by Sanjeev Kumar Gopalakrishnan, Financial Planning
13 Jul , 2017

17 ways in which you can save Tax

Following are the 17 categories in which you can save your tax.

NoSectionsCategoryLimit
180 CInvestments In PPF, EPF and NSC, Life Insurance Premium, ELSS, Tax Saving FDs, Senior citizen Savings scheme, Sukanya samriddhi, MF, NPS, Pension Plans, Home Loan Principal Repayment, Stamp Duty, Registrations fees and Tuition Fees of two children.1,50,000
280 CCCPremium payment to pension plan of Life Insurance Companies
380 CCDContribution towards Employee Pension Scheme by Central Govt
480 CCD(1B)Contribution towards NPS (New Pension System)50,000
580 DMedical Insurance Premium payment for Family60,000
680 DDMedical Expenses for physically disabled1,25,000
780 DDBMedical expenses for serious illness80,000
880 EInterest of Education LoansNo limit
980EEInterest of House Loan for those who buy the first house50,000
1080UPhysically Disabled Tax payer1,25,000
1184Interest on Home Loan2,00,000
  Interest on Home renovation Loan3,00,00
1280GDonations to certain approved funds, trusts, charitable institutions/donations for renovation or repairs of notified temples, etc.40,000
1380GGAcertain donations for scientific, social or statistical research or rural development program1,00,000
1480GGCSum contributed to any political party60,000
1580GGRent paid for residential accommodation (Individual not receiving HRA)6,00,000
1680CCG50 per cent of amount invested by specified resident individuals in notified equity savings scheme25,000
1780TTAInterest on deposits in savings bank accounts.10,000

 About The Author

Sanjeev Kumar G, an IBS Chennai Alumni, is a Certified Financial Planner (CFP) from India, since 2005. He has 22 years of experience and is an expert in various personal finance areas like portfolio construction, investment research, life insurance and financial planning.

 

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