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Declaration Under
80C/80CCC
Medical Insurance
(80D)
HRA Deduction
10(13A)
Interest on Home Loan
(Section 24)
Rajiv Gandhi Equity Saving Scheme (80CCG)
Interest on Education Loan
(80E)
THE IMPORTANCE OF INCOME TAX SAVING THROUGH LIFE INSURANCE PLANS
To extract maximum tax benefits, one needs to invest in different insurance plans, i.e., Life Insurance Plans, Pension and Health Plans. Premiums paid towards these insurance plans reduce your taxable income which results in tax savings. What's more is that you can also get tax benefits on the maturity amount/returns from life insurance plans.
Income Tax Sections
Section 80C & 80CCC, Maximum deductible amount of Rs 1,50,000
These are the instruments that offer tax benefits under Section 80C and 80CCC.
•Public Provident Fund (PPF)
•Traditional Insurance Polices (Term and Endowment)
•National Pension Scheme (NPS)
•Unit Linked Insurance Plans (ULIP)
•Home Loans
•Fixed Deposits (FD) and National Saving Certificates (NSC)
•Pension Plans
•Equity Linked Savings Scheme (ELSS)
Medical Insurance, Section 80D
You can get deduction of premium paid towards health insurance policy taken for self, spouse, dependent children and parents. Limits are as follows(payment mode other than cash):
•Rs. 25,000 deduction is allowed for self , spouse and dependent children (Limit is Rs. 30,000 if the age of insured is 60 years or more)
•Additional deduction of Rs. 25,000 towards health insurance premium paid for covering parents (Limit is Rs. 30,000 if the age of insured is 60 years or more).
HRA Deduction, Section 10(13A)
Rent paid by you for residential purpose is tax free 10(13a). HRA deduction is applicable minimum of the following:
•An amount equal to 50% of the basic salary (for accommodation in Mumbai, Kolkata, Delhi or Chennai) and 40% of basic salary (for accommodation elsewhere) OR
•The amount by which rent actually incurred by the assesse exceeds 10% of the basic salary OR
•The actual amount of HRA received by the assesse in respect of the relevant period.
Interest on Home Loan, Section 24, Maximum deductible amount of Rs 2,00,000
Interest payable on loan taken by him from any financial institution for the purpose of acquisition of a residential house property.
R.G.E.S.S, Section 80CCG, Maximum deductible amount of Rs 25,000
•50 per cent of amount invested by specified resident individuals in notified equity savings scheme (subject to certain conditions and limits).
•Section 80CCG has a limit of total income less than 12 lakh. If income is more than 12 lac no deduction u/s 80CCG.
Interest on Eduacation Loan, Section 80E, Maximum period : 8 years
Amount paid out of income chargeable to tax by way of payment of interest on loan taken from financial institution/approved charitable institution for pursuing higher education (subject to certain conditions)
Income Tax Slabs
Rate of tax for Individuals for Financial year 2015-16 is as below
Below the age of 60 years are
Total Income / Income Slab
Rate of Tax
0-250000
Nil
250001-500000
10% of total income exceeding Rs 2,50,000
500001-1000000
Rs 25,000 + 20% of total income exceeding Rs 5,00,000
Above 1000000
Rs 1,25,000 + 30% of total income exceeding Rs 10,00,000
Above rates exclude Syurcharge at 12% (if tax income exceeds 1crore) & 3 % cess
Senior citizens (Aged 60 years but less than 80 years)
Total Income / Income Slab
Rate of Tax
0-300000
Nil
300001-500000
10% of total income exceeding Rs 3,00,000
500001-1000000
Rs 20,000 + 20% of total income exceeding Rs 5,00,000
Above 1000000
Rs 1,20,000 + 30% of total income exceeding Rs 10,00,000
Above rates exclude Syurcharge at 12% (if tax income exceeds 1crore) & 3 % cess
Super senior citizens (Aged 80 and above)
Total Income / Income Slab
Rate of Tax
0-500000
Nil
500001-1000000
20% of total income exceeding Rs 5,00,000
Above 1000000
Rs 1,00,000 + 30% of total income exceeding Rs 10,00,000
Above rates exclude Syurcharge at 12% (if tax income exceeds 1crore) & 3 % cess