As the financial year draws to a close, it’s time to optimize your taxes. Proper planning can save significant amounts, ensuring more money stays in your pocket. From deductions under Section 80C to smart investments, these strategies help reduce your taxable income and make the most of available exemptions.
Top Tax-Saving Tips Before Year-End
1. Maximize Section 80C Deductions
Invest up to ₹1.5 lakh in instruments like:
ELSS mutual funds
Public Provident Fund (PPF)
Life Insurance Premiums
National Savings Certificate (NSC)
Tip: Start SIPs in ELSS for both tax-saving and long-term wealth creation.
2. Claim Section 80D for Health Insurance
Deduction for self, spouse, children, and parents.
Up to ₹25,000 (₹50,000 for senior citizens).
3. Invest in NPS (Section 80CCD)
Extra ₹50,000 deduction for National Pension Scheme contributions.
Ideal for retirement planning with additional tax benefit.
4. Home Loan Benefits (Section 24 & 80C)
Deduction on principal repayment under Section 80C.
Deduction on interest paid up to ₹2 lakh under Section 24.
5. HRA & Rent Payments
Claim House Rent Allowance if staying in rented accommodation.
Deduction reduces taxable income if proper rent receipts are maintained.
6. Donations (Section 80G)
Donations to charitable organizations are eligible for deduction.
Helps reduce taxable income and contributes to social causes.
7. Tax-Saving Fixed Deposits & Bonds
5-year tax-saving FDs and government bonds provide fixed returns with tax benefits.
How Vizzve Finance Can Help
Track your tax-saving investments and deadlines.
Access instant loans if needed to make last-minute investments before year-end.
Get reminders for insurance premiums, SIPs, and retirement contributions.
Plan your finances to maximize savings and reduce tax liability efficiently.
FAQs
1. How much can I save in taxes using 80C?
Up to ₹1.5 lakh annually, including investments in ELSS, PPF, life insurance, and NSC.
2. Can I still invest for tax savings if the year-end is near?
Yes, SIPs, ELSS, and other eligible instruments allow last-minute contributions.
3. Is health insurance premium deduction applicable for parents?
Yes, deduction is available for parents under Section 80D, higher for senior citizens.
4. Can Vizzve Finance help track tax-saving deadlines?
Yes, it provides reminders and helps manage last-minute tax-saving investments.
5. Are donations tax-deductible?
Yes, donations to approved charitable organizations qualify for deduction under Section 80G.
Published on : 22nd August
Published by : SMITA
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