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What is 'Tax Planning'?

Tax planning is the analysis of a financial situation or plan from a tax perspective. The purpose of tax planning is to ensure tax efficiency, with the elements of the financial plan working together in the most tax-efficient manner possible. Tax planning is an important part of a financial plan, as reducing tax liability and maximizing eligibility to contribute to retirement plans are both crucial for success.

Section 80C/ 80CCC:

The products that qualify under this section to the limit Rs. 150000, are as follows:

1) Public provident fund

2) Bank fixed deposits (the 5 yr thing)

3) Mutual fund-ELSS

4) ULIPs

5) National Savings Certificate (NSC)

6) Pension Plan

7)Life Insurance

Section 80G:

If you pay a donation to any recognized charity or relief fund, a part of the donation can be claimed as a tax rebate. You need to submit the certificate of donation to HR.

Section 24:

Interest paid on House loan :

Additional home loan Interest Exemption :

(Maximum Allowed Amount 2,00,000/-)(Applicable only If Loan amount is Below 35 lac and Property value is below 50 lac Maximum Allowed Amount is 50,000/-)

Section 80D:

Health Insurance :

( Maximum Allowed Amount 25,000/-)

Health Insurance for Parents :( Maximum Allowed Amount 30,000/-)

Section 80DD:

Expenditure made on Disabled Dependent towards Medical Treatment/Training/Rehabilitation (Maximum Allowed Amount 1,25,000/-)

Section 80DDB:

Expenditure Incurred on Specified Disease or ailments (Maximum Allowed Amount 40,000/-)

Section 80E:

Interest Component of Higher Education Loan (No upper Limit)

Section 80G:

Deduction in respect of donations to charitable institutions.:(Based on institution type 50 %-100 % of donation is allowed)

Section 80GG:

House rent paid per month (If Assessee did not receive any benefit from his employer for rent i.e HRA)

Section 80U:

Deduction allowed in case of Permanent Disability (Maximum Allowed Amount 1,25,000/-)

Section 80TTA:

Savings Account Interest (Maximum Allowed Amount 10,000/-)

Section 80CCD (1B) :

Additional contribution to NPS by employee :

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