rs 1.5 lakh annually in PF account.
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