Tag Archives: Tax Savings

section 24

Income Tax Saving Under Section 24, 80E, 80G, 80TTA and 80RRB

Section 80 C is related to savings, Investment and retirement planning. While section 80 D and 80 U are related to health. Individuals saving money in Health insurance as well as making expenses in health related issue are covered under this section. Now remaining sections applicable for middle class are Section 24, 80E, 80GG, 80TTA, 80G, 80GGB, 80GGC and 80RRB are explained in following article: Section 24: Income Tax Benefit on Interest on Home Loan Deduction is allowed for the payment of interest on home loan under Section 24 of the Income Tax Act. Income from House Property shall be Continue Reading »

section 80d

Income Tax Saving Under Section 80D, 80DD, 80DDB and 80U

Section 80 C is related to savings, Investment and retirement planning. While section 80 D and 80 U are related to health. Individuals saving money in Health insurance as well as making expenses in health related issue are covered under this section. Section 80D: Premium Paid for Medical Insurance Up to Rs. 25,000/- Deduction is available to a taxpayer for insurance of self, spouse and dependent children or 30,000/- in the case If individual or spouse is more than 60 years old An additional deduction for insurance of parents is available upto Rs. 25,000/– if less than 60 years old and Rs 30,000 if parents Continue Reading »

Income Tax

Income Tax Saving Under Section 80C, 80CCC and 80CCD

Under Section 80c Individual and HUF can save upto 1,50,000/ (The limit for the financial year 2017-18 ) tax free amount. If you Invest your Rs. 1,50,000/- in the scheme which falls under 80C you can save upto 15,450/-,  if you are under 10 % tax Slab, Rs. 30,900/ if you are in 20 % tax slab and Rs. 46,350/  in the slab of 30 % Under this section deduction of Rs 1,50,000 can be claimed from total income. Means, an Individual or an HUF can reduce up to Rs 1,50,000 from total taxable income through section 80C. Investment and Continue Reading »