Last-minute tax saving: Here's an easy guide for you

The financial year is nearing its end, and it's that time when you scramble to make your tax-saving investments. While it's always better to start your tax planning at the start of the financial year, we don't want to waste your time giving gyan. We understand that you wouldn't be reading this if you were actually an early starter. So, without wasting more time, let's explore the best tax-saving options because you can still invest up to Rs 1.5 lakh and claim tax exemption. Are you a salaried individual? Your Employees' Provident Fund contributions are covered under Section 80C of the Income Tax Act. So, if you contributed Rs 36,000 as provident fund this financial year, this amount can be part of the Rs 1.5 lakh that is eligible for tax deduction. Do you have dependents who rely on you? If you do, you must buy term life insurance if you haven't already. Your life insurance premium is tax-exempted as well. Go for only term insurance. Avoid endowment plans or unit-linked insurance (ULIPs). They neit

This article was originally published on March 31, 2021, and last updated on January 20, 2023.