As the March 31, 2025 financial year-end approaches, taxpayers under the old income tax regime should focus on tax-saving investments to minimize liabilities. Here are five effective last-minute tax-saving options:
 

1. Equity-Linked Savings Scheme (ELSS) – A tax-saving mutual fund with a three-year lock-in period, offering deductions under Section 80C for investments up to Rs 1.5 lakh, along with potential high returns from equity markets.
    

2. National Pension Scheme (NPS) – A government-backed pension scheme, providing deductions under Section 80CCD(1B), in addition to Section 80C, with an extra Rs 50,000 deduction.
    

3. Public Provident Fund (PPF) – A long-term investment option with tax-free returns under the EEE (Exempt-Exempt-Exempt) category. Contributions, interest, and withdrawals are all tax-free, making it a reliable option for tax savings under Section 80C.
    

4. Health Insurance (Section 80D) – Premiums paid for health insurance policies qualify for deductions:

   • Rs 25,000 for self, spouse, and children.
   • Rs 25,000 extra for parents below 60 years.
   • Rs 50,000 deduction for senior citizen parents.
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5. Tax-Saving Fixed Deposits (FDs) – A low-risk investment with a five-year lock-in period, eligible for tax deductions under Section 80C, up to Rs 1.5 lakh.

By investing in these options before March 31, taxpayers can reduce their taxable income while securing long-term financial benefits.