As we approach the updated ITR filing deadline of 31 March 2024, it is important to take stock of your financial situation and make sure you have taken advantage of all the tax-saving options available to you. Here are some things you need to do before the deadline to maximize your tax savings and ensure a smooth filing process.
Invest in Tax-Saving Options:
One of the easiest ways to reduce your tax liability is by investing in tax-saving options such as ELSS, PPF, NPS, etc. Make sure you have made the minimum investment deadline before 31 March 2024 to avail of the tax benefits.
Get your TDS Filing Certificate for Tax Deduction:
It is important to get your TDS filing certificate from your employer or bank to ensure that you are not paying more taxes than required. This certificate will help you in claiming tax deductions while filing your ITR.
Unlock Tax Savings with Government Schemes:
Government schemes such as Pradhan Mantri Vaya Vandana Yojana for Senior Citizens offer attractive tax benefits. Make sure you have taken advantage of such schemes before the deadline to maximize your tax savings.
Benefits of Owning an Electric Vehicle:
Owning an electric vehicle not only helps in reducing pollution but also offers tax benefits. Make sure you have explored the tax benefits available for owning an electric vehicle before the deadline.
Maximize Tax Savings with Health Insurance Deductions:
Investing in health insurance not only provides financial security but also offers tax benefits. Make sure you have taken advantage of health insurance deductions to maximize your tax savings.
Boost Tax Savings Through Charitable Donations:
Donating to charitable organizations not only helps those in need but also offers tax benefits. Make sure you have made charitable donations before the deadline to boost your tax savings.
Conclusion:
By following these steps before the updated ITR filing deadline of 31 March 2024, you can ensure that you have maximized your tax savings and have a hassle-free filing process. So make sure you take the time to review your finances and make any necessary investments or donations before the deadline to make the most of your tax-saving opportunities.
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