TAX SAVE IMAGE

TAX SAVINGS SCHEMES

Income tax is a portion of your income that you pay to the government of India. This tax is collected on an annual basis, Listed below are different ways through which you can save tax for 2020-2021 and 2022-2023.

1. Unit Linked Insurance Plan (ULIP) – U/Sec 80C & 10(10D)

2. Health Insurance premium – U/Sec 80D

3. ELSS Mutual Funds – U/Sec 80C

4. Public Provident Fund (PPF) – U/Sec 80C

5. Sukanya Samridhi Yojana (SSY) – U/Sec 80C

6. National Savings Certificate (NSC) – U/Sec 80C

7. Tax-savings fixed deposit – U/Sec 80C

8. Senior Citizen Savings Scheme U/Sec 80C

9. School Tuition Fees – U/Sec 80C

10. Higher Education fees – U/Sec 80C

11. Interest on education loan (Section 80E)

12. National Pension Scheme ( NPS ) – U/Sec 80CCD(1) & 80CCD(1B)

13. Repayment of an education loan – U/Sec 80E

14. Rent paid and no HRA received – U/Sec 80GG

15. Interest paid on home loan – U/Sec 80EE

16. Savings bank account interest – U/Sec 80TTA & TTB

17. Medical expenses towards disabled dependent – U/Sec 80DD

18. Treatment of specified diseases – U/Sec 80DDB

19. Rajiv Gandhi Equity Savings Scheme (Section 80CG)

20. Donations made to charitable institutions – U/Sec 80CCC