Tax season is here, and with only three months left in FY 2024-25, salaried individuals may be looking for tax-saving options.
You can maximise your tax savings by investing in these five instruments before March 31, 2025.
Invest in ELSS mutual funds to enjoy tax deductions up to ₹1.5 lakh under section 80C. These investments come with a three-year lock-in period, the lowest among tax-saving schemes.
Contribute to NPS for retirement planning and claim tax benefits up to ₹2 lakh under sections 80C and 80CCD(1B). NPS offers a mix of equity and debt investments.
The PPF interest and maturity amounts are tax-free. You can also claim deductions up to ₹1.5 lakh under section 80C for a 15-year lock-in period.
Salaried individuals can choose to invest in NSC for a fixed return of 7.7% p.a. Get tax deductions up to ₹1.5 lakh under section 80C with a 5-year lock-in period.
Salaried professionals can opt for a 5-year tax-saving fixed deposit. This FD allows a deduction of up to ₹1.5 lakh under section 80C.
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