WebUnder the Sections 80C and 80D of the Indian Income Tax Act, an individual can claim a deduction on the premium payment made or the investment done. These investments can consist of funds such as Equity Linked Saving Scheme, Life Insurance Plans, Public Provident Funds, Fixed Deposits, and Bonds. WebFrom the rent received/receivable for the property, you are allowed to deduct the municipal taxes payable for the property. As the rent is taxable on accrual basis, the law allows you to claim deduction for the rent which you have not been able to realise, subject to the fulfilment of certain conditions.
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Web17 Feb 2024 · Tax saving instruments and sections therein : 1. Fixed deposit. You can save tax by investing in tax saver Fixed Deposits which can fetch you tax deduction under section 80C of the Indian Income Tax Act, 1961. You can claim a deduction of a maximum of Rs.1.5 lakh by investing in tax saver fixed deposits. There is a lock-in period of 5 years for ... Web29 Apr 2024 · One of the best ways for how to save tax on salary is to expand your investments. For instance, if you invest in a Fixed Deposit (FD), Public Provident Fund (PPF), or Mutual Fund, you can claim income tax exemptions of up to INR 1.5 lakh under Section 80C of the Income Tax Act. charge hub 5
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Web3 Feb 2024 · 3. Public Provident Fund (PPF) The Public Provident Fund has always been a popular tax saving schemes amongst the taxpayer. One of the major reasons for this popularity is the fact that PPF falls under the category of exempt – exempt – exempt tax status. You can open your PPF accounts with a bank or post office. WebThe most commonly used Sections for tax-saving under the Income Tax Act are Section 80C and Section 80D. Popular instruments like EPF, ELSS, ULIP, NPS, etc. are deductible … WebSection 80TTA - Tax deduction for interest on savings account As per Section 80TTA of the Income Tax Act (Chapter VI-A), individuals can claim deductions of up to Rs. 10,000 per annum from interest earned on savings accounts’ deposits, that are held in banks, post offices or a cooperative society. harris county mud 371