Old Regime Tax Saving Tips: Income taxpayers are now looking for some time to save their taxes because only a few more days are left for the end of the financial year 2024. You will have to make your investments before March 31 so that you can avail tax exemption through it while filing income tax return for this year i.e. assessment year 2024-25.
You have the deadline till 31st July every year to file income tax return. Ever since the advent of the old tax regime and the new tax regime in the country, people often remain in doubt as to which tax regime should be adopted.
The number of people filing ITR under the old tax regime is still high in the country. If you are also in the old tax regime and want to know which investment option would be right to invest in this short time left, then your search can be completed 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 by investing under Section 80C and also save tax. Insurance premium,
children’s tuition fees, EPF contribution to home loan repayment are covered 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 modes which not only help you save but also help in saving tax. Apart from these, you can take popular investment options like ELSS fund, PPF, NPS and FD.
Other Options (NPS)
Taxpayers can invest up to Rs 50,000 in NPS (Tier 1) through which deduction can be claimed under 80CCD (1B), which can be available over and above the deduction of up to Rs 1.5 lakh 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 achieve the limit of up to Rs 5000 for health expenses spent for yourself or your family or parents.
Charity or donation
It is important for those taxpayers who are trying to save tax through charity to make a donation to any eligible charitable organization before 31-03-2024 so that they can claim tax exemption in this assessment year.
Special Note: If you have opted for the new tax regime, you will not be able to avail the benefit of tax deduction given in the old tax regime.
