Comprehensive List of Tax-Saving Schemes in India as the Current Financial Year Nears Conclusion
Tax-Saving Options in India: As the financial year FY23–24 draws to a close on March 31, 2024, individuals are considering various tax-saving investment opportunities to minimize tax liabilities and enhance savings. Efficient tax planning is essential for optimizing financial management and maximizing disposable income. Here's a comprehensive list of tax-saving schemes and investments to explore before the fiscal year ends. Home Loans: Tax benefits can be availed on home loans under Section 80C and Section 24(b) of the Income Tax Act, offering deductions on both principal repayment and interest paid. Renting out the property can further exempt individuals from tax on interest payments. Health Insurance or Mediclaim: Premium payments towards health insurance policies qualify for tax deductions under Section 80D, depending on the insured person's age. Senior citizens can claim higher exemptions compared to others. Tax-Loss Harvesting: Investors can offset capital gains with cap...