Make investments right here earlier than the deadline of thirty first March, it’s going to assist in saving tax – India TV Hindi

Only some days are left for the monetary yr 2023-24 to finish. This time is taken into account essential from the viewpoint of tax saving. Should you spend money on some particular financial savings merchandise from March 31, it can save you loads of tax.

time period life insurance coverage

Below Part 80C of Earnings Tax, you will get tax exemption on the premium paid for time period life insurance coverage. This may be as much as a most of Rs 1.5 lakh in a monetary yr. Time period life insurance coverage is a sort of life insurance coverage during which you get massive protection at a low premium.

medical insurance

You can too save loads of tax with the assistance of medical insurance. Below Part 80D of Earnings Tax, you will get a tax exemption of Rs 25,000 on taking medical insurance for your self and your loved ones and Rs 50,000 on taking medical insurance on your dad and mom.

ULIPs

ULIPs i.e. Unit Linked Insurance coverage Plans are additionally a great way of tax saving. It’s a combination of funding and insurance coverage. On this, buyers have gotten the good thing about all three fairness, debt and stability funds. By investing on this, you get the good thing about Part 80C of Earnings Tax and you’ll declare tax exemption as much as Rs 1.5 lakh. Allow us to let you know, the cash acquired on maturity of ULIPs can be tax free.

Assured Return Plan

Assured return plan can be an excellent possibility for tax saving. In these, buyers get curiosity as much as 8.2 p.c. Schemes with assured returns embrace schemes like Nationwide Saving Certificates, Sukanya Samriddhi Yojana, Senior Citizen Saving Scheme, Mahila Samman Saving Certificates. These schemes present advantages of sections like Earnings Tax Part 80C and 10(10D).

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