Tax saving tips 2023
Tax-saving fixed deposits (FDs): Banks offer tax-saving fixed deposit schemes that offer tax benefits under Section 80C of the Income Tax Act. However, interest earned on these FDs is taxable. Senior Citizen Savings Scheme (SCSS): This is a savings scheme designed specifically for senior citizens. Investments in SCSS are eligible for tax deductions under Section 80C of the Income Tax Act. Life Insurance: Life insurance policies offer both tax benefits and life protection. Premium payments made towards life insurance policies are eligible for tax deductions under Section 80C of the Income Tax Act.
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