Explore Last Minute Tax-Saving Options on Bajaj Markets
Business Wire India
Bajaj Markets, an online marketplace and a subsidiary of Bajaj Finserv, offers a host of tax-saving tools across categories like investments, loans, and insurance. As the ITR filing deadline approaches, individuals seeking last-minute options to save on taxes can explore these diverse avenues to lower their liabilities.
Choosing tax-saving investments not only helps taxpayers benefit from exemptions but also contributes to long-term wealth creation. Additionally, options like home loans, health insurance, and life insurance provide tax benefits alongside financial security and asset-building opportunities.
Those who haven’t filed their income tax returns yet, can consider the following tax-saving tools available on Bajaj Markets:
Investments
Tax-Saving Tool
Tax Exemption
Applicable Section
Equity Linked Savings Schemes (ELSS)
Up to Rs. 1.5 Lakhs
Section 80C
Tax-Saving Fixed Deposit (Offered by banks)
Up to Rs. 1.5 Lakhs
Section 80C
Interest on Fixed Deposit (FD)
Up to Rs. 50,000 for senior citizens
Section 80TTB
National Pension System (NPS)
Up to Rs. 1.5 Lakhs; additional deduction of Rs. 50,000
Section 80C and Section 80CCD(1B)
Loans
Tax-Saving Tool
Tax Exemption
Applicable Section
Home Loan
Up to Rs. 1.5 Lakhs on principal payment; Up to Rs. 2 Lakhs on interest payment
Section 80C and Section 24(b)
Loan Against Property (LAP)
Up to Rs. 2 Lakhs if availed by salaried borrower for new home purchase
Section 24(b)
Insurance
Tax-Saving Tool
Tax Exemption
Applicable Section
Life Insurance
Up to Rs. 1.5 Lakhs on premiums paid
Section 80C
Health Insurance
Up to Rs. 25,000 on premiums paid (Rs. 50,000 for senior citizens); an extra Rs. 25,000 if paying for parents’ premiums (Rs. 50,000 if parents are senior citizens)
Section 80D
Remember, optimising tax savings requires strategic planning and a diversified approach. Aside from tax deductions, some of these products offer various benefits and features that could help broaden one’s portfolio. Diversifying investments across these tools enables individuals to navigate the complexities of tax planning effectively.
Individuals can easily browse these financial products on the Bajaj Markets’ app or official website. The application process, be it for investment, insurance, or loans, is simple and hassle-free. Effortlessly secure last-minute tax savings before the 2023 ITR deadline expires.