How can I save my income tax beyond 80C?

How to save tax other than section 80C?

80D- for medical insurance premium for self, spouse & dependent parents.
Section 80EE – Deduction for interest payment of home loan for first home owners.
Section 24- Interest deduction for housing loan upto Rs 2 lakh.

What all comes under Section 80C?

Income tax department allows reducing of the taxable income of the taxpayer in case the taxpayer makes certain investments or eligible expenditures allowed under Chapter VI A. 80C allows deduction for investment made in PPF , EPF, LIC premium , Equity linked saving scheme, principal amount payment towards home loan.

Does SIP come under 80C?

You can initiate an SIP into an ELSS, the most popular tax-saving investment under Section 80C of the Income Tax Act, 1961. Every SIP instalment into an SIP counts towards tax deductions under Section 80C. You can claim a tax rebate of up to Rs 1,50,000 and save up to Rs 46,800 a year in taxes.

What is 80C exempt?

Eligible investments for tax exemptions Section 80C. Investments in Provident Funds such as EPF, PPF, etc., payment made towards life insurance premiums, Equity Linked Saving Schemes, payment made towards the principal sum of a home loan, SSY, NSC, SCSS, etc. Section 80CCC.

Can I invest more than 1.5 lakhs in 80C?

According to chartered accountants, this is necessary to claim the full tax-saving benefit of Rs 1.5 lakh, which is the maximum allowed under section 80C. However, in order to do this you may have to end up investing at least Rs 500 more than Rs 1.5 lakh i.e. Rs 1,50,500 in case of a lump sum investment.

Is Rd eligible for 80C?

Section 80C of the Income Tax Act has a long list of investments you can make to save on taxes, but unfortunately, recurring deposits (RD) isn’t one of them.

What if I invest more than 1.5 lakh in ELSS?

However, you can invest more than this designated amount, but the excess over Rs 1.5 lakh will not qualify you to avail the tax benefits as per the provisions of Section 80C. The returns generated from ELSS are taxable with the dividend distribution tax (DDT) and taxes on Capital Gains (LTCG).

How much tax can you claim under 80C, 80D and 80g?

These sections of the IT Act allow you to claim at least a total of Rs.3 lakh in deduction. So, plan your investments and expenses in advance to claim maximum cumulative deduction under Section 80C, 80D, and 80G. Do you want to proceed?

Which is the best tax saving option under Section 80C?

Tax deduction up to Rs. 1,50,000 of premiums can be claimed under Section 80C of the Income Tax Act, 1961 for premium payments made towards a term insurance policy. This deduction can also be claimed for term insurance premiums paid for your spouse and/or children. Which is the best tax saving option under Section 80c of the Income Tax Act, 1961?

Can you use Section 80C for capital gains?

This means that if your income comprises only of capital gains then you cannot use Section 80C to save tax on that income. Amount of tax saved by using section 80C depends on the tax slab in which the income was falling.

What are the benefits of Section 80C of Income Tax Act 1961?

The Income Tax Act, 1961 offers tax-saving benefits on investment instruments such as savings plans, life insurance premium, PPF and much more under Section 80C and its sub-sections. Section 80C deduction enables you to reduce your taxable income by up to Rs. 1.5 lakh every financial year.

How can I save my income tax beyond 80C? How to save tax other than section 80C? 80D- for medical insurance premium for self, spouse & dependent parents. Section 80EE – Deduction for interest payment of home loan for first home owners. Section 24- Interest deduction for housing loan upto Rs 2 lakh. What all…