Just one more month for end of the current financial year. Let us list out the tax saving investments you can make to save your income tax to the best possible.

Also includes list of Payments deductions of which can be claimed for tax saving . So plan your taxes well in advance.

Sec 80C Deductions (applicable to Individual or a Hindu Undivided Family)- Maximum one hundred and fifty thousand rupees

Life Insurance Premium, Childrens tuition fees, Repayment of home loan, Investments in ELSS funds,Investments in Public Provident Fund (PPF),Investments in Employee Provident Fund (EPF),Investments in Tax-saving Fixed Deposits (FD),Investments in National Pension System (NPS),Purchase of National Savings Certificates (NSC),Investments in Unit Linked Insurance Plans (ULIP),Investments in Senior Citizens Savings Scheme (SCSS),Investments in Sukanya Samriddhi Yojana, LIC Premium, Investment in PPF, Employee share of PF contribution , ULIPs, ELSS, Contribution to notified Pension Fund set up by Mutual Fund or UTI, Subscription to Home Loan Account Scheme of the National Housing Bank, Subscription to notified bonds of NABARD, Subscription to equity shares/ debentures of an approved eligible issue etc

80CC Deduction- Deduction in respect of contribution to certain pension funds (applicable to Individual)- Maximum one hundred and fifty thousand rupees - This section provides a deduction to an Individual for any amount paid or deposited in any annuity plan of LIC or any other insurer. The plan must be for receiving a pension from a fund referred to in Section 10(23AAB).

80CCD Deduction- Deduction in respect of contribution to pension scheme of Central Government

(applicable to Individual)- Maximum one hundred and fifty thousand rupees

Note :- The aggregate amount of deductions undersection 80C,section 80CCCand sub-section (1) ofsection 80CCD shall not, in any case, exceedone hundred and fifty thousand rupees

80CCF Deduction- Deduction in respect of subscription to notified long-term infrastructure bonds- (applicable to Individual or a Hindu Undivided Family)-max twenty thousand

80CCG Deduction - Deduction in respect of investment made under an equity savings scheme(subject to applicable conditions)

80D Deduction- Deduction is available up toRs. 25,000/-to a taxpayer for insurance of self, spouse and dependent children. If individual or spouse is more than 60 years old the deduction available is s 30,000. An additional deduction for insurance of parents (father or mother or both) is available to the extent ofRs.25,000 if less than 60 years old andRs30,000if parents are more than 60 years old. For uninsured super senior citizens (more than 80 years old) medical expenditure incurred up toRs 30,000 shall be allowed as a deduction under section 80D. Therefore, the maximum deduction available under this section is to the extent ofRs. 60,000/-. (From AY 2016-17, within the existing limit a deduction of up to Rs. 5,000 for preventive health check-up is available).

Deduction under the above section is available to an individual or a HUF.

80TTA Deduction

A deduction of maximum Rs 10,000 can be claimed against interest income from a savings bank account. Interest from savings bank account should be first included in other income and deduction can be claimed of the total interest earned or Rs 10,000, whichever is less. This deduction is allowed to an individual or an HUF. And it can be claimed for interest on deposits in savings account with a bank, co-operative society, or post office. Section 80TTA deduction is not available on interest income from fixed deposits, recurring deposits, or interest income from corporate bonds.

80DD Deduction- Deduction in respect of maintenance including medical treatment of a dependant who is a person with disability subject to terms & conditions.

80DDB Deduction- Deduction in respect of medical treatment such disease or ailment as may be specified in the rules- allowed a deduction of the amount actually paid or a sum of forty thousand rupees, whichever is less.

80E Deduction- A deduction is allowed to an individual for interest on loan taken for pursuing higher education. This loan may have been taken for the taxpayer, spouse or children or for a student for whom the taxpayer is a legal guardian. The deduction is available for a maximum of 8 years (beginning the year in which the interest starts getting repaid) or till the entire interest is repaid, whichever is earlier. There is no restriction on the amount that can be claimed.

80G Deduction- Deduction in respect of donations to certain funds, charitable institutions, etc.- Subject to conditions & quantum

80DDB Deductions- Medical Expenditure on Self or Dependent Relative for diseases specified in Rule 11DD

80RRB Deductions - Deductions on Income by way of Royalty of a Patent

Disclaimer: This is a basic list of deductions available and cannot be considered to be all inclusive. Also deductions may be claimed subject to specified conditions and as per prescribed rules and law.

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