A question I am often asked. Tax laws keep changing year on year, especially in Budget. In this post, we summarize all the tax saving sections.
1Investment in EPF, ELSS, PPF, FD, NPS, NSC, Pension Plans, Life Insurance, SCSS, SSA and NPS. Also includes Home Loan Principal repayment, Tuition Fees, Stamp Duty.
150,0002Investment in NPS
50,0003Interest paid on Home Loan for Self occupied homes.
200,0004Interest paid on Education Loan.
Download the Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E from Financial Year 2018-19 and Assessment Year 2019-20
50,0005Premium payment for medical insurance for self and parents. Includes Rs 5,000 limit for the preventive health checkup
60,0006Treatment of Serious illness for self and dependents (Limit of Rs 1,00,000 for Senior Citizens and Rs 40,000 for others)80,0007 Physically Disabled Taxpayer (Rs 75,000 for 40% to 80% disability and Rs 1,25,000 for more than 80%)125,0008 Physically Disabled Dependent (Rs 75,000 for 40% to 80% disability and Rs 1,25,000 for more than 80%)125,0009 Donation to approved charitable funds like Prime Minister Relief Fund, etc 50,00010 Donations for scientific research or rural development 50,00011 Donations to political parties 50,00012 A Interest received in Savings Account
10,00012 BInterest Income for Senior Citizens Only