Sakshi Jains Tax-Saving Guidance: Do this Before 31st March 2024

Sakshi Jain, a well-known content creator and financial influencer, shares how to plan your taxes to get additional benefits. She also shares that if you have an annual income of Rs. 10 lakhs, you'll have to pay Rs. 1, 17,000 taxes at the end of the year. She also introduces the section 80C and 80D that allows you to deduct, deduction on insurance policy.

What is the 80D section?

It helps you to deduct and reduce the income tax liability on various public and private sector plans. It also allows the maximum deduction of Rs. 150000 every year.

Here Some Various Tax-Saving Options under Section 80C:

• National saving certificate
• Tax saving mutual fund
• Public provident fund
• Fixed deposits with scheduled banks or post office
• Life insurance premium
• Sukanya Samriddhi Scheme
• Senior citizen saving scheme
• Employee provident fund
• national saving scheme

You can also invest in NPS (national pension system) and enjoy additional benefits of Rs. 50000. Taxpayers can save tax under section under 80C as well as 80D by investing in NPS. Under section 80 C, maximum investment in NPS to Rs. 150000 is eligible for deduction in any financial year.

What is the 80D section?

Section 80D provides deduction for the premium paid towards the health insurance of self, spouse children and dependent parents as well. You can also purchase health insurance and save up to and enjoy the benefit of Rs. 75000 under section 80D.

Note: While calculating the deduction under section 80D you have to be assured that the age of the taxpayer is less than 60 years, therefore you have taken Rs. 25000 as the deduction.

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This way you can bring down the taxes from Rs. 117000 to Rs. 59800 by the end of the financial year and save money on taxes. And don't forget to do this before 31st march 2024.