Online Trading Online Mutual Funds Back Office (EQ & DP) Self Care


+91 22 48934000

Contact Details Locate Branch
Blog Promotion-Best Tax Saving Opportunities In 2024y

As you embark on your financial planning journey, it's crucial to incorporate tax planning, including income tax filing and optimizing income tax returns, into your overall strategy. Effective tax management not only helps you save money but also accelerates your progress towards financial goals. With the ever-evolving tax landscape, staying informed about the latest tax-saving options, including ELSS funds and other investing strategies to save income tax, is essential. Let's explore some of the best ways to save on income tax in the current fiscal year.

Say Goodbye to Low Returns, Earn More, Save More - Say Hello to High Interest Rates with Company Fixed Deposits!   Start Investing Today!

i. Tax Saving Fixed Deposits

Tax-saving fixed deposits continue to be a reliable option for investors seeking stable returns while minimizing tax liabilities. Under Section 80C of the Indian Income Tax Act, 1961, individuals can claim deductions of up to INR 1.5 lakhs by investing in tax-saving fixed deposits with a minimum lock-in period of five years. Although terms may vary among banks, these deposits offer consistent returns, making them a preferred choice for many investors.

Closing the Gap for Better Trades: MTF Facility - Your Solution to Margin Shortfall!   Activate MTF Account Now!

ii. Employees’ Provident Fund (EPF)

The Employees’ Provident Fund remains a cornerstone of tax-saving strategies for salaried individuals. Mandated by the government, EPF contributions entail a 12% deduction from an employee's salary and dearness allowance, supplemented by employer contributions. The accumulated funds not only serve as a retirement corpus but also offer tax-free principal amounts, interest earnings, and returns upon retirement.

iii. Public Provident Fund (PPF)

The Public Provident Fund, a government-sponsored investment avenue, remains a favored choice for risk-averse investors. With a lock-in period of 15 years, PPFs offer attractive interest rates and tax benefits. Investors can claim tax deductions of up to INR 1.5 lakhs annually under Section 80C, while the accrued interest remains tax-free, making PPFs an ideal long-term tax-saving instrument.

Take your trading to the next level with GEPL Pro Markets - An ultimate online mobile trading app for smarter trading.
Now available at Google Play & App Store
   Download Now

iv. National Savings Certificate (NSC)

National Savings Certificates serve as another viable option for tax-saving investments, particularly for those seeking short-term commitments. With a five-year lock-in period and no upper limit on investment amounts, NSCs offer flexibility coupled with tax exemptions of up to INR 1.5 lakhs per annum under Section 80C. Similar to PPFs, the interest earned on NSCs remains tax-free, making them an attractive choice for conservative investors.

v. Tax Saving Mutual Funds

Equity-linked savings schemes (ELSS) continue to be a preferred choice for investors seeking tax-efficient returns with exposure to the equity market. ELSS funds offer the dual benefit of tax deductions of up to INR 1.5 lakhs under Section 80C and tax-free returns. With options like Bank Of India ELSS Tax Saver Fund, Quant ELSS Tax Saver Fund and SBI Long Term Equity Fund, Bandhan ELSS Tax Saver fund, DSP ELSS Tax Saver Fund, investors can diversify their portfolios while optimizing tax savings.

Unlock your potential with us! Make money for yourself while your referrals invest with us!   Refer Now

vi. Unit-Linked Insurance Plans (ULIP)

Unit-Linked Insurance Plans provide a unique blend of insurance coverage and investment opportunities, making them a popular choice for long-term financial planning. With tax benefits under Section 80C, investors can claim deductions of up to INR 1.5 lakhs annually, thereby reducing their tax liabilities. ULIPs offer flexibility and growth potential, with options like Life Time Classic Plan of ICICI Prudential & Click 2 Invest & Click 2 Wealth Plans of HDFC catering to diverse investor preferences.

Concluding Thoughts

In conclusion, the current taxation landscape offers a plethora of tax-saving options for individuals to explore. By aligning investment choices with specific financial objectives and income tax saving goals, investors can optimize their tax liabilities while securing their financial future. It's essential to stay informed about the latest developments and consult with financial advisors to make informed decisions tailored to your unique circumstances. Start planning today to reap the benefits of income tax filing and investments tomorrow.

Join hands with one of the best full service stock broker, and invest in your success with us - Your trusted partner in the world of stock market!   Partner with us

Ready to take control of your finances and maximize your tax-saving options? Open a Trading cum Demat Account today and start investing strategically to save income tax while building wealth for your future.

Before investing, don't forget to read the disclaimer—it's a small step that can save you from big surprises!

Stay Connected! Stay Invested!

Related Posts


Feb 04 . Sat

This blog focuses primarily on the merits of beginning one's investment career at a...

63de34b2e90bc.1675506866.Blog web img-Why Investing Early is Important


Feb 13 . Mon

This blog provides a brief but comprehensive guide to non-resident Indians (NRIs) w...

63e9d9c4e1f03.1676270020.Blog img-NRIs Filing Taxes For Investments Made In India


Feb 19 . Sun

This blog explains how technology has given investors an unpreced...

63f1c603e3942.1676789251.Blog Img-Ways Technology can Improve your Investment Strategies


Feb 26 . Sun

This blog gives insight on how to improve your financial health b...

63fb1de598f96.1677401573.Blog Image-Five Goals to Improve Your Financial Health

attention-icon Attention Investors

1) Stock Brokers can accept securities as margin from clients only by way of pledge in the depository system w.e.f. September 1, 2020. 2) Update your mobile number & email Id with your stock broker/depository participant and receive OTP directly from depository on your email id and/or mobile number to create pledge. 3) Pay 20% upfront margin of the transaction value to trade in cash market segment.  4)Investors may please refer to the Exchange's Frequently Asked Questions (FAQs) issued vide circular reference NSE/INSP/45191 dated July 31, 2020 and NSE/INSP/45534 dated August 31, 2020 and other guidelines issued from time to time in this regard.5) Check your Securities /MF/ Bonds in the consolidated account statement issued by NSDL/CDSL every month. 6) For Stock Broking transaction : Prevent unauthorised transactions in your account 7) KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (Broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary  8) Update/ confirm your mobile number/email ID with us OR If you wish to change/ modify the current Mobile No. & E-mail ID, you are requested to provide MODIFICATION FORM duly filled in and signed OR If you do not want to provide Mobile No. & E-mail ID, you are requested to send DECLARATION FORM duly filled and signed.  9) Receive information of your transactions directly from exchange on your mobile/email at the end of the day...Issued in the interest of Investors 10) No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remain in investor's account. 11)As per SEBI Circular MIRSD/ SE /Cir-19/2009 dated December 3, 2009 Client transaction account shall be required to do the actual settlement of funds and securities at least once in a Quarter or month.