Save Income Tax : Tax Deductions as per section 80C
As per section 80C of 1961act, individuals are entitled
to receive tax deductions on their interest or dividend
incomes and the maximum amount of such deduction is
provided for, as Rs. 15,000. Some of the prominent
investments that are entitled to receive tax deductions
comprise:
Investment in under monthly income scheme of the post
office
Investment.
You can save a maximum of Rs. 100000/- under section 80C
which includes PPF, NSC, LIC etc.
Save Income Tax : Reduce Income Tax
A tax charged on the financial income of persons,
corporations, or other legal entities is known as income
tax. Nowadays, various income tax systems exist in the
financial market with varying degrees of tax incidence.
Income tax time or financial closing dates are hectic
and stressful time of the year. As a matter of fact, you
Save Income Tax : Tution Fees
The high tuition fees you were grudgingly paying for
your kid’s education is coming in handy as this has been
included as an expenditure which gives tax relief.The
school fees paid for your children’s education is an
expenditure allowed under Section 80C of the Income Tax
Act.
In simple terms, this expense gives tax relief.
Take Healthcare Insurance and Enjoy Tax Benefits Under
Section 80D
1. Take healthcare Insurance, and protect yourself and
your family. Check for Tax benefits under the scheme,
especially section 80D.
2. Avail Income tax deduction for the healthcare
Insurance premium paid.
3. The healthcare Insurance shall be taken for (you,
your spouse and your dependent children) and for your
parents.
4. Make sure the premium is paid
Save Income Tax : Pay for the medical health insurance
of your parents
Individuals who pay for the medical health insurance of
their parent or parents would be allowed an additional
deduction of up to Rs 15,000 on any payment made for the
health insurance for his or her parents under Section
80D. If either of the individual tax payer’s parents,
who has been medically insured, is a
Save Income Tax with ELSS and ULIP Plans
Equity Linked Saving Schemes (ELSS)
Equity Linked Saving Schemes (ELSS) mutual funds are
undoubtedly the easiest way to save taxes as well as do
handsome investment. ELSS investments are eligible for a
maximum of Rs. 1,00,000 deduction from income. A well
rated ELSS scheme can provide annual returns of around
20%. However ELSS schemes are highly
Save Income Tax : Tax Saving With Home Loan
“Saving Tax” on your income is always a spot of interest
for each one of us and why not when there is a legal
way?
Saving Tax is easier under Indian Income Tax Act if one
opts for the home loan. There are two sections of Indian
Income Tax which allow you to avail this benefit.
1)
