Before 31st March Ends- Review Tax saving Options
Before 31st March Ends- Review Tax saving Options
1. Section 80C offers deduction from income up to Rs 1.50 Lakh with a wide range and variety of options to invest and save tax The same can be selected from following options.
1. Public Provident Fund (PPF)
2. Life Insurance Premium
3. ELSS (Equity Linked Saving Scheme)- i..e Equity oriented Mutual Funds
4. Sukanya Samriddhi Yojana:
5. Five Year Bank Deposit
6. Stamp Duty & Registration Charges paid for purchase of house property
7. National Saving Certificate (NSC)
8. Principal repayment of Housing Loan (Even prepayment is eligible)
9. Senior Citizens Saving Scheme (SCSS)
80D: This in addition to Rs. 1.50 Lakh above. It is for Health Cover, commonly known as mediclaim payment.
A person opts for a medical insurance cover self, spouse, dependent children, and parents. Any premium paid towards medical insurance of the above-mentioned persons can be claimed as a deduction under Section 80D. Maximum amount that can be claimed under Section 80D is Rs 25,000 where the person for whom the policy has been taken has not attained the age of 60years. For parents who are of and above 60 years of age, maximum deduction that can be claimed is Rs 50,000. Mediclaim insurance policies have become the need of the hour to cater you and your family for any contingent expenses towards hospitalization.
