Section 80C
Under section 80C, the maximum deduction available is Rs. 1,00,000/- annually. you can utilise the maximum amount under this section to get tax benefit. Some of the schemes available to save tax under this section are:
* Public Provident Fund (PPF)
* National Savings Certificates (NSC)
* Post Office Scheme (POS)
* Kisan Vikas Patra (KVP)
* Life Insurance Premium
* Equity Linked Saving Schemes (ELSS)
* 5-Year fixed deposits with banks and Post Office
* Tuition fees paid for children's education (maximum 2 children)
Tax benefit on House Rent (HRA)
Please provide all documents pertaining to your rent to your company to calculate HRA and provide you a benefit u/s 10 of Income-tax Act.
Medical insurance
An individual who pays medical insurance premium for self or spouse/dependent children is allowed a deduction of up to Rs 15,000 pa under section 80D. An additional deduction of up to Rs 20,000 pa is allowed for premium payment made for parents. In case the parents are senior citizens, then the maximum deduction allowed is Rs 20,000 per year.
Educational loan
Salaried individuals who plan to pursue higher education should avail of an education loan as the entire interest is eligible for deduction under Section 80E. The loan can be for self, spouse or child from an approved charitable institution or a notified financial institution.
Donations
Subject to the stated limits, donations to specified funds/institutions are eligible for tax benefits under Section 80G.
Home Loan
Interest payments of upto Rs 150,000 per annum are eligible for deduction under Section 24
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