Income Tax Saving: Last chance to save tax, you can save huge amount with this trick..

Whether you work in a private or government job, you have to make efforts to save income tax every year. Most of the companies have also asked for income tax proof from their employees, on the basis of which tax is to be deducted from their salary. If we talk about the current financial year (2023-24), then you will have to submit investment proof by 29th February. So now only 15 more days are left. In such a situation, if someone has not invested then what options are left for him at the last moment to save tax?

Although the financial year will end on March 31, you have to submit the investment proof by February so that the company can calculate the tax in March and deduct the tax from your salary. Even if you invest after February, you will have to withdraw your money by filing an ITR. At present the issue is how you can invest at this last moment to save tax. We will tell you some such options, where by investing you can save tax of thousands of rupees immediately.

1.5 lakh direct benefit
The most suitable investment to save your tax is to invest money under Section 80C of Income Tax. In this, you can invest a lump sum of Rs 1.5 lakh. Many of its options are available in the market. If you want, you can open a PPF account and deposit Rs 1.5 lakh in lump sum or you can deposit this money by opening a Sukanya account in the name of your daughter. Apart from this, you can also get FD with tax savings for 5 years. If you want to invest money in mutual funds, then you get a tax exemption of Rs 1.5 lakh on ELSS also. If you want, you can also get life insurance.

Both protection and savings through insurance
The second best option to save tax is to take medical insurance. This will not only keep your family safe but will also save thousands of rupees in tax. Under Section 80D of Income Tax, a person below 60 years of age can avail tax exemption of Rs 25,000 on medical insurance premiums. If you insure your parents, who are above 60 years of age, you will get an additional tax rebate of Rs 50,000 on the premium. In this way, the total tax exemption will increase to Rs 75 thousand.

Save even Rs 50,000 on NPS
If you have opened a Tier-1 account under the National Pension System, then you also get the facility to open a Tier-2 account. You can deposit an amount of Rs 50 50,000 annually in this account. On this amount, you also get an additional tax exemption of Rs 50 thousand under Section 80CD (1B) of Income Tax.

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