How to take Maximum Benefits from Different sections of Income Tax Act

How to take maximum benefits from Income Tax

Now that March is coming closer a proper Tax planning is essential for you to take maximum benefits from Income Tax rebates available under different sections of Income Tax Act .

Here are some of the sections under which you can claim Tax rebates .

Section 80C : Maximum Rebate Rs 150000 by investing in PF, PPF , ELSS , NPS Etc.

SECTION 80D : Maximum Rebate Rs 25000 for medical cover of self and family

Section 80CCD : Max Rebate Rs 50000 exclusively for NPS

Section 80D : Maximum rabate full amount of actual interest paid on education loan of children , spouse, close relatives.

Section 24 : Max rebate Rs 2 lakh on home loan interest .

Please note that most of these sections are not only for your current year tax saving but also for your future comfortable retirement life too, be it PF, Insurance , Home loan or Pension scheme . So invest in these schemes as much as possible to reap the benefits today and tomorrow .

Trick : Here is a trick for you , if you estimate that you are on border line of 30% Tax bracket , donate money to charitable institutions and claim Tax rebate under section 80G that may bring back you to 20% tax bracket and you may get enough publicity on FB too. Happy Tax Saving.....