7 tax tasks to complete before March 31 to maximize your tax savings

financialexpress.com:

As the current financial year ends on March 31, 2024, many taxpayers are already planning their investments for the next year. However, it’s also important to focus on the closing year, FY 2023-24. By taking some simple steps now, you can save on taxes before the deadline arrives.

Here’s what to keep in mind to make the most of these tax-saving opportunities:

To leverage tax deductions under Section 80C of the Income Tax Act, consider options like the Employee Provident Fund (EPF) for salaried individuals, where 12% of the basic salary is invested monthly; the Public Provident Fund (PPF), a secure, 15-year government scheme with partial liquidity after 7 years and approximately 8% returns; and Equity Linked Savings Schemes (ELSS), offering market-linked returns with a 3-year lock-in period. These avenues not only facilitate tax savings up to Rs 1.5 lakh but also ensure your investments grow over time.

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Optimize your returns and avail tax benefits through government schemes. Section 80C of the Income Tax Act allows a deduction of up to Rs 1.5 lakh from your total annual income. One can explore these options for tax exemptions:

Senior Citizen Savings Scheme (SCSS)

Sukanya Samriddhi Yojana (SSY)

National Pension System (NPS)

A deduction of up to Rs 1,50,000 for interest payments is available under Section 80EEB. “Whether an individual taxpayer possesses an electric vehicle for personal or business use, this deduction allows for the claiming of interest paid on the vehicle loan subject to the loan must be sanctioned between April 1, 2019, and March 31, 2023, to be eligible for the deduction,” says Prateek Mehta, Chief Business Officer, Angel One.

Taxpayers have the