Last-minute Tax Planning: 5 Smart Ways To Save On Your Taxes

Last-minute tax planning: 5 Smart ways to save on your taxes

Tax saving is very important for salaried employees. Though, it is our duty to pay income tax, but if the tax deduction accounts to large amount, then we must go for various options for tax saving. Most of us are not aware of the amount of money being deducted as TDS. We come to know this by the end of financial year. But, at this point of time, we do not have enough time to research about any investment tool.  Tax return online


Here in this article, we will suggest you few of the well tested and beneficial investment options, which will help you in saving your tax.


1. Go for ELSS Fund


You can purchase an ELSS fund as it is the best short term investment option. The amount invested is entirely exempted and you get the returns in 3 years. You can invest up to Rs. 1.5 lakh (maximum amount that can be invested under 80C).


2. NPS


NPS stands for national pension Scheme. It is the best option for those whose income is more than rs. 10 Lakh per year. If you opt for NPS, then you will have to invest at least Rs. 6000 per year. You can also invest more than this as there is no limit or cap on it. You can choose to invest your amount in both debt and equity funds.


3. PPF


PPF stands for Public Provident Fund. You can open a PPF account online by visiting the authorized bank's website. This investment gets tax rebate under section 80C. You have to deposit at least Rs. 500 per year in your PPF account and the max limit is Rs. 1.5 Lakh (for tax rebate). The amount over 1.5 Lakh will not be considered for tax rebate. The interest rate is fixed by government every year. Currently, the interest rate is 8%. You can make any withdrawals till 7 years. After 7 years, you can make partial withdrawals. The withdrawals are tax free after 15 years.   IRS tax Refund status  


4. Fixed Deposits


You can go for fixed deposits as well. But if it is for tax saving purpose, it has to be at least for 5 years. It has better returns than PPF. However, tax deduction for only Rs. 1.5 lakh will be applicable, similar to that in PPF as it is covered under section 80C.

5.  Health Insurance


This option is covered under section 80D. So, you can buy any health insurance policy with premium up to Rs. 25,000 per year.


Apart from these options you can go for ULIPs, Stock market investments, LIC policies, etc.


These is all about the tax saving ways, you can explore to find out the best tax consultant. These consultants can advice you more possible ways to save your tax.  You can connect with them, if you are looking for professionals for filing your tax return online.


You should always look for the reliable companies that help you file ITR and keep you updated with IRS tax Refund status.


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