How to maximize tax savings in AY 2015-16

How you can Maximize Tax Sawings In * AY 2015-16 How Much Can Under which Section How To Save you save Basic Exemption Allowed Rs 2.50.000 - age <60 yr| This is basic exemption tax Rs 3.00.000 - age 60 yr | available to but< 80yr every payer. You do nothave to Rs 5.00.000 - age 80 yr | undertake any action to claim this exemption. or above How Much Can You save Under which Section How To Save Invest in Section 80 C, Section 80CCD, Section 80CCC Maximum Rs 1,50,000 - Public Provident Fund (PPF) Account -5 Year Tax Saving Fixed Deposit - Equity Oriented Mutual Fund - Pension Plans · Contribute to Employee Provident Fund (EPF) - Life Insurance Policy - National Saving Certificate (NSČ) • Repayment of principal amount of Home Loan • Sokanya Smariddhi Yojana How Much Can You save Under which Section How To Save Section 80 C, Section 80CCD, Section 80CCC Rs 15,000- Rs 20,000 • Payment of Medical Insurance premium for self, spcuse, dependent children – Řs 15,000 • Payment of Medical Insurance Premium for parents, whether dependent or not. When the parents are Senior Citizen – Řs 20,000 INSURANC How Much Can You save Under which Section How To Save Medical treatment of Rs 50,000 – Rs handicapped dependent 1,00,000 Section 80 DD - If disabled person is not suffering from severe disability, deduction allowed is up to Rs 50,000 - If disabled person is suffering from severe disability the deduction allowed is up to RS 1,00,000 Under which Section How Much Can You save How To Save Rs 40,000 - Rs 60,000 Expense on treatment of Specified specified diseases for self or dependent. Section 80 DDB : If age of person treated is under 60 years, maximum deduction upto Rs 40,000 If age of person is 60 years or above, deduction of upto Rs 60,000 Under which Section How Much Can You save How To Save • Interest payment of Home Rs 2,00,000 – no Loan for self occupied property - Rs 2,00,000 Section 24 limit • Interest payment of home loan for property that is NOT self occupied – No limit How Much Can You save Under which Section How To Save · For first time house buyers only. House value should not be more than 40 lac, loah value should not be more than 25 lac. Section 80 EE Rs 1.00.000 • This is a complicated clause, to ensure its applicability study it in detail. Under which Section How Much Can You save How To Save Interest payment of Education loan taken for higher education of self, spouse, children or student of whom you are legal guardian Section 80 E No limit How Much Can You save Under which Section How To Save Section 80 CCG (for those with income less than • Invest in Rajiv Gandhi Equity Saving Scheme (RGESS) Rs 25,000 12 lakh, and have not invested in share market or mutual fund ever before) • You can invest maximum of Rs 50,000; but claim maximum dedvction of Rs 25,000/- only (50% of investment can be claimed as deduction) How Much Can You save Under which Section How To Save • Donation done to Section 80G 50% - 100% of government specified amount organizations. donated • In some cases 50% deduction is allowed, in others like 'Swach Bharat Kosh'; 'Clean Ganga Fund; 100% deduction is allowed Donate C For More information refer to: Incometaxslabs.co.in powered by Piktochart make information beautiful