5 min read.Updated: 29 May 2022, 11:00 AM ISTVipul Das
Making tax-saving investments as soon as practicable for the fiscal year 2022-23 will allow you to save more for your tax-free returns.
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Making tax-saving investments as soon as practicable for the fiscal year 2022-23 will allow you to save more for your tax-free returns. Investing under section 80C of the Income Tax Act is the most popular option for individuals and Hindu Undivided Families (HUFs) to save tax in a financial year since an individual can claim a maximum deduction of up to Rs. 150,000 per year. ELSS is the investment product with the lowest lock-in duration under section 80C, but market-based returns can only be achieved if you stay invested for a long time. As a result, investors seeking stable returns or income from their tax-saving investments may consider bank FDs, PPFs, and other financial products. For the financial year 2022-23, tax savers under the old tax regime can claim a maximum deduction of ₹1.5 lakh in a financial year, and a person in the maximum tax slab of 30% can save tax of ₹46,800, including the 4% cess. Here are the four fixed income assets for risk-free investors that can be used to save money on taxes under section 90C for the current fiscal year.