Download Income Tax Form 16 Part B for F.Y. 2018-19 With Maximum Income Tax You can Save for FY 2018-19?
What is the Maximum Income Tax I can save for this Year (FY 2018-19)? A question I am often asked. Tax laws keep changing year on year, especially in Budget. In this post, we summarize all the tax saving sections
The table below gives the details of all the tax exemptions available:
S. No.
|
Tax Sections
|
Description
|
Maximum Tax Exemption Limit (Rs.)
|
1
|
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.
Best Tax Saving Investments u/s 80C
|
150,000
|
2
|
80CCD(1B)
|
Investment in NPS
Should you Invest Rs 50,000 in NPS to Save Tax u/s 80CCD (1B)?
|
50,000
|
3
|
24
|
Interest paid on Home Loan for Self occupied homes.
You can claim Tax Benefit on both HRA & Home Loan – Know How?
|
200,000
|
4
|
80E
|
Interest paid on Education Loan. No Limit – Rs 50,000 is just an assumed value
Tax Benefit on Education Loan (Sec 80E)
|
50,000
|
5
|
80D
|
Premium payment for medical insurance for self and parents. Includes Rs 5,000 limit for a preventive health checkup
Making Sense of Tax Benefit on Health Insurance u/s 80D
|
60,000
|
6
|
80DDB
|
Treatment of Serious illness for self and dependents (Limit of Rs 1,00,000 for Senior Citizens and Rs 40,000 for others)
|
80,000
|
7
|
80U
|
Physically Disabled Taxpayer (Rs 75,000 for 40% to 80% disability and Rs 1,25,000 for more than 80%)
|
125,000
|
8
|
80DD
|
Physically Disabled Dependent (Rs 75,000 for 40% to 80% disability and Rs 1,25,000 for more than 80%)
|
125,000
|
9
|
80G
|
Donation to approved charitable funds like Prime Minister Relief Fund, etc (assumed value)
|
50,000
|
10
|
80GGA
|
Donations for scientific research or rural development (assumed value)
|
50,000
|
11
|
80GGC
|
Donations to political parties (assumed value)
|
50,000
|
12 A
|
80TTA
|
Interest received in Savings Account
Which bank offers the highest interest rate on a savings account?
|
10,000
|
12 B
|
80TTB
|
Interest Income for Senior Citizens Only
Learn all about Section 80TTB (introduced in Budget 2018)
|
50,000
|
12 C
|
10(15)(i)
|
Interest up to Rs 3,500 for single holder account and up to Rs 7,000 for joint account in Post Office Saving Account
|
7,000
|
13
|
80GG
|
For Rent Expenses who do have HRA component in salary
How to Claim Tax Benefit for Rent Paid u/s 80GG?
|
60,000
|
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