4 ideal tax investments for seniors in 2022
Seniors should consider investment options that not only provide risk-free returns, but also allow tax deductions, as tax planning is an important part of wealth-building savings in the golden years. In order to achieve personal financial goals without the need for last-minute tax savings, start saving tax at the start of a new fiscal year. Taxpayers can choose the new tax regime for the financial year 2022-2023 or continue with the old regime, and the basic exemption cap is set at Rs. 3 lakhs for senior citizens aged 60 to under 80 and super seniors over the age of 80 are exempt until ₹5 lakhs in a financial year. Therefore, in addition to the aforementioned critical points, here are five tax-saving options for seniors that can be considered when investing in the current fiscal year.