LIC, EPF, PPF: 5 ways to save income tax in 2023

• January 14, 2023
• CA Chandan Agarwal's Office

Income Tax 2023: You can also do these investments till March 31 to get tax rebates.

Income tax is the biggest deduction from a person’s salary. However, the government gives a lot of options to save income tax pay out by investing in myriad schemes. Income Tax 2022-23’s last date is approaching. All those who want to save paying income tax will have to invest before March 31 to avail the benefits. Here are five ways to do it.

LIC premiums, EPF and PPF contributions and investment in pension schemes provide you tax relief under 80C. You can get a relief up to Rs 1.5 lakh.

You can also claim a tax rebate if you are taking home loan or are already repaying home loan. This is under 80C. Hence, you can’t claim relief for more than Rs 1.5 lakh.

If you invest in the National Payment System, you can claim tax rebate under Section 80CCD (1B). This will provide you with a Rs 50000 rebate apart from the 1.5 lakh 80C rebate.

You can also claim an HRA rebate under 80GG. If you are not getting HRA under Section 80 GG, you can claim rebate using rent receipts.

Health insurance can also provide you with a tax rebate. But for that, you will have to claim a rebate under Section 80D. You can claim a rebate of Rs 50000.

You can also do these investments till March 31 to get tax rebates.

Source: https://www.dnaindia.com/personal-finance/report-lic-epf-ppf-5-ways-to-save-income-tax-in-2023-3016857