There are only 31 days left for the financial year 2024-25 to end. If you have not done tax saving planning yet, then you should do it, because after March 31, no matter what you do, you will not be able to save tax on your salary.

At present, there are two regimes for income tax in the country, the first of which is the old tax regime, in which you get income tax exemption on investing money in different places. Whereas in the new tax regime, you do not get the benefit of these benefits.

The government has given the taxpayers the option to choose between two tax regimes. Old tax regime and new tax regime. The new tax regime has fewer tax slabs, but most deductions are not available in it. On the other hand, many deductions like 80C, 80D, 80E, 80G and 24B are available in the old tax regime, which makes it easier to save tax.

Under section 80C, you can avail a deduction of up to Rs 1.5 lakh. Under this, PPF (Public Provident Fund) is a safe and tax free return. Apart from this, ELSS (Equity Linked Saving Scheme) is a mutual fund that gives high returns, in which you also get income tax benefits.

Apart from this, tax exemption is also available on life insurance premium. If you are a father of a daughter, you can also save tax by investing in Sukanya Samriddhi Yojana for your daughter's future. Along with this, exemption is available on health insurance (Section 80D). Let us tell you that under Section 80D, you get a discount of up to Rs 25 thousand on health insurance premium.

You can claim tax deduction on interest up to Rs 2 lakh on home loan (Section 24B). Apart from this, tax exemption is available on interest on loan for higher education as per education loan (Section 80E). Also, under Section 80CCD (1B), you can get an additional deduction of up to Rs 50,000 on depositing money in NPS, which is separate from the limit of 80C.

If you live in a rented house and the company gives you HRA, then you can claim this amount as tax deduction. Donation under section 80G can also get exemption of 50% to 100%. Do proper tax planning before 31st March so that you can avail maximum exemption. Avoid making wrong investments in haste and give priority to financial security.