Taxpayers can save ₹1.5 lakh by March 31

As the financial year 2024-25 ends on March 31, 2025, taxpayers should pay attention to last-minute tax-saving options. Section 80C of the Income Tax Act can reduce gross income by up to ₹1.5 lakh. This applies to individuals and Hindu Undivided Families (HUF), including both residents and non-residents. Investments in specific tax-saving instruments can help achieve this deduction. Options include National Savings Certificates (NSC), Public Provident Fund (PPF), life insurance premiums, tax-saving Fixed Deposits (FDs), home loan repayments, and equity-linked savings schemes (ELSS). Several categories of investments fall under Section 80C. The Provident Fund and Superannuation Fund offer benefits like partial withdrawals and loans. Pension Plans require a minimum investment period of three years to qualify for tax benefits. Equity Linked Savings Schemes (ELSS) allow for tax deductions but come with a three-year lock-in period and involve market risk. Other options include investing in a 5-year Tax Saver Fixed Deposit from scheduled banks or post offices. Senior Citizens Saving Scheme (SCSS) and the Sukanya Samriddhi Yojana are also eligible for tax deductions. Life insurance premiums for self, spouse, children, or HUF members can qualify as well. Unit-Linked Insurance Plans (ULIPs) have specific conditions for tax deductions, including limits on premium payments. Additionally, taxpayers can claim deductions for certain expenses. Children’s tuition fees for up to two children may qualify, as well as the principal repayment of housing loans, which can also include stamp duty and registration costs.