This great scheme will give exemption in income tax, bumper savings will be due to strong returns

 

Today there are many schemes in the market, by investing in which you can get better returns and also get the benefit of tax exemption. You must carefully consider these investment options before filing income tax

 Tax Saving Tips for FY23: Only a few days are left for the financial year to end. In such a situation, if you want to do tax savings, then you should start looking for tax saving options from now itself. In which you can get tax exemption by investing money. By doing this, apart from saving tax, you will also get better returns and you will also be able to save.
 Investment and tax saving is a part of planning for most people. Investment is the means which helps in increasing your money. Also it can help in saving tax. There are many such schemes, by investing in which you can get better returns and also get the benefit of tax exemption. You must carefully consider these investment options before filing income tax.

home loan

 If you are planning to buy a house this year, then this is a better investment for you to save tax. Most of the people take home loan from the bank to buy a house or flat. In this case, you can claim tax deduction on both the amount taken for the home loan and the interest paid on it. You can claim tax exemption on the principal amount of home loan up to Rs 1.5 lakh per annum, while under Section 24 you can also claim tax exemption on the interest of up to Rs 2 lakh on the principal amount.

 NPS

 National Pension Scheme (NPS) is a long term investment plan. By investing in it, you get a huge fund accumulated at the age of retirement. Also, you get monthly pension based on your annuity amount and its performance. You get 3 benefits by investing in it. Firstly you will collect retirement fund for yourself, secondly you will start getting regular income after retirement through annuity and thirdly under section 80 CCD (1B) you can take additional tax rebate of Rs 50,000.

 health insurance

 In today's world, it is very important for everyone to have health insurance. Corona has taught everyone that trouble never comes without telling and for this we should keep ourselves ready. Through health insurance, you not only give security to yourself and your family, but you also get the benefit of tax deduction under section 80D on buying a health insurance policy.

 A part of the salary of the salaried class people is deposited in the EPF account. On this, under Section 80C, you can get tax exemption on investing up to Rs 1.5 lakh annually in PF account, but for most people this amount does not reach up to 1.5 lakh. In such a situation, you can increase your contribution to PF through VPF (Voluntary Provident Fund).