What is the Maximum Income Tax I can save for this Year (FY 2018-19)?
A question I am often asked. Tax laws keep changing year on year, especially in Budget. In this post, we summarize all the tax saving sections.
Best Tax Saving Investments u/s 80C
- No.Tax Sections Description Maximum Tax Exemption Limit (Rs.)180C/ 80CCC/ 80CCDInvestment in EPF, ELSS, PPF, FD, NPS, NSC, Pension Plans, Life Insurance, SCSS, SSA and NPS. Also includes Home Loan Principal repayment, Tuition Fees, Stamp Duty.
Investment in NPS
Should you Invest Rs 50,000 in NPS to Save Tax u/s 80CCD (1B)?
Interest paid on Home Loan for Self occupied homes.
You can claim Tax Benefit on both HRA & Home Loan – Know How?
Interest paid on Education Loan. No Limit – Rs 50,000 is just an assumed value.
Tax Benefit on Education Loan (Sec 80E)
Premium payment for medical insurance for self and parents. Includes Rs 5,000 limit for the preventive health checkup
Making Sense of Tax Benefit on Health Insurance u/s 80D
Treatment of Serious illness for self and dependents (Limit of Rs 1,00,000 for Senior Citizens and Rs 40,000 for others)80,000780U
Physically Disabled Taxpayer (Rs 75,000 for 40% to 80% disability and Rs 1,25,000 for more than 80%)125,000880DD
Physically Disabled Dependent (Rs 75,000 for 40% to 80% disability and Rs 1,25,000 for more than 80%)125,000980G
Donation to approved charitable funds like Prime Minister Relief Fund, etc (assumed value)
Donations for scientific research or rural development (assumed value)
Donations to political parties (assumed value)
Interest received in Savings Account
Which bank offers the highest interest rate on the savings account?
Interest Income for Senior Citizens Only
How to Claim Tax Benefit for Rent Paid u/s 80GG?
60,000 Maximum Tax Exemption Possible (Rs.)1,117,000