Where and how to invest in 2024 to save more tax & accumulate wealth

financialexpress.com:

It is that time of the year when most of the taxpayers, who if already haven’t exhausted their tax-saving investment limit, start looking for various investment options to save as much tax as possible. For, this remains the last chance to save tax for the current financial year as salaried individuals are required to submit investment proof to their HR department. Else tax will start getting deducted from their salary.

However, before you decide on how much and where to invest for saving taxes during the current year 2024, it is advisable to evaluate your tax liabilities under both the old and the new tax regime. In case the new tax regime is beneficial for you, there is no need for you to make any investments as deductions under Section 80C and 80CCD are not available under the new tax regime.

If the old tax regime is beneficial for you after taking into account the investments which you have to make, then go for it. Never invest in life insurance products just for the purpose of saving taxes, but you should have adequate life cover to ensure the well-being of your family member in case of any eventuality.

Also Read: PPF, NSC, SCSS Rates Remain Unchanged: Where to invest now for higher returns?

“Since there are many products available for claiming deduction under Section 80C of the Income Tax Act, the decision to invest in a particular product would depend on various factors. In case you are young and, thus, have the ability to take risks, ELSS (Equity Linked Savings Scheme) is the best product as this may give you best returns if you go by historical returns generated by this product. Though the lock-in period of ELSS is only three years, but you may have to stay invested for a longer period. So, the requirement of