Skip to content
15August.in

15August.in

  • Home
  • Trending Content
    • Sports Schedule
      • Australia tour of India 2023 Schedule
      • ICC Womens T20 World Cup 2023
    • Narendra Modi Daily Routine
    • SIP Mutual Fund
    • Best Mutual Funds
    • Mumbai Ahmedabad Bullet Train
    • Delhi Mumbai Expressway
    • Vande Bharat Express Trains
  • Gold Rates
    • 18k Gold Rates
      • 18k Gold Price in Ahmedabad
      • 18k Gold Price in Coimbatore
      • 18k Gold Price in Delhi
      • 18k Gold Price in Hyderabad
      • 18k Gold Price in Jaipur
      • 18k Gold Price in Kerala
      • 18k Gold Price in Kochi
      • 18k Gold Price in Kolkata
      • 18k Gold Price in Mumbai
      • 18k Gold Price in Pondicherry
      • 18k Gold Price in Chennai
      • 18k Gold Price in Trichy
      • 18k Gold Price in Pune
      • 18k Gold Price in Visakhapatnam
      • 18k Gold Price in Bangalore
      • 18k Gold Price in Vijayawada
      • 18k Gold Price in Kolhapur
    • Today Gulf Gold Rate
      • Gulf Gold Rate in Ajman
      • Gulf Gold Rate in Al ain
      • Gulf Gold Rate in Al khobar
      • Gulf Gold Rate in Buraidah
      • Gulf Gold Rate in Dammam
      • Gulf Gold Rate in Jubail
      • Gulf Gold Rate in Kuwait
      • Gulf Gold Rate in Muscat
      • Gulf Gold Rate in Oman
      • Gulf Gold Rate in Qatar
      • Gulf Gold Rate in Ras al khaimah
    • 23k Gold Rates
      • 23k Gold Price in Amritsar
      • 23k Gold Price in Bareilly
      • 23k Gold Price in Bhopal
      • 23k Gold Price in Bhubaneswar
      • 23k Gold Price in Chhattisgarh
      • 23k Gold Price in Dehradun
      • 23k Gold Price in Delhi
      • 23k Gold Price in Gorakhpur
      • 23k Gold Price in Gujarat
      • 23k Gold Price in Haryana
      • 23k Gold Price in Jabalpur
      • 23k Gold Price in Jalandhar
      • 23k Gold Price in Jalgaon
      • 23k Gold Price in Karnal
      • 23k Gold Price in Lucknow
      • 23k Gold Price in Ludhiana
      • 23k Gold Price in Maharashtra
      • 23k Gold Price in Meerut
      • 23k Gold Price in Mumbai
      • 23k Gold Price in Nagpur
      • 23k Gold Price in Pune
      • 23k Gold Price in Punjab
      • 23k Gold Price in Raipur
      • 23k Gold Price in Satna
      • 23k Gold Price in Uttarakhand
    • Gold Rate in Ahmadabad
    • Gold Rate in Bhubaneswar
    • Gold Rate in Coimbatore
    • Gold Rate in Hyderabad
    • Gold Rate in Jaipur
    • Gold Rate in Kerala
    • Gold Rate in Kolkata
    • Gold Rate in Lucknow
    • Gold Rate in Mumbai
    • Gold Rate in Nashik
    • Gold Rate in Patna
    • Gold Rate in Surat
    • Gold Rate in Vadodara
    • Gold Rate in Madurai
    • Gold Rate in Chennai
    • Gold Rate in Mysore
    • Gold Rate in Mangalore
    • Gold Rate in Bangalore
    • Gold Rate in Chandigarh
    • Gold Rate in Pune
    • Gold Rate in Delhi
    • Gold Rate in Vijayawada
    • Gold Rate in Nagpur
    • Gold Rate in Vizag
  • Business India
    • 33 Small Business Ideas
    • Business Ideas In Delhi
    • Business Ideas In Bangalore
    • Business Ideas In Hyderabad
    • Business Ideas for Women
    • Business Starts Rs.10000
    • Unique Online Business
    • Passive Income Ideas
  • Platinum Price in India
    • Platinum Price in Ahmedabad
    • Platinum Price in Bhubaneswar
    • Platinum Price in Chandigarh
    • Platinum Price in Vizag
    • Platinum Price in Bangalore
    • Platinum Price in Chennai
    • Platinum Price in Delhi
    • Platinum Price in Hyderabad
    • Platinum Price in Kerala
    • Platinum Price in Kolkata
    • Platinum Price in Lucknow
    • Platinum Price in Mumbai
  • Petrol Price In India
    • Petrol Price in Ahmedabad
    • Petrol Price in Jaipur
    • Petrol Price in Bangalore
    • Petrol Price in Chennai
    • Petrol Price in New Delhi
    • Petrol Price in Hyderabad
    • Petrol Price in Kolkata
    • Petrol Price in Mumbai
    • Petrol Price in Patna
    • Petrol Price in Pune
  • Diamond Rate in India
    • Diamond Rate in Bangalore
    • Diamond Rate in Chennai
    • Diamond Rate in Delhi
    • Diamond Rate in Guwahati
    • Diamond Rate in Hyderabad
    • Diamond Rate in Kanpur
    • Diamond Rate in Karnataka
    • Diamond Rate in Kerala
    • Diamond Rate in Kolkata
    • Diamond Rate in Lucknow
    • Diamond Rate in Maharashtra
    • Diamond Rate in Mumbai
    • Diamond Rate in Patna
    • Diamond Rate in Pune
    • Diamond Rate in Tamil nadu
    • Diamond Rate in Uttar pradesh
  • Toggle search form

