5 smart ways to save tax
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Table of Contents
1. Maximise the potential of Section 80C
2. Add the NPS scheme to your portfolio for additional tax-saving and retirement planning
3. Choose the right tax regime
4. Have a home loan? Utilize its tax-saving benefit to the full
5. Do not forget health insurance
About Author
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Disclaimer
ABSLI DigiShield Plan. This is a non-linked non-participating individual pure risk premium life insurance plan; upon Policyholder’s selection of Plan Option 9 (Level Cover with Survival Benefit) and Plan Option 10 (Return of Premium [ROP]) this product shall be a non-linked non-participating individual life savings insurance plan. UIN: 109N108V11
^ ABSLI DigiShield Plan scenario: Female, non smoker, Age: 21 years, level Term Insurance, Premium paying Term: regular pay, policy term: 25 years, Pay frequency: Annual Premium of Rs. 6500/12 months (on average Rs. 542/month) Exclusive of GST (offline premium).
~ Our life insurance policies cover COVID -19 claims under life insurance claims, subject to applicable terms & conditions of policy contract and extant regulatory framework.
3https://legislative.gov.in/sites/default/files/A1961-43.pdf
4https://incometaxindia.gov.in/Pages/tools/deduction-under-section-80c.aspx
5https://npscra.nsdl.co.in/all-faq-withdrawal.php
6https://npscra.nsdl.co.in/tax-benefits-under-nps.php
7https://economictimes.indiatimes.com/news/economy/policy/finmin-to-consider-reviewing-exemption-free-tax-regime-to-suit-the-needs-of-individual-taxpayers/articleshow/93556025.cms?from=mdr
8https://www.outlookindia.com/business/old-income-tax-vs-new-income-tax-regime-what-should-you-choose-for-filing-itr-fy-2022-23--news-209149
9https://cleartax.in/s/home-loan-tax-benefit
10https://incometaxindia.gov.in/tutorials/20.%20tax%20benefits%20due%20to%20health%20insurance.pdf
*Tax benefits are subject to changes in tax laws. Kindly consult your financial advisor for more details.
#Provided all due premiums are paid.
ADV/9/23-24/2113
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