How to Save your income tax Smartly

Hello guys, 

           Today I am going to share some income tax articles with you so that you can plan your investment accordingly and save tax so lets gets started... 

Need to Know the Law better

1) Section  80 C

      Investment in this section Allowed only Upto 1.5 lakh in the following area

      a) EPF (Employee Provident Fund) 

      b) PPF (Public Provident Fund) 

      c) Life Insurance Premium

      d) Sukanya Samriddhi Yojana

      e) ELSS (Equity Linked Saving Scheme) 

       f) Home Loan Principal Amount

       g) Stamp duty and Registration Charges

       i) Nationa Saving Certificate

       j) ULIP (Unit Linked Insurance Plan) 

       k) Tax saving Fixed Deposits

       l) Infrastructure Bonds

2) Section 80CCC

  

     Deduction in Life Insurance Annuity Plan

3) Section 80 CCCD (1) 

     

     Here You can invest your money in NPS (National Pension Scheme) account but has the limit with 80C of 1.5 lakh. That means you can maximum invest 1.5 lakh with 80C and 80 CCCD(1) 

4) Section  80 CCD (1B) 

 

     Unlike section 80 CCCD(1) you can invest in 

NPS (National Pension Scheme) account above limit of section 80 C but maximum 50 thousand rupees only. 

     That means  this section allows you addition investment of 50k but only in NPS account. 

5) Section 80 CCD(2) 

     Here those employer add your employer is contributing to your NPS account, then as a salaried employee you are eligible to claim a deduction for the contribution made from gross income. 

    The maximum deduction permissibls under this section is 10℅ of the salary (basic +DA)  or 10% of the gross income of the individual. 

6) Section 80TTA 

     Here you get the benefit of saving account interest amount you got but only upto 10000 rupees. 

7) Section 80 GG

   Here those you don't get HRA( House Rental Allowance)  get the benefit that includes 10% of gross salary Or 5000/- per month. 

8) Section 80E

   Here you get deduction on Educational Loan interest. 

That's all for today... 

Hope this helps... 

Thank you 🙏