Tax savings for the fiscal year 2022–2023 must be achieved before March 31st, 2022. Although most people begin their tax planning early in the fiscal year, occasionally a lot of people put it off until the very last minute.
According to the Income Tax Act, you are allowed to deduct certain expenses from your gross income, which lowers your tax obligation. These advantages primarily apply to Section 80C of the Income Tax Act. In accordance with Section 80 C, your GTI is reduced by the same amount as any investment you make in certain specified instruments or any expense you incur, up to a maximum of Rs 1.5 lakh per financial year. In essence, this lowers your taxable liability and, consequently, the tax due.If it’s you, here’s how to diversify your investments in tax-saving mutual funds, NPS, and Ulips to reduce your tax liability and increase your wealth.
Equity-linked savings schemes
The tax saving mutual fund or equity-linked savings scheme (ELSS) is a type of mutual fund, similar to any diversified equity mutual fund routes investments into the equity market. Your investments in ELSS should never be for the sole purpose of saving tax rather link it to a long-term goal to help you save funds to meet the goal.
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