A Quick Guide To Increase Savings And Reduce Taxes Before FY24 Ends

As the deadline for the 2023-24 fiscal year approaches, it is important to assess your financial status and take every possible step to lower your tax liabilities for FY24

There are several ways via which you can save on tax and develop a financially secure future for yourself and your loved ones

Let’s take a look at some of the prominent measures you can adopt to enhance your tax savings and prepare for the upcoming fiscal year. Getty

You can opt to invest in tax saving avenues such as the EPF, PPF, ELSS, etc, which will help you save tax under Section 80C of the I-T Act. Getty

You can also opt to claim deductions up to Rs 1,50,000 for interest payments by owing electric vehicles, subject to certain conditions. Getty

Deductions on health insurance premiums for self, spouse, dependent offspring, and parents worth Rs 25,000 each also help reduce taxable income. Getty

Another possible way to develop savings and reduce taxes is investing in government schemes such as the NPS, Sukanya Samriddhi Yojna, etc. Getty

By opting to contribute to charitable organisations such as the Prime Minister’s Relief Fund, certified NGOs, you can avail tax benefits under Section 80G of the I-T Act. Getty

Senior citizens can go for the Pradhan Mantri Vaya Vandana Yojana which allows them to put in a one-time investment and reap benefits at an annual rate of 7.4 per cent for a period of 10 years. Getty