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Financial Literacy News: Tax-saving time is here. You have until March 31, 2024, to finalize your tax-saving plans for the 2023-24 financial year. If you're sticking to the old tax rules, there are plenty of deductions and exemptions to help you save on income tax.
NPS deduction of Rs 50000: Under the old tax regime, an individual can claim additional deduction of Rs 50,000 for NPS investment made. This deduction is available over and above Rs 1.5 lakh available under Section 80C of the Income Tax Act. With full utilisation of Section 80C and additional NPS investment, an individual can claim total deduction of Rs 2 lakh in a financial year.
UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK DENNIS J. DONOGHUE, and MARK...
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.
For senior citizens, tax savings is not just about reducing their financial burden but also about making smart decisions that ensure their money lasts as long as possible