Explore last-minute options to save income tax in old regime

ELSS funds, PPF, NPS, fixed deposits are some popular options under Section 80C

- BINDISHA SARANG

With less than a week left to make tax saving investments for FY24, there is a risk that people will hurry and make the wrong choice to meet the March 31 deadline. As they say: "Invest in a hurry, regret at leisure." If you've chosen the old tax regime, make an informed choice and don't rely entirely on your agent, particularly for Sections 80C and 80D.

Section 80C

Before you begin, note that your employee provident fund (EPF) would make up a majority of the Section 80C deduction. Take that into account before investing more in Section 80C. "Section 80 reduces taxable income up to ₹1.5 lakh per financial year for an individual or Hindu undivided family," says Alay Razvi, partner, Accord Juris LLP. Familiarise yourself with the various instruments eligible for deduction under Section 80C before investing. These include contributions to the Public Provident Fund (PPF), equity-linked savings schemes (ELSS), national savings certificates (NSC), tax-saving fixed deposits and life insurance.

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