What is the Maximum Income Tax I can save for this Year (FY 2018-19)? 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.
S. No.Tax Sections Description Maximum Tax Exemption Limit (Rs.)180C/ 80CCC/ 80CCDInvestment 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.
Best Tax Saving Investments u/s 80C150,000/-
80CCD(1B)Investment in NPS 50,000/-
24(B) Interest paid on Home Loan for Self occupied homes.
You can claim Tax Benefit on both HRA & Home Loan – Know How?
You can claim Rs.2,00,000/- as H.B. Loan Interest U/s 24(b) & Rs. 1,50,000/- can claim as H.B.Loan Principle U/s 80C
U/s 80E:- Interest paid on Education Loan. No Limit – Rs 50,000 is just an assumed value
Download Automated All in One TDS on Salary for Govt & Non-Govt Employees for F.Y.2018-19 and A.Y. 2019-20 [ This Excel Utility can prepare at a time Income Tax Computed Sheet + Individual Salary Sheet + Individual Salary Structure for Government and Private Employees Salary Pattern + Automated H.R.A. Exemption U/s 10(13A) + Automated Arrears Relief Calculation U/s 89(1) with Form 10 E From F.Y.2000-01 to F.Y.2018-19 + Automated Form 16 Part B and Form 16 Part A&B ]
Tax Benefit on Education Loan (Sec 80E)
50,000/-
80DPremium payment for medical insurance for self and parents. Includes Rs 5,000 limit for the preventive health checkup
Making Sense of Tax Benefit on Health Insurance u/s 80D Max Rs.:-60,000/-
80DDBTreatment of Serious illness for self and dependents (Limit of Rs 1,00,000 for Senior Citizens and Rs 40,000 for others)80,000/-
Sec 80U:- Physically Disabled Taxpayer (Rs 75,000 for 40% to 80% disability and Rs 1,25,000 for more than 80%)125,0000/-
Sec 80DD :-Physically Disabled Dependent (Rs 75,000 for 40% to 80% disability and Rs 1,25,000 for more than 80%)125,000/-
Sec 80G: -Donation to approved charitable funds like Prime Minister Relief Fund, etc (assumed value)50,000/-
Sec 80GGA:- Donations for scientific research or rural development (assumed value)50,000/-
Sec:-80GGCDonations to political parties (assumed value)50,000/-
Sec:- 80TTA Interest received in Savings Account
10,000/-
Sec 80TTB: -Interest Income for Senior Citizens Only
Learn all about Section 80TTB (introduced in Budget 2018)
50,000/-
Sec 10(15)(i):- Interest up to Rs 3,500 for single holder account and up to Rs 7,000 for joint account in Post Office Saving Account 7,000/-
Sec 80GG:-For Rent Expenses who do have HRA component in salary
How to Claim Tax Benefit for Rent Paid u/s 80GG? Maximum Tax Exemption Rs.60.000/- P.A.
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