Making tax savings investments is a ritual that every taxpayer has to go through before the end of every financial year. There are many tax-saving schemes and options available for taxpayers in the Income Tax Act which helps them save a chunk of tax as well as make significant investments in the process.
The most common and widely used tax-saving provision available in the Act is Section 80C. There are many options that the taxpayers can invest in under section 80C and claim the benefit of a deduction up to Rs. 1,50,000 from their gross total income. Some of the options available under section 80C are an investment in PPF, LIC, tax saving mutual funds, fixed deposits, Sukanya Samriddhi Yojana, NPS, repayment of home loans, etc.
Other tax saving options
Apart from Section 80C, the Act provides many more tax-saving options for the taxpayers to reduce their tax liabilities. Some of such tax saving options that you could consider for saving taxes before investing additional money under Sec 80C are (more…)