Filing income tax returns (ITR) is an annual obligation for every taxpayer, but it also presents an opportunity to explore various tax-saving options. With the onset of Assessment Year (AY) 2023-24, it's crucial to be aware of the latest tax-saving strategies and make the most of them. By taking advantage of these options, you can optimize your tax liability and potentially boost your savings. In this blog, we will discuss some of the top tax-saving options you can consider while filing your ITR for AY 2023-24.
1. Section 80C: Traditional and Time-Tested
Section 80C of the Income Tax Act offers several avenues for taxpayers to save taxes by investing in specified instruments. This section allows for deductions up to Rs. 1.5 lakh, which can significantly reduce your taxable income. Popular options under Section 80C include Public Provident Fund (PPF), Employee Provident Fund (EPF), National Savings Certificate (NSC), and tax-saving fixed deposits. Additionally, investing in Equity-Linked Saving Schemes (ELSS) provides the dual advantage of potential capital appreciation and tax savings.
2. Health Insurance and Medical Expenses
Medical expenses can be a significant drain on finances. However, certain provisions in the Income Tax Act allow taxpayers to claim tax benefits on health insurance premiums and medical expenses. Under Section 80D, premiums paid for health insurance policies for yourself, your family, or your parents are eligible for deductions. Additionally, expenses incurred on preventive health check-ups are also tax deductible.
3. Home Loan Benefits
If you have taken a home loan, you can avail of tax benefits under various sections of the Income Tax Act. Section 24(b) provides deductions on the interest paid on the home loan, while Section 80EEA offers an additional deduction on interest for first-time homebuyers. Moreover, Section 80C allows for deductions on the principal repayment of the home loan. By understanding and utilizing these provisions, you can substantially reduce your tax burden.
4. National Pension Scheme (NPS)
The National Pension Scheme (NPS) is a voluntary pension scheme that provides tax benefits under Section 80CCD(1B). This section allows for an additional deduction of up to Rs. 50,000 over and above the limit of Rs. 1.5 lakh provided under Section 80C. Investing in NPS not only helps you build a retirement corpus but also aids in tax planning.
5. Tax-Saving Fixed Deposits
Tax-saving fixed deposits (FDs) are another popular investment avenue for taxpayers. These FDs come with a lock-in period of five years and offer tax benefits under Section 80C. While the interest earned is taxable, the initial investment qualifies for deduction, helping individuals save on taxes.
As the financial year comes to a close, it is imperative to assess your tax-saving options while filing your ITR for AY 2023-24. The strategies mentioned above can help you reduce your tax liability and potentially increase your savings. Get into touch with our financial advisor or tax expert to ensure that you make informed decisions aligned with your specific financial goals and circumstances.
Online Income Tax Return Filing
Remember, tax planning should be an integral part of your overall financial planning process. By availing of the various tax-saving options available under the Income Tax Act, you can optimize your taxes and work towards building a secure financial future.
The due date for filing Income Tax Returns (ITR) varies depending on the type of taxpayer and their specific circumstances. Here are the general due dates for filing ITR in India:
1. For Individuals and Hindu Undivided Families (HUFs) not subject to tax audit:
- The due date for filing ITR for the assessment year 2023-24 (financial year 2022-23) is typically July 31, 2023.
- However, it's important to note that the government may announce extensions or changes to the due date, so it's advisable to stay updated with the latest notifications.
2. For Individuals and HUFs subject to tax audit or those required to submit a report under certain sections:
- The due date is usually extended by a few months from the regular due date. For AY 2023-24, the extended due date could be around September or October 2023.
- It's recommended to monitor any official announcements by the income tax department for the specific due date applicable in such cases.
3. For taxpayers who are required to furnish transfer pricing report:
- The due date for filing ITR, along with the transfer pricing report, is typically November 30 of the relevant assessment year.
4. For businesses and entities:
- The due date for filing ITR for companies, partnership firms, LLPs (Limited Liability Partnerships), and other entities may vary depending on their specific classification, turnover, and audit requirements.
- Typically, companies are required to file their ITR by September 30 of the relevant assessment year, while partnership firms and LLPs may have a due date similar to individuals subject to tax audit.
It's important to note that these due dates are subject to change based on government notifications and amendments to the Income Tax Act. It is advisable to regularly check the official website of the income tax department or consult with KNAP ADVISORY to stay updated on the latest due dates for filing ITR.
08 Dec, 2023
06 Dec, 2023
24 Feb, 2023
28 Apr, 2021
KNAP Advisory is helping with taxes and filings. They are responsive and legit in getting the job done. Special thanks to Kunal for helping me out with tax planning.
Got my private limited company registration with incredible ease. KNAP Advisory is a group of specialists. Also grateful for your bookkeeping services. With the aid of your experienced and cooperative workforce, the entire procedure runs well.
The company registration process with KNAP Advisory was quite smooth and quick. They solved all my queries relating to registration, and I got my company in few days. Also, their after-sales service is top notch.
We are associated with KNAP Advisory for quite a long time now. We are receiving all services on one platform. They manages all compliances, including ROC, GST, and income tax. Quite dependable, trustworthy, and really serious regarding the services provided. I will undoubtedly endorse their services.
I had a great experience working with KNAP ADVISORY team. Their team was professional, efficient, and delivered excellent results. They provided top-notch service from start to finish. Highly recommended.
I’ve had contracted KNAP Advisory for both personal and corporate affairs. The advisors are quite creative in financial terms. And the service is super quick but sometimes have slightly longer turnarounds during year end times.
Regardless, I’d definitely recommend the team!
I'm glad that I went with KNAP Advisory for the legal compliances. I would always gladly recommend them. All of the employees are kind and generous, and they are dedicated to meeting the needs of their consumers at all times. Special thanks to Neeraj Sir.
Totally satisfied with KNAP Advisory team. Very supportive and caring professionals. Asha took care of the GST registration and GST return filing very diligently. Till now they are providing the amazing services through chat support and constant reminders for data.
Their Compliance executive Asha Rana is incredibly responsive and guided me through a very user-friendly GST return filing process. Special thanks to all the team member of KNAP Advisory for their endless support.
I'm having awesome experience with KNAP team. Team is always easy to approach and really helpfull. Good support and satisfied with the services and their team.
They are highly competent and trustworthy. Their WhatsApp chat support is unparalleled. You send a query and you get the response within a few minutes.
Very happy with their support and service. I contacted them for taxation purpose they helped me a lot. Kudos to Kunal Mehta and Team. Keep up the great work.
Offering every company related services at very reasonable pricing. Anuj is helping in accounting and TDS filing. Knowledgeable and dependable staff.
Completely satisfied with company registration process. They are young in market but quite dependable. Special thanks to Ashish, who took care of every thing. Just go with them if you are looking for company registration services.
These guys are very professional and meet their Commitments. They did our trademark registration in India, they work so possessive and positively. I had a wonderful experience.
Right platform for all the legal requirements. Getting my taxes filed. Great experiance working with them. Kunal and his team is always ready to solve the issues.
Best CA in delhi to handle income tax matters. Very knowledgable and proficient to handle income tax return filing and assessments.
They have very much experience in accounts and audit ....they have excellent team to deal with any problem faced in GST, Income Tax, Finance and all
I have learned quite a lot from the them. I have done my Internship and it was wonderful experience working with KNAP Advisory.
So far so Good
Kunal is polite and customer friendly. His team is professional and experienced. Thanks
They handled all of my company's compliances like a pro. Highly recommended. Big Thanks to their taxation team.
I am getting my Income Tax return filing from them. Easy & quick process. Charges are quite nominal as well.
Excellent work service for taxes. They always provide Quick and prompt service. I will recommend this firm.
Good and supportive team. You can trust them for all your company needs, Highly recommended.
Getting all company related services under One roof. Thanks for the support.
Very supportive and knowledgeable people. Truly amazing experience
Best in Service! Best in support! Timely delivery! Regular updates! Reasonable fee!
The one stop solution for all your compliance need. Offer a seamless process for pvt ltd company registration.
Specialized in taxation, secretarial compliances and startup services.
I m very happy to work in KNAP team, they are kind and always ready to give their full time to their customers, for company registration, GST work, TDS, Income and other compliances they easily handle all the works.
We have been especially crucial in ensuring startups are compliant with India's complex legal structure. We accept responsibility and obligation on behalf of the business owners and co-founders for adhering to all legal requirements. We strive to deliver a wide range of quick, effective, and compliance-focused services to any company or individual with a startup mentality. We are abide by our motto:- We Care, We Deliver, We Honor.