List of ways you can save Tax – Income Tax Deduction ways

Posted on March 14, 2022March 14, 2022 By indiashine No Comments on List of ways you can save Tax – Income Tax Deduction ways

There wasn’t any change in income tax slab in recent Union budget 2016-17 which has disappointed many people, mostly the middle class people who were expecting some more income tax exception from budget. Anyways, move on, let’s save tax from the available ways.

List of ways you can save Tax – 11 Income Tax Deduction ways

Income Tax Deduction

As soon as the last date to file income tax return (ITR), more and more people looking for ways of Income Tax exception, from where can they save income tax.

Even though we have limited ways, but you can still save income tax from IT Act 80C, 80D, section 24B, 80EE, 80GG, and Section 80E. From all these sections, you can save income tax (or can say you don’t need to pay any income tax till Rs.10 lac of annual income, using all above IT Acts). So, let’s check out from which IT Act and available options under each Income Tax Act.

1.  Income Tax Act 80C

Under Income Tax Act 80C, maximum income tax you can save is Rs. 1,50,000/- in one financial year. The tax saving options under IT Act 80C are PPF, EPF,ELSS Mutual Funds, NPS, LIC insurance premium, NSC, SCSS and sukanya Samiridhi money deposit.

There are total 11 ways by which you can save tax under IT Act 80C, you can read all them in detail here. 11 Tax Saving Options via Section 80C IT Act

2. IT act Section 80CCC

Under IT Act Section 80CCC, you show your Life insurance premium amount, which can be directly deducted under IT act, you can exempt that amount from Income Tax. Maximum Rs.1.5 lac you can save under IT Act Section 80CCC.

3. Section 80CCD

Under Section 80CCD, you can show your NPS (National pension scheme) premium amount (which can be exempted 10% of your salary). Maximum Rs.50,000 additional tax deduction allowed via section 80CCD.

You can open new NPS Account and start saving money for your retirement fund and claim Income Tax Deduction via section 80CCD in Income Tax return form.

4. Section 80D

You can claim Rs.25,000 of tax deduction (and Rs.30,000 in case if you are senior citizen) under section 80D for Health Insurance Premium.

Note 1:- Senior Citizen above age of 80 years cannot claim income tax benefit under 80D.

Note 2:- you can claim Rs.5000 extra expense of preventive health check up for family under section 80D.

5. Section 80DD

Under Section 80DD, you can claim additional Rs.75000 of medical treatments via submitting form no 10-IA. You can download form no 10-IA from income tax india website.

6. Section 24 (B)

Under section 24(B), if you have your own home, then you can claim and save income tax up to Rs.2 lakh for Home Loan interest.

Also Additional benefit which announced in Union Budget 2016-17 that if you are first time buyer than additional Rs.50,000 can be saved for home loan interest (for new home which is less than Rs.50 lac of value and loan amount should be less than Rs.35 lac). This new additional benefit can be claimed under section 80EE.

7. Section 80GG

If you have your own home than you can claim home loan interest in Income tax deduction via section 24 (B) but if you are leaving on rent than now you can claim Rs.60000/- per year of rent amount via section 80GG.

The newly additional increase in HRA (house rent allowance) increased in union budget 2016-17.

8. Section 80G

You can claim charity or relief funds under Section 80G. Only charity which is done via cheque or demand draft will be covered under Section 80G for an income tax deduction.

9. Section 80E

Under section 80E, you can claim a tax deduction for loans taken for higher studies. Interest paid for education loans can be claimed under section 80E. But if you repay the education loan, that cannot be claimed under 80E. But there is no limit of interest you can claim under 80E, too.

10. Section 87A

As per union budget 2016-17, you can claim Rs.3000 additional in income tax (if you are earning less than Rs.5 lac per year). Tax rebate under section 87A increased from Rs.2000 per year to Rs.5000.

11. Section 80TTA

Under section 80TTA, you can claim Additional Rs.10000 deduction on total income for interest earned via saving bank account deposit or via post office deposits.

Note :- Section 80TTA cannot be claimed for interest earned via fixed deposit.

Also Read:-
  • Indian Govt Portal Helps Missing Children
  • Apply Online for Indian Visa
  • Stand Up India – Cheap Business Loans for Women
  • Top 10 Loan Defaulters in India
  • Pradhan Mantri Jeevan Bima Yojana Benefits
Help India, Income Tax

Post navigation

Previous Post: [Review] ICICI Pru iProtect Smart – Online Term Insurance Plan
Next Post: New Income Tax Returns Filling Form for AY 2021-22

Leave a Reply

Your email address will not be published. Required fields are marked *

Jan Suraksha Schemes

  • Gold Monetizaton Scheme
  • Buy Sovereign Gold Bond
  • Atal Pension Yojana
  • PM Suraksha Bima Yojana
  • PM Jeevan Jyoti Bima Yojana

Upcoming Sports Schedules

  • Australia tour of India 2023 Schedule
  • ICC Womens T20 World Cup 2023 Schedule
  • PSL 2023 Schedule
  • ODI World Cup 2023 Schedule
  • ISL Match Today 2022-23

Helpful Links

  • Duplicate Voter ID Card
  • Apply For Duplicate PAN Card
  • How To Apply for PF Account
  • How to Apply for Learning License Online
  • How to Apply for Permanent Driving License
  • How to Apply for Pan Card India
  • How to Apply for Passport
  • How to Join Swachch Bharat
  • Register Complain Indian Railways
  • File Complaints in Consumer Court
  • Independence Day Speech By PM
  • How to File RTI
  • Download Sample WILL Format

Useful Links 15august

  • Benefits of Sukanya Samriddhi
  • LPG GAS subsidy Scheme
  • Kisan Vikas Patra
  • Beti Bachao Beti Padhao
  • Soil Health Card
  • Statue of Unity
  • Sansad Adarsh Gram Yojana
  • Gold Price in USA Today

New LIC Plans

  • LIC Jeevan Pragati
  • LIC Jeevan Labh
  • LIC Jeevan Akshay
  • LIC Credit Cards
  • LIC Jeevan Tarun Policy Table 832
  • Varishtha Pension Bima Yojana
  • LIC Jeevan Sangam
  • LIC Children’s Money Back Plan
  • LIC Jeevan Lakshya
  • LIC Kanyadan Policy

Important Days

  • Rashtriya Ekta Diwas
  • Independence Day Celebration
  • Bal Swachhta Mission – 14th November
  • Pravasi Bhartiya Divas
  • Republic day 26th January
  • Good Governance Day – on 25th December

Wifi Router Settings

  • 192.168.10.1
  • 192.168.1.1
  • 192.168.0.1
  • 10.0.0.0.1

Best Investment Ideas

  • 10 Best SIP Mutual Funds
  • Top 10 Best Stocks to Buy
  • Best Mutual Funds to Invest
  • Best Small Cap Shares to Invest
  • Mutual Fund SIP Return Calculator Online

All Business India

  • Stand Up India-Small Business Loans
  • Small Business with Investment of Rs.10000
  • Business ideas for Women
  • 10 Passive Income Ideas (Extra Income)
  • Business Lessons from Mukesh Ambani
  • Take Loan From Mudra Bank
  • Online VAT Registration Process
  • Start Selling on Flipkart, Amazon
  • Websites to Earn Money Online
  • How Start Restaurant Business in India ?
  • Small Business Ideas
  • Top 10 Best Business Ideas In Bangalore
  • Top 10 Best Small Business Ideas In Hyderabad 
  • Top 10 Small Business Ideas In Delhi

Pradhan Mantri Yojana

  • 3 New Urban Development Schemes
  • PM Jan Suraksha Schemes
  • Atal Pension Yojana
  • Give Up LPG Subsidy
  • Pradhanmantri Jan-Dhan Yojana
  • Pradhan Mantri Suraksha Bima Yojana
  • Pradhan Mantri Jeevan Bima Yojana
  • Sansad Adarsh Gram Yojana
  • Beti Bachao Beti Padhao

Copyright © 2022 India Shine.

Powered by PressBook WordPress theme