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Selecting the ‘Active’ option for long-term savings under NPS allows you to invest up to 75 percent into equities. This helps as, otherwise, the equity portion shrinks below 35 percent during your prime earning period. But exercise caution if you are nearing retirement
Using the wrong form could make your ITR defective and necessitate correction within the specified timeframe
By investing in these Tax-Saving Fixed Deposits, senior citizen investors can deduct up to Rs 1.5 lakh per year. Senior citizens usually receive slightly higher interest rates from banks. A senior citizen tax-saver FD can be opened by anyone 60 years of age or older.
House rent allowance (HRA) tax benefit is available only to salaried individuals who are planning to opt for old tax regime. Further, this tax benefit can be claimed only if they have the HRA component as part of their salary structure and is staying in a rented accommodation. Self-employed professionals cannot avail this deduction. HRA tax exemption is not available under the new tax regime.
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