S. No. | Tax Sections | Description | Maximum Tax Exemption Limit (Rs.) |
1 | 80C/ 80CCC(1) 80CCD(2) | Investment 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. | 150,000 |
2 | 80CCD(1B) | Investment in NPS ( Additional deduction max limit of U/s 80C Rs. 1.5 Lakh. | 50,000 |
3 | 24 (b) | Interest paid on Home Loan for Self occupied homes. | 200,000 |
4 | 80EE | Additional deduction on Home Loan interest for First Time Home Buyer | 50,000 |
5 | 80E | Interest paid on Education Loan. No Limit – Rs 50,000 is just an assumed value | 50,000 |
6 | 80D | Premium payment for medical insurance for self and parents. Includes Rs 5,000 limit for preventive health checkup | 25000/- + 30,000/- + 5,000/- = 60,000 |
7 | 80DDB | Treatment of Serious illness for self and dependents (Limit of Rs 80,000 for person above 80 years, Rs 60,000 for person above 60 years and Rs 40,000 for rest) | 80,000 |
8 | 80U | Physically Disabled Tax payer (Rs 75,000 for 40% to 80% disability and Rs 1,25,000 for more than 80%) | 125,000 |
9 | 80DD | Physically Disabled Dependent (Rs 75,000 for 40% to 80% disability and Rs 1,25,000 for more than 80%) | 125,000 |
10 | 80G | Donation to approved charitable funds like Prime Minister Relief fund, etc (assumed value) | 50,000 |
11 | 80TTA | Interest received in Savings Account | 10,000 |
12 | 80GG | For Rent Expenses who do have HRA component in salary | 60,000 |
13 | 87A | Tax Rebate who’s taxable income below 3.5 Lakh | 2,500/- |
Below is the recap of all tax saving sections for FY 2017-18:
Section 80C/80CCC/80CCD: Investment 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.
Section 80CCD(1B): Investment in NPS (Should you Invest Rs 50,000 in NPS to Save Tax u/s 80CCD (1B)
Section 24: Interest paid on Home Loan for Self occupied homes. Budget 2017 has capped the limit to Rs 2 Lakhs for both rented and self-occupied house.
Section 80EE: Additional exemption on Home Loan Interest for First time home buyers. (Budget 2016)
Section 80E: Interest paid on Education Loan. No upper/lower Limit! (Tax Benefit on Education Loan (Sec 80E)
Download Automated Arrears Relief Calculator with Form 10E from the F.Y.2000-01 to 2017-18.
Section 80CCG: Budget 2017 removed this tax exemption for RGESS
Section 80D: Premium payment for medical insurance for self and parents. Also, includes Rs 5,000 limit for preventive health check up.
Section 80DDB: Treatment of Serious illness for self and dependents (Limit of Rs 80,000 for person above 80 years, Rs 60,000 for person above 60 years and Rs 40,000 for rest)
Section 80U: Physically Disabled Tax payer (Rs 75,000 for 40% to 80% disability and Rs 1,25,000 for more than 80%)
Download Automated All in One TDS on Salary for Govt and Non-Govt Employees for F.Y.2017-18[This Excel Utility can prepare at a time Tax Computed Sheet + Arrears Relief Calculation U/s 89(1)+Form 10E + Individual Salary Structure for Govt and Non-Govt Employees + Automated H.R.A. Exemption Calculation U/s 10(13A) + Automated Form 16 Part A&B and Form 16 Part B for F.Y.2017-18 as per the latest Income Tax Slab]
Section 80DD: Physically Disabled Dependent (Rs 75,000 for 40% to 80% disability and Rs 1,25,000 for more than 80%)
Section 80G: Donation to approved charitable funds like Prime Minister Relief fund, etc
Section 80TTA: Interest received in Savings Account
Section 80GG: In case you do not receive HRA from an employer or are self-employed but NO house in your name.
Section 87A :- Tax Rebate Rs. 2500/- who’s Taxable Income less than 3.5 Lakh.
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