This FY2022, save tax in the last minute easily with these tips

Taxpayers can make use of last minute tax saving options such as medical claims, investing in stock market, mutual funds, public provident funds, LIC premiums, and more, before the end of financial year 2022

As we are into the last month of the financial year 2022, here are some of the quick tax saving options from financial experts for those who are still looking to reduce their tax burden under the old tax regime.

Under Section 80C a maximum of ₹1.5 lakh deduction can be utilised. “Tax payers should utilise this option before March 31, 2022 and can consider investing in Public Provident Fund (PPF) which yields 7.1% interest and is also tax free. Though there is a 15-year lock-in period, PPF is widely considered as one of the best and safest long term investment opportunities available today,” Abhishek Murali, president, All India Tax Payers’ Association (AITPA) said.

Those who prefer investing in stock markets can consider investing in Equity Linked Savings Scheme of Mutual Funds and take benefit under 80C, he added.

Other options under 80C include LIC premiums, United Linked Insurance Plan, National Savings Scheme and Sukanya Samridhi Yojana.

Abhishek Murali also said that the salaried employees’ share of contribution towards Provident Fund is also covered, and the contribution can be increased in case of any shortfall to avail the ₹1.5 lakh deduction in full.

In addition, an additional ₹50,000 tax benefit is available under 80CCD(1B), for a contribution towards National Pension Scheme, said Abhishek Murali.

Tax benefit is also available towards medical health insurance under 80D.