17 ways in which you can save Tax – PrognoAdvisor

17 ways in which you can save Tax

 

No Sections Category Limit
1 80 C Investments In PPF, EPF and NSC, Life Insurance Premium, ELSS, Tax Saving FDs, Senior citizen Savings scheme, Sukanya samriddhi, MF, NPS, Pension Plans, Home Loan Principal Repayment, Stamp Duty, Registrations fees and Tuition Fees of two children. 1,50,000
2 80 CCC Premium payment to pension plan of Life Insurance Companies
3 80 CCD Contribution towards Employee Pension Scheme by Central Govt
4 80 CCD(1B) Contribution towards NPS (New Pension System) 50,000
5 80 D Medical Insurance Premium payment for Family 60,000
6 80 DD Medical Expenses for physically disabled 1,25,000
7 80 DDB Medical expenses for serious illness 80,000
8 80 E Interest of Education Loans No limit
9 80EE Interest of House Loan for those who buy the first house 50,000
10 80U Physically Disabled Tax payer 1,25,000
11 84 Interest on Home Loan 2,00,000
Interest on Home renovation Loan 3,00,00
12 80G Donations to certain approved funds, trusts, charitable institutions/donations for renovation or repairs of notified temples, etc. 40,000
13 80GGA certain donations for scientific, social or statistical research or rural development program 1,00,000
14 80GGC Sum contributed to any political party 60,000
15 80GG Rent paid for residential accommodation (Individual not receiving HRA) 6,00,000
16 80CCG 50 per cent of amount invested by specified resident individuals in notified equity savings scheme 25,000
17 80TTA Interest on deposits in savings bank accounts. 10,000

 

 

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