New Delhi:
The clock is ticking, with just 45 days remaining to save tax for the financial year 2023-24. As the deadline of March 31 approaches, it’s crucial to ensure you’ve made sufficient tax-saving investments to optimize your savings.
Under Section 80C of the Income Tax Act, 1961, individuals can invest up to Rs 1.5 lakh in a financial year to avail tax benefits.
If you haven’t maximized this limit yet, it’s time to act swiftly and invest in the following tax-saving options:
1. Mutual Funds Tax Scheme (ELSS)
The Equity Linked Savings Scheme (ELSS) stands out as one of the most favored tax-saving instruments, offering potential for high returns over the long term.
With a lock-in period of 3 years, ELSS investments provide flexibility and the opportunity to invest through lump sums or SIPs.
2. Public Provident Fund (PPF)
Renowned for its safety and stability, the Public Provident Fund (PPF) remains a preferred choice among investors.
Offering a maturity period of 15 years, PPF allows partial withdrawals from the sixth year onwards, making it ideal for long-term financial planning.
3. Sukanya Samriddhi Yojana (SSY)
Tailored specifically for the benefit of girls, the Sukanya Samriddhi Yojana offers a secure investment avenue for parents.
With a minimum deposit requirement of Rs 250 and a maximum annual deposit limit of Rs 1.5 lakh, SSY provides an excellent opportunity for future financial security.
4. Tax Savings Fixed Deposit
For those seeking simplicity and stability, tax-saving fixed deposits offered by banks present an attractive option.
With a lock-in period of five years and interest rates ranging between 6.5% to 7.25%, these fixed deposits ensure steady returns on investment.
5. National Savings Certificate (NSC)
Backed by the government, the National Savings Certificate (NSC) guarantees safety and reliability.
Available at post offices, NSC offers an attractive interest rate of 7.7% with a lock-in period of 5 years, making it a secure investment choice.
Make Your Move Today!
Don’t let the opportunity slip away! Invest wisely in these tax-saving options to optimize your savings and secure your financial future.
Act now to make the most of the remaining time before the tax-saving deadline expires on March 31.
