There are only 31 days left for the financial year 2024-25 to end. If you have not yet done tax saving planning, 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, two regimes have been given for income tax in the country, in which the first 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.

Choice of Old and New Tax Regime

The government has given the option to taxpayers to choose 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. At the same time, many deductions like 80C, 80D, 80E, 80G, and 24B are available in the Old Tax Regime, which makes it easier to save tax.

Major ways 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 high-return mutual fund, in which you also get income tax benefits.

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

Exemption on home loan interest

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

Exemption on a rented house

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

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