Tax Planning for Current Financial Year

Today people are earning more so they need proper tax planning but most of us wait till the last month for planning our tax. We should plan it at the starting of the year so that we can also get benefit of returns from those investments. Most of us know the deductions under section 80C but today we are discussing deductions under section 80s( other than 80C).

1. Section 80D- for premium paid for medical insurance- Rs15000 or Rs 20000 in case of senior citizens

2. Section 80DDB- for expenditure incurred in respect of medical treatment- max. Rs 40,000 or Rs 60000 in case of senior citizens

3. Section 80E- Repayment of education loan- Interest paid till 8years or till the interest is paid, whichever is earlier.

4. Section 80GG- Rent paid in respect of property occupied for residential use- least of : Rs 2000 per month, 25% of total income, Excess of rent paid over 10% of total income.

5. Section 80CCG- Rajiv Gandhi Equity Savings Scheme- max. 50% of investment upto Rs 50000, only one time investment for investors with total income up to Rs 10 Lakhs.

So its the right time to plan your tax for next assessment year.

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