Tax Saving Tips for FY23.

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The new year 2023 (New Year 2023) has started. There are also new plans in the new year. Investment and tax saving is a part of planning for most people. Investment is the means which works to increase your money, as well as can help in saving tax. There are many such schemes, by investing in which you get better returns and also get the benefit of tax exemption. If you too are looking for tax saving schemes in the year 2023, then know here where investing can save your money.

Home loan

If you are planning to buy a house in the new year, then this is a better investment for you. Nowadays, most of the people take home loan from the bank to buy a house or flat. In this case, you can claim tax exemption on both the amount taken for the home loan and the interest earned on it. You can claim tax exemption on the principal amount of home loan up to Rs 1.5 lakh per annum, while under section 24 you can claim tax exemption on the interest of up to Rs 2 lakh on the principal amount.

NPS

National Pension Scheme (NPS) is a long term investment plan. By investing in it, you get a huge lump sum fund at the age of retirement. Along with this, you get monthly pension on the basis of your annuity amount and its performance. By investing in it, you will get three benefits. First, you will collect retirement funds for yourself, the second advantage is that you will start getting regular income after retirement through annuity, and the third advantage is that by investing in this scheme, you can take an additional tax exemption of Rs 50,000 under section 80 CCD (1B). .

health insurance
In today’s time, health insurance has become the need of everyone. The Corona period has taught everyone that trouble never comes without warning and for this we should keep ourselves ready at all times. Through health insurance, you can not only provide security cover to yourself and your family, but can also take advantage of deduction under section 80D on purchasing a health insurance policy.

EPF

A part of the salary of employed people goes to the EPF account. On this, under Section 80C, you can get tax exemption on investing up to Rs 1.5 lakh annually in PF account, but for most of the people, this amount does not reach up to 1.5 lakh. In such a situation, you can increase your contribution to PF through VPF (Voluntary Provident Fund). In VPF you get the same benefits as in PF. In such a situation, a good amount will also be collected for you and you will also get exemption in tax.