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How to Save Taxes by Investing This Fiscal Year?

Unlock tax-saving strategies through investing this fiscal year with insights from GoldenPi's blogs. Maximize savings while building wealth for the future.

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How to Save Taxes by Investing This Fiscal Year?

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  1.  How to Save Taxes by Investing This Fiscal Year? • The time of year has arrived, and we are most likely a little reluctant to pay taxes and that’s understandable. • Explore ways to save tax and the right investments that could help you do just that.

  2. Checklist Before Investing • Determine your risk appetite and investment goals. • Consider the liquidity and lock-in period of the investment. • Ensure the investment aligns with your life goals.

  3. Insurance Investments • Unit Linked Insurance Plans (ULIPs): Tax benefits under Section 80C and tax-free maturity amount. • Health Insurance Plans: Deductions under Section 80D for premiums and preventive health check-ups.

  4. Loan Investments • Home Loan: Tax benefits on principal (Section 80C), interest (Section 24(b)), and stamp duty (Section 80C). • Education Loan: Tax deductions under Section 80E for interest payments. • Electric Vehicle Loan: Tax deduction on interest under Section 80EEB.

  5. Government Investments • National Pension Scheme (NPS): Tax benefits under Section 80C, 80CCD(1B), and 80CCD(2). • Public Provident Fund (PPF): Tax benefits under Section 80C and tax-free maturity. • Senior Citizen Saving Schemes: Tax deductions under Section 80C and tax on interest.

  6. Equity Investments • Equity Linked Savings Scheme (ELSS): Tax rebate of up to Rs 1.5 lakh under Section 80C. • Other Equity Investments: Taxation on short-term and long-term capital gains.

  7. Fixed-Income Investments • Tax-Free Bonds: Tax-free interest under Section 10. • Tax Saving Bonds: Tax deduction on investment under Section 80CCF. • Capital Gain Bonds: Exemption on capital gains under Section 54EC.

  8. Other Tax-Saving Opportunities • Charitable Donations: Deductions under Section 80G. • Rent Deduction: Deduction under Section 80GG for individuals without HRA. • Savings Account Interest: Deduction under Section 80TTA for interest income.

  9. Conclusion • Explore tax-saving investment options to optimize your tax liabilities. • Consider the old and new tax regimes to make informed decisions.

  10. THANK YOU To know more, visit: https://goldenpi.com/blog/financial-matters/how-to-save-taxes-by-investing-this-fiscal-year/

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