How much tax you can save under section 80C, 80D and 80G

Introduction:

As tax season approaches, understanding the various sections of the Income Tax Act becomes crucial for maximizing savings. Sections 80C, 80D, and 80G offer significant deductions, providing individuals with the opportunity to optimize their tax liabilities while contributing to their financial well-being and societal causes. In this blog, we’ll delve into the specifics of each section and explore how you can make the most of these provisions. You Can Choose My Dream Consultant as Top Income Tax Consultant in Jaipur

Section 80C:

Investments and Expenses Eligible:

• Equity-Linked Saving Schemes (ELSS)
• Public Provident Fund (PPF)
• National Savings Certificate (NSC)
• Employee Provident Fund (EPF)
• Tuition fees for children’s education
• Repayment of home loan principal
• Unit Linked Insurance Plans (ULIPs)

Maximum Deduction: ₹1.5 lakh

Section 80C is a versatile tool for tax planning. By investing in a mix of these instruments, individuals can not only save taxes but also create a diversified portfolio that aligns with their financial goals. From long-term investments like ELSS to securing your child’s education and repaying your home loan, 80C provides a broad spectrum of options to cater to different needs.

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Section 80D: Health is Wealth, and So Are Tax Savings

Eligible Expenses:

• Premiums paid for health insurance policies for self, family, and parents
• Preventive health check-ups

Maximum Deduction:

• ₹25,000 (self, family, and children)
• Additional ₹25,000 (parents below 60 years)
• Additional ₹50,000 (parents above 60 years)

Section 80D encourages individuals to prioritize their health by offering deductions on health insurance premiums. Beyond the tax benefits, having adequate health coverage safeguards against unforeseen medical expenses, ensuring financial stability during challenging times.

Section 80G: Aiding Causes, Getting Tax Relief

Eligible Donations:

• Donations to approved charitable institutions and funds

Deduction Limits:

• 50% or 100% of the donated amount, depending on the nature of the organization

Section 80G incentivizes philanthropy by allowing deductions for donations made to recognized charitable institutions. By contributing to social causes, individuals not only support meaningful initiatives but also reduce their taxable income.

Conclusion: 

Understanding and leveraging Sections 80C, 80D, and 80G can significantly impact your financial landscape. By strategically allocating investments, prioritizing health coverage, and supporting charitable causes, individuals can optimize their tax savings while contributing to their long-term financial well-being and societal betterment. Remember to consult with a financial advisor to tailor your approach based on your unique circumstances and goals. As you embark on your tax-saving journey, may it be a step towards a more secure and compassionate financial future.

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