Tax Saving Tips News Today

Discover these lesser-known tax-saving tips beyond Section 80C investments, including Section 80GG for rent, Section 80D for medical insurance, and Section 80CCD(1B) for NPS contributions.

Explore lesser known tax saving tips beyond Section 80C investments like PPF and ELSS, such as Section 80GG for rent expenses, Section 80D for medical insurance premiums, and Section 80CCD(1B) for NPS contributions.

Stay updated on the latest income tax rules effective from April 1, 2024. Discover insights into the new tax regime, its implications, and why it's set to become the default option for taxpayers.

Just like individuals file their Income Tax Returns (ITR), HUF also needs its own separate ITR., Income Tax News - Times Now

Similarly, collections from the Monthly Income Scheme rose to nearly Rs 20,000 crore, compared to Rs 5,000 crore for the full fiscal year of 2023-24, stated a senior Finance Ministry official

Section 80TTB of the Income Tax Act gives tax benefits for individuals 60 or older, by offering a deduction of Rs 50,000 on interest income generated from various deposits.

Preeti Khurana says: "Individuals should choose investment products based on their risk profile and investment horizon. Popular products under 80C include life insurance premium, ELSS, PPF, and ULIPs. Tax payers can switch from the old tax regime to the new tax regime at the beginning of the new financial year. Dont forget to claim tax benefits for health insurance and submitting reimbursement claims to reduce tax liability."

Tax tips to get on track for 2024: understand the two tax regimes and choose the one that works best for you, maximise deductions, and consider investment options

PPF vs. FD Scheme: Secure investments for higher returns, short-term vs. long-term.

In the Budget 2023, Finance Minister Nirmala Sitharaman made revisions to the income tax slab rates under the new tax regime.