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Tax-saving guide: In order to claim the section 80C deduction, a taxpayer must invest the specified amount in eligible investment instruments or spend it on designated expenses within the same financial year.
An investment in National Pension System (NPS) allows three separate deductions under the Income-tax Act, 1961. These are under Section 80CCD (1), 80CCD (1b) and 80CCD (2). However, deduction under Section 80CCD(2) is available in old as well as new tax regime. Tax experts ask government to allow Rs 50,000 tax break in new tax regime as well for retirement purposes.
The interim budget would soon be presented before the Parliament on February 1, 2024. The interim budget will exclusively address necessary expenditures, typically having a restricted scope and excluding significant policy alterations or the introduction of new programs.
Income taxpayers have a huge list of expectations from the Union Budget 2022-23 as no relief was announced for taxpayers in the last year’s Budget.