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Tax Saving Options for Indian Residents

  • Tax Saving Investments Under 80C
  • Tax Saving Investments Other Than 80C
  • Other Tax Saving Investments

Health Insurance

Residents can claim a tax deduction up to Rs. 25,000 per financial year under Section 80D for the medical insurance premiums they pay. However, the medical premium contribution should be made in favour of your spouse, children and yourself.

For the insured who are ageing 60 years or more, the deduction limit is up to Rs. 50, 000. The breakdown of the tax savings for health plans is given below:

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Other Tax Saving Investments

In addition to Section 80C, there are several other tax saving investments available under Section 80 of the Income Tax Act 1961. The complete list is given below:

Tax Saving Investments Sections Exemption Limit
Expenses on a handicapped dependent 80DD

For Disability up to 80%, you are entitled to receive an exemption of Rs.75,000 (fixed);

For severe disabilities, you may receive an exemption of Rs.1.25 lakhs (fixed);

Treatment of specified illnesses 80DDB

Age up to 60 years – exemptions up to Rs.40,000

Age 60-80 years – exemptions up to Rs.60,000

Age above 80 years – exemptions up to Rs.80,000

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It is an annual tax on income, which is given to a country’s government.
The income tax officer issues an income tax assessment order, once he verifies the computation of income tax. In case of assessment, the officer not only verifies arithmetical accuracy but also asks the tax payer to submit the various documents used in the calculation like Form 16 for salary, books of accounts for business, sale deeds for capital gains etc.
An income tax (IT) return is the tax form or forms prescribed by the Government to file the income and tax details of a year with the Income Tax Department.