8 Tax Saving Tips in 2023 Save More Tax Before March 31, 2023…

 As the end of the financial year, 2022-23 draws to a close. Making investment planning comes as a factor of consideration for taxpayers. There are various great investment options available in 2023 that can provide you with good returns & various tax benefits. 

Planning your taxes before the end of the financial year is crucial for all taxpayers. There are numerous ways to save more taxes and enjoy the maximum savings. But still, most people need to be keener on the various investment approach and put tax planning on hold.  

This article will explain some of the lesser-known investments for tax saving, their tax benefits, and much more. Thus, grab your tea & Read On…

Best Investments Options To Save More Tax In 2023

Investment is an integral part of your financial planning that must be done after proper research and analysis. There are many investment options available in the market but choosing the right one seems difficult. Right? But here we will introduce the 8 best investment options available in 2023 saving more tax. 

8 Best Investment options to save more taxes in 2023

As the 31st of March 2023 is very close to an end, therefore making investment planning is crucial. This is a good time to take action to achieve your financial goals with a proper investment decision. To ease this process for you, we have mentioned below the 8 best investment options in 2023 that you must know about before the deadline of 31st of March 2023.

  • Investing in ELSS (Equity Linked Saving Scheme)

 

ELSS stands for (Equity Linked Saving Scheme). ELSS has become one of the best slices of investments due to the higher returns and tax purposes under section 80C. A tax rebate for good returns appears a good way for investors. ELSS has provided about 13-15% returns to its investors in the last three years and 16-18% returns in the last five years. ELSS funds come with a three-year locked-in period. 

 

  • Investing In NPS (National Pension Scheme)

 

NPS or National Pension Scheme is a retirement-focused investment option regulated by the Indian Government. It offers a wide range of investments according to your risk-bearing capacity and investment objectives By investing in NPS, you can enjoy tax benefits on your contributions as well as the maturity amount. The contributions made towards NPS are eligible for a deduction under section 80C of the Income Tax Act up to a limit of Rs. 1.5 lakhs. Moreover, the maturity amount is also tax-free up to a certain limit. NPS would be a good fit for those who want a comfortable and easy life after retirement.

 

  • Investing In PPF (Public Provident Fund)

 

PPF stands for the Public Provident Fund which is a popular investment scheme for a longer period of time. This is a government-backed guaranteed return with a lock-in period of about 15 years. PPF has a maturity period of 15 years, making it a suitable option for long-term investments. Additionally, there is an option to withdraw up to 50% of the invested amount after 5 years under specific conditions. PPF is an ideal investment choice if you prioritize safe, secure, and long-term investment goals.

 

  • Investing In ULIP (Unit Linked Insurance Plan) 

 

ULIP is another best investment option in 2023. It is a popular investment option among individuals who want to avail the benefits of insurance coverage as well as invest in the financial markets. ULIP is a dual plan which provides you coverage for any unprecedented occurrence & second is to provide you with investments such as debt, equity, or both. Moreover, you can choose your investments in both or one as per your preference. Individuals can get tax exemption of Rs. 1.5 Lakh under section 80C with a lock period of 5 years.

 

  • Investing in (NSCs) National Savings Certificates 

 

National Savings Certificates (NSC) is a savings scheme offered by the Government of India that allows individuals to invest in fixed-income instruments for a fixed period. The investment in NSC qualifies for tax benefits under Section 80C of the Income Tax Act.

 

  • Invest in Equity-Oriented Mutual Funds 

 

Equity-oriented mutual funds is a good option for those who are willing looking to invest in the stock markets with proper expertise & time. This can provide Rs. deduction Rs. 1.5 lakhs in a financial year. equity-oriented mutual funds are a good investment option for investors seeking to grow their capital in the long run while minimizing the risk associated with equity investments. They offer exposure to a diversified portfolio of equities while aligning with certain values or principles.

Conclusion

Investing in 2023 can play a vital role in your financial planning and achieving financial objectives. There are multiple options available in the market for investments. Therefore, choosing the right one can be quite uneasy but not a hard nut to crack. To make an informed decision, put your deep research and pick the best option that suits you as per your financial planning. 

If you need more assistance, you can contact Myitronline. Our experts will guide you in selecting the best investment option that matches your goals and risk-bearing capacity. Get maximum returns with lower risks with our expert advice. 

Also, Read - 5 Best Tax-Saving Investments That Everyone Must Know

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