If people start answering honestly, we bet 99.99% will say NO! And it’s but obvious, who likes to pay tax on their hard-earned money.
Today, we are going to share with you some uber cool ways. And by using them you can save income up to ? 1,50,000! Exciting? Let’s Begin.
This magical section of Income tax Act will help you to save income & income tax.
If you are an individual or HUF, then using various ways suggested in Sec 80C, you can reduce “Gross Taxable Income” up to ? 1,50,000.
We are presenting a list of ways using which you can save income & taxes. Simply go through them & if you face any confusion, get in touch with our eCAs.
All Set? Ready? Let’s GO!!
Yes, there is no restriction on 80C deduction.
Yes, Provident Fund is covered under 80C deduction.
No, recurring deposit is not covered in 80C deduction and even interest on this is taxable.
The threshold limit for investment is INR 1. Lakh for section 80C.
Yes, there is no restriction for 80C on 44AD.
Yes, term insurance is also covered in 80C as well as 80D.
Yes , NPS comes under 80C
Yes, you can save tax on medical insurance or preventive health checkup under section 80D.You can also save taxes if you have taken any education loan for your children under section 80E.
Deduction for principal repayment of house comes under the purview of section 80C.Howver, it can only be claimed if construction is completed.
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