|Tax Benefit Under Section||Maximum Investment Amount|
National Savings Certificate (NSC)
Employee Provident Fund
Life Insurance premium
Repayment of Housing Loan principal
Children tuition fee (maximum of 2 children)
Maximum tax amount saved: ₹46,350/-
Health Insurance: Mediclaim Insurance policy
Maximum tax amount saved: ₹16,995/-
|80E||No limit for claiming rebate||Interest on Education Loan for pursuing higher education|
|24(b)||2,00,000||Interest on Housing Loan for self-occupied property|
|80G||Depends upon the list of Approved Funds / Charitable Institutions||Donate online: Reach out and make a difference.|
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Most of us are aware about the instruments eligible for tax saving under Section 80C (with an increased exemption limit of ₹1.5 lacs) and under Sections 80CCE, 80D, 80E, 80G, 24(b), etc., of Income Tax Act, 1961 but a large proportion of us do not utilize the benefits fully.
Just by investing in options available under Sections 80C and 80D, you would be able to save tax upto the extent of ₹63,345/-*.
While you’re planning for your taxes, it is advisable to choose instruments that would not only save tax but would also provide the long term benefits in terms of savings or protection, in line with your financial goals.
You can diversify your portfolio across the host of options mentioned below:
*Tax Benefit of ₹63,345 is calculated on investment of ₹ 2,05,000 at the highest tax slab rate of 30.90% under Income Tax Act, 1961, assuming that the total income is below ₹1 crore and is not subject to the applicable surcharge.
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