Taxes are going to be the biggest expense of your lifetime. It's best to start early & learn about optimising taxes. Save up to ₹3,00,000+ in taxes before March 31, 2024. Tax Planning for the 20s 🧵👇 [1] Contribution to Provident Fund Both the employee and employer contribute to EPF/PPF. 🔸Investment amount: Up to ₹1.5 Lakhs 🔸Benefit provided: Tax deduction u/s 80C You might end up getting a tax free return (subject to limits) of 7.5%-8.5%🤯 That's as good as getting a pre-tax return of 10.7% to 12.15%✅ [2] Invest in National Pension Scheme👇 NPS is 1 product with 3 tax benefits😲 It also provides pensions by way of annuity payments after retirement. Tax benefits: 🔸Deduction u/s 80CCD(1) - ₹1.5 Lakhs (subject to 80C limit) 🔸Additional deduction u/s 80CCD(1B) - ₹50,000 🔸If you are a corporate employee, claim u/s 80CCD(2) - 10% of (Basic + DA) [3] Get insured 🚑 Investing in good health and life insurance provides loads of benefits. Tax benefits being a major one👇 Tax B...
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