Tax-saving investments to lower the income tax liability needs to be completed on or before end of each financial year. Some popular tax saving options are listed below:
- Life Insurance Policies
- Unit Linked Insurance Plan (ULIP)
- ELSS Mutual Funds
- Public Provident Fund (PPF)
- Sukanya Samridhi Yojana (SSY)
- National Savings Certificate
- Tax-Saving Fixed Deposits
- School Tuition Fees
- National Pension Scheme (NPS)
- Health Insurance Premium
- Interest Paid on Home Loan
- Donations to charitable institutions
It is advised to check that tax saving income tax deductions are available before investing in any scheme or fund. Further, the payment should always be made via cheque or online mode (NEFT/IMPS/RTGS) to avail the benefits of such investments.
