Preeti Khurana says: "Individuals should choose investment products based on their risk profile and investment horizon. Popular products under 80C include life insurance premium, ELSS, PPF, and ULIPs. Tax payers can switch from the old tax regime to the new tax regime at the beginning of the new financial year. Don t forget to claim tax benefits for health insurance and submitting reimbursement claims to reduce tax liability."
In a recent survey, 63% of taxpayers clung to the old tax regime in India, while 74% of women showed more financial awareness than men by calculating their taxes under both regimes.