Only a few days are left for the financial year 2023-24 to end. This time is considered very important from the point of view of tax saving. If you invest in some special savings products from March 31, you can save a lot of tax.
term life insurance
Under Section 80C of Income Tax, you can get tax exemption on the premium paid for term life insurance. This can be up to a maximum of Rs 1.5 lakh in a financial year. Term life insurance is a type of life insurance in which you get large coverage at a low premium.
health insurance
You can also save a lot of tax with the help of health insurance. Under Section 80D of Income Tax, you can get a tax exemption of Rs 25,000 on taking health insurance for yourself and your family and Rs 50,000 on taking health insurance for your parents.
ULIPs
ULIPs i.e. Unit Linked Insurance Plans are also a good way of tax saving. It is a mixture of investment and insurance. In this, investors have got the benefit of all three equity, debt and balance funds. By investing in this, you get the benefit of Section 80C of Income Tax and you can claim tax exemption up to Rs 1.5 lakh. Let us tell you, the money received on maturity of ULIPs is also tax free.
Guaranteed Return Plan
Guaranteed return plan is also a good option for tax saving. In these, investors get interest up to 8.2 percent. Schemes with guaranteed returns include schemes like National Saving Certificate, Sukanya Samriddhi Yojana, Senior Citizen Saving Scheme, Mahila Samman Saving Certificate. These schemes provide benefits of sections like Income Tax Section 80C and 10(10D).
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