SAVE TAX 💵
In India, there are several sections in the Income Tax Act, 1961, that offer tax benefits. Here are some of the most common ones : 1. Section 80C : Deductions for investments in: - Provident Fund (PF) - Public Provident Fund (PPF) - Equity Linked Savings Scheme (ELSS) - National Savings Certificates (NSC) - Life Insurance Premiums - Housing Loan Repayment (Principal) - Tuition Fees for children - Stamp Duty and Registration fees for home purchase Max. deduction: ₹1.5 lakhs 2. Section 80D : Deductions for: - Medical Insurance Premiums (self, spouse, children, parents) - Preventive Health Check-ups Max. deduction: ₹25,000 (₹50,000 for senior citizens) 3. Section 80E : Deductions for: - Interest on Education Loan for higher studies No max. limit 4. Section 80G : Deductions for: - Donations to charitable institutions and fund...