The deadline for tax-saving investments for FY23 is ending on March 31, 2023. Tax planning is one of the important measures for financial planning as the main objective is to reduce tax liability and save more.
From April 1, 2023, the gains from mutual funds where not more than 35% is invested in equity shares of Indian company i.e. debt funds, will be considered to be short-term capital gains.
From April 1, if premium paid by an individual for a savings life policy is more than Rs 5 lakh than on maturity the income from policy will be taxed.
Lenders like SBI, HDFC Bank, IDBI Bank and Indian Bank are ending their special FD offers by March 31, 2023 and are offering limited-period special FDs with higher interest rates.
Pradhan Mantri Vaya Vandana Yojana (PMVVY) and LIC Dhan Varsha Life Insurance Plan will end for investment from April 1, 2023. Hence, individuals interested in these plans should hurry and buy the policies before it closes.