Tax Saving Tips: Last date for investing in these savings schemes in this month
Tax Savings Schemes: Invest in tax savings equipment like PPF, NSC, SSI and NP and invest in the right time. Taxpayers who want to claim tax profit for the financial year 2024-25 will invest in these tax savings schemes by March 31, 2025. Let us know more about them.
What are different types of investment equipment that can invest for tax savings?
Taxpayers can invest in many tax -projects like PPF, NSC, SSI and NPS. These financial equipment allow taxpayers to claim tax benefits under various rules like 80C and 80 CCD (1B).
What is the time limit for investing in these devices?
To get tax deduction for the financial year 2024-25, the above plans must be invested by 31 March 2025. July 31, 2025 Financial Year to file income tax returns for individual taxpayers. Major investment equipment that can invest for taxpayers tax savings, such as Public Provident Fund (PPF), National Saving Certificate (NSC), Senior Citizen Savings Scheme (SCSS), Kisan Development Documents (KVP), Sukanya Samaridi Scheme (SSY). In any of these, taxpayers can invest in terms of rules.
What is the maximum limit of tax deduction that taxpayers can claim?
The maximum limit of tax deduction in the financial year is Rs 1.50 lakh. Under Section 80 CCD (1B) of 1961, an additional Rs 50,000 has been exempted for investment in Income Tax Act, NP.
Can you claim these exceptions in the new tax system?
As a default, each taxpayer has to pay income tax under the new tax system for income tax. However, these exceptions are not available in the new tax system. To obtain these exceptions, income tax returns must only be filed in the old tax system. So, filing tax returns in a new policy? Or in the old tax system? After making decisions, take decisions on these investments. In other words, if you want to save more savings under the old tax system, you should withdraw from the new policy. Or, if the new tax policy is beneficial due to concessional tax rate, you can continue in the new tax system. However, it is also important to remember that the above will provide good returns in the long run regardless of investing tax deduction in the above savings schemes.
