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How can I save my tax after 80C?
Recommended ways of saving taxes under Sec 80C,80D and 80EE
- Make an investment of Rs 1.5 lakh under Sec 80C to reduce your taxable income.
- Buy Medical Insurance, maximum deduction allowed is Rs.
- Claim deduction up to Rs 50,000 on Home Loan Interest under Section 80EE.
How can I save tax on my salary under 15 lakhs?
1. Reduce Your Taxable Income by Up To Rs 1.5 Lakhs (Section 80C, 80CCC, 80CCD)
- Unit Linked Insurance Plans (ULIPs)
- Pension or Annuity Plans from Life Insurance Companies.
- Public Provident Fund (PPF) & Employee Provident Fund (EPF)
- New Pension Scheme Tier-I Account.
- Senior Citizen Savings Scheme.
Can I invest more than 1.5 lakhs in 80C?
There is no legal restriction on the maximum amount invested in an ELSS, though the deduction under Section 80C is limited to Rs 1.5 lakh only.
What is 80C in income tax?
Share: Section 80C of the Income Tax Act of India is a clause that points to various expenditures and investments that are exempted from Income Tax. It allows for a maximum deduction of up to Rs. 1.5 lakh every year from an investor’s total taxable income.
How can I reduce my income tax from salary?
Save Income Tax on Salary
- Deductions under Section 80C, Section 80CCC and Section 80CCD. Citizens of India can save tax under these 3 sections.
- Medical Expenses.
- Home Loan.
- Education Loan.
- Shares and Mutual Funds.
- Long Term Capital Gains.
- Sale of Equity Shares.
Which investment comes under 80C?
80C allows deduction for investment made in PPF , EPF, LIC premium , Equity linked saving scheme, principal amount payment towards home loan, stamp duty and registration charges for purchase of property, Sukanya smriddhi yojana (SSY) , National saving certificate (NSC) , Senior citizen savings scheme (SCSS), ULIP, tax …
How is 80C investment calculated?
Enter your gross taxable income (Rs.) Your gross taxable income after considering all eligible tax deductions except deduction under section 80C is (Rs.) Amount invested/paid for by you to claim deduction under section 80C. Note: Aggregate deductions under Sections 80C, 80CCC and 80CCD shall not exceed Rs 1.50 lakh.
What is in lieu of house rent under Section 80GG?
Under Section 80GG, an individual can claim the least of the following in lieu of the house rent they pay: For instance, let us assume that Ms. Gayathri Nair, living in Chennai, is self-employed and makes an annual gross total income of Rs. 6,00,000. She pays rent of Rs. 20,000 a month.
What is the maximum HRA deduction under Section 80C of Ita?
The maximum deduction that Mr. Ramanath can claim under section 80C of the ITA as HRA deduction would be the lowest of the three amounts, ₹54,000. The remaining ₹48,000 of the HRA allowance will be taxable as per Mr. Ramanath’s income tax slab.
What is the 80c limit as per the Income Tax Act 1961?
Total 80C limit as per the Income Tax Act, 1961 is Rs.1.5 lakh per financial year. Following are some of the 80C deduction options available as per the Income Tax Act, 1961: Let us understand the 80C deductions as per the Income Tax Act, 1961 in detail below:
How 80C calculator can help in retirement planning?
The 80C like NPS and SCSS help in retirement planning. The calculator is straightforward to use. The inputs are all investor’s income, expenses, and investment details. Planning one’s taxes can be very tiring. And with the introduction of the new tax regime, it has only become complicated.