The table below gives a summary of
all the tax saving sections, investment options available along with the
maximum tax benefit available for an individual tax payer.
If you are able to avail all
these sections you can make close to Rs 10.75 Lakhs income tax free.
Below is the all of tax saving sections for FY 2015-16:
Section 80C/80CCC/80CCD: Investment in EPF, ELSS, PPF, FD, NPS, NSC, Pension
Plans, Life Insurance, SCSS, SSA and NPS. Also includes Home Loan Principal
repayment, Tuition Fees, Stamp Duty
Section 80CCD(1B): Investment in NPS
Section 24: Interest paid on Home Loan for Self occupied homes. No Limit for Rented house
Section 80E: Interest
paid on Education Loan. No Limit – Rs 50,000 is just an assumed value
Section 80CCG: 50%
of investment in RGESS approved stocks & mutual funds. Max investment limit
is Rs 50,000
Section 80D: Premium
payment for medical insurance for self and parents Max Rs.25,000/- for Below 60
Years and Rs. 30,000/- above 60 years. Also includes Rs 5,000 limit for
preventive health checkup
Section 80DDB: Treatment
of Serious illness for self and dependents (Limit of Rs 80,000 for person above
80 years, Rs 60,000 for person above 60 years and Rs 40,000 for rest)
Section 80U: Physically
Disabled Tax payer (Rs 75,000 for 40% to 80% disability and Rs 1,25,000 for
more than 80%)
Section 80DD: Physically
Disabled Dependent (Rs 75,000 for 40% to 80% disability and Rs 1,25,000 for
more than 80%)
Section 80G: Donation
to approved charitable funds like Prime Minister Relief fund, etc
Section 80TTA: Interest
received in Savings Account
Section 80 87A :- Tax Rebate Rs.2,000/- who’s Taxable income not more than 5 Lakh.
