HiI am employee on say xyz compamy and does not have any other income. What are the investment plan…
Hi
I am employee on say xyz compamy and does not have any other income. What are the investment plans to save tax?
There are lots of investment plans that you can make investment to save your tax. Followings are the deductions allowed by income tax departments and you can save your tax applying your income.
For saving Income Tax, you can Invest up to 1,50,000 under Section 80C, 80CCC and 80CCD.
Medical Insurance paid can be exempt U/s 80 D -> Up to maximum 55,000 (For Self and Senior depended on parents).
Interest Income can be exempt U/s 80 TTA up to 10,000.
Donation U/s 80G (Limit of the deduction depends on done as specified by Income Tax Rules)
Rent Paid is Exemption U/s 80GG
Deduction u/s 80DD of Rs. 75000/125000 based on disability.
Deduction u/s 80U of Rs. 75000/125000 based on disability.
