Tax Savings

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Taxes are the government's way of earning an income which can then be used for various projects that the government needs to indulge in to help boost the country's economy or its people. Taxes in India are decided on by the central and state governments with local governments, such as municipalities, also deciding on smaller taxes that can be levied within their jurisdiction.

Check saving retuirement for ELSS

How to claim Deductions on Section 80C?

Under section 80C, a deduction of Rs 1,50,000 can be claimed from your total income. In simple terms, you can reduce up to Rs 1,50,000 from your total taxable income through section 80C. This deduction is allowed to an Individual or a HUF. We advice our clients to invest in Mutual Fund ELSS to claim thie benefit under this section

Other types of deductions available

Section 80CCD: Deduction for Contribution to Pension Account

Section 80 TTA: Deduction from gross total income for Interest on Savings bank account

Section 80GG: Deduction for House Rent Paid where HRA is not received

Section 80E: Deduction for Interest on Education Loan for Higher Studies

Section 80EE: Deductions on Home Loan Interest for First Time Home Owners

Section 80CCG: Rajiv Gandhi Equity Saving Scheme (RGESS)

Section 80D: Deduction for premium paid for Medical Insurance

Section 80DD: Deduction for Rehabilitation of Handicapped Dependent Relative

Section 80DDB: Deduction for Medical Expenditure on Self or Dependent Relative

Section 80U: Deduction for Person suffering from Physical Disability

Section 80G: Deduction for donations towards Social Causes

Section 80GGB: Deduction on contributions given by companies to Political Parties

Section 80GGC: Deduction on contributions given by any person to Political Parties

Mutual Funds available under sec 80C

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