If you want to invest in a place where you can save tax without leaving home or office, then here we have listed some online tax-saving options.
Income Tax Saving: The financial year 2021-22 is about to end and now only a few hours are left in it. In such a situation, if you have not made any investment for tax saving, then do it in time, otherwise a large part of your earnings will go into tax. The last date to save tax in the financial year is 31st March, so you have less than 2 working days to complete the tax saving exercise. While investing, keep in mind that the investment made by you should be deposited in your account before March 31, ie, the end of the financial year. Apart from this, you should use online money transfer options like NEFT, UPI for investment, so that fund transfer is instant.
If you want to invest in a place where you can save tax without leaving home or office, then here we have listed some online tax-saving options. Let us know where you can invest in these two days.
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health insurance
If you do not have adequate health insurance coverage, you can invest in a health insurance plan. Health coverage is necessary for all members of the family. You can buy a critical illness plan to get more comprehensive coverage. Up to Rs 25000 can be availed under section 80C on the premium paid and up to Rs 50,000 for senior citizens.
online ulip
If you want to save for the long term, then online ULIPs can be a better option. The premium paid in ULIPs is eligible for tax benefits under Section 80C of the Income Tax Act. At the same time, the amount received on maturity is also exempted from tax under section 10 (10D). ULIPs also offer tax free switches between equity and debt funds but it is subject to the terms and conditions of the policy.
5 Year Tax Saving Bank Fixed Deposit
All banks offer the option of 5 years tax saving bank fixed deposit. You can log on and invest in these deposits instantly by going to the NetBanking section of your bank. These tax saving bank deposits come with a lock-in period of 5 years. In this, tax has to be paid on the interest income.
Have an account in PPF, SSY or NPS? Get this work done before March 31, otherwise the account will be closed
Home Loan Repayment
If you have taken a home loan, you can make online payment for home loan prepayment. However, for this it is necessary that the lender gives you the option to do so online. The amount of home loan prepaid will give you tax benefit up to Rs 1.5 lakh under section 80C.
PPF and NPS
If you already have a Public Provident Fund (PPF) and National Pension Scheme (NPS) account, then you can save tax by investing in it before March 31. For those who have an online PPF account with the bank, online fund transfer can be done in the PPF account and the receipt can be used for tax benefits.
(Article: Sunil Dhawan)
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