What is the Maximum Income Tax You can Save for FY 2018-19? With Automated Arrears Relief Calculator for F.Y.2018-19

 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 80C

150,000280CCD(1B)Investment in NPS

Should you Invest Rs 50,000 in NPS to Save Tax u/s 80CCD (1B)?

50,000324Interest paid on Home Loan for Self occupied homes.

You can claim Tax Benefit on both HRA & Home Loan – Know How?

200,000480EInterest paid on Education Loan. No Limit – Rs 50,000 is just an assumed value.

Download the Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E from Financial Year 2018-19 and Assessment Year 2019-20 

Tax Benefit on Education Loan (Sec 80E)

50,000580DPremium 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

60,000680DDB Treatment of Serious illness for self and dependents (Limit of Rs 1,00,000 for Senior Citizens and Rs 40,000 for others)80,000780UPhysically Disabled Taxpayer (Rs 75,000 for 40% to 80% disability and Rs 1,25,000 for more than 80%)125,000880DDPhysically Disabled Dependent (Rs 75,000 for 40% to 80% disability and Rs 1,25,000 for more than 80%)125,000980GDonation to approved charitable funds like Prime Minister Relief Fund, etc (assumed value)50,0001080GGA Donations for scientific research or rural development (assumed value)50,0001180GGCDonations to political parties (assumed value)50,00012 A80TTAInterest received in Savings Account

Which bank offers the highest interest rate on the savings account?

10,00012 B80TTBInterest Income for Senior Citizens Only

How to Claim Tax Benefit for Rent Paid u/s 80GG?

60,000 Maximum Tax Exemption Possible (Rs.)1,117,000