Let's list all tax saving hacks at one place.

[Pahulpreet Kaur]

Here are tax saving hacks that I am aware of. Please add more to this list so that we have it all in one place

• Standard Deduction of Rs 50000
• Section 80C (up to ₹1.5 lakh) (includes Term Insurance, ELSS, PPF, EPF, Sukanya Samriddhi Yojana, Principal component of EMI for fully constructed self-occupied property (Can be claimed by both spouses / co-applicants), 5 years lockin FD)
• Section 