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  • Jun 24, 2020
  • Income Tax Saving: Last minute tax saving options for FY 2019-20

    For those taxpayers who failed to complete their tax planning exercise for the financial year 2019-20 by March 31, 2020, the last date is nearing. Even though there is no change in the financial year, the taxpayer will still be able to save tax for the FY 2020. Due to nationwide lockdown, many of us were unable to make a payment towards various tax-saving investment options.

    The government had extended the last date till June 30, 2020 for the investors to save tax for FY 19-20. One has, therefore, a few days left to claim tax benefits under Section 80C, 80D, and 80G.

    For Protection
    Adequate life insurance coverage is a must for all those who have financial dependents. In exceptional times like COVID-19, we all need exceptional protection covers which can safeguard our family finances for any uncertainty. If one is looking to buy adequate life insurance, Term insurance is the solution since it is the most affordable form of

    Life insurance
    For saving tax and growing wealth, you can start a National Pension Scheme (NPS) account. NPS is regulated by PFRDA. It is a tool to accumulate lumpsum and monthly income for living life post-retirement.