Mumbai, March 18, 2025: As the financial year 2024-25 comes to an end, this is the last chance for taxpayers to make tax-saving investments before March 31, 2025. With the new financial year starting from April 1, many taxpayers are still focusing on the old tax regime as it offers deductions of up to ₹1.5 lakh under Section 80C. On the other hand, the old system is being considered more beneficial as there are limited deductions under the new tax regime.
Under Section 80C, taxpayers can avail tax deductions by investing in PPF, ELSS, life insurance, Sukanya Samriddhi Yojana and senior citizen savings schemes. Apart from this, additional deductions are available on investments in pension schemes under Sections 80CCC and 80CCD. In particular, an additional deduction of up to ₹50,000 is available under NPS, which increases tax savings.
Taxpayers should take full advantage of the tax deductions by making the necessary investments before March 31 and complete their tax planning process before the start of the new financial year.
