Last chance to save income tax, you can adopt this method till 31st March

As soon as the month of March arrives, taxpayers start looking for ways to save income tax. If you are employed, then to save tax, you must have already submitted the investment proof and HRA documents related to income in your office. But still, if tax has been deducted from the salary, then you do not need to worry, because there is still a chance left. According to income tax rules, for the financial year 2023-24, you can avail tax exemption by investing till 31st March.

You can claim income tax exemption by showing this investment document while filing income tax returns.

Taxpayers choosing old tax regime will get benefits

However, only taxpayers who choose the Old Tax Regime can avail this benefit. If you want to claim Income Tax Rebate to save income tax, then it is necessary to invest in any tax saving scheme before 31st March.

Tax Saving Methods (Income Tax Saving Tips):

In such a situation, if you have not yet invested in any tax saving scheme and you are looking for a better investment option to save tax as well as get better returns in future, then you do not need to worry. Here we are going to give you some important tips which will help you in saving tax.

Avail benefits by investing in these schemes under 80C:

Let us tell you that under Section 80C of Income Tax, there are many schemes in which you can avail tax exemption by investing. Under this, you can buy Life Insurance Policy, Public Provident Fund (PPF), Employee Provident Fund (EPF), Fixed Deposit Scheme (FD Scheme), Unit Linked Investment Plan (ULIPS), Atal Pension Yojana, Equity till 31st March. Along with investing in Linked Saving Scheme (ELSS), National Saving Certificate (NSC) and Sukanya Samriddhi Yojana, you can avail tax exemption by taking medical insurance.

After investing in these schemes, you can claim tax exemption on a maximum amount of Rs 1.5 lakh.

If you don't do savings planning, you will have to pay more tax.

If you have not thought about tax saving planning, then start thinking immediately. You should understand investment planning thoroughly before 31st March. You should start investment planning in time to save yourself from income tax, if you do not do so then you may have to pay more tax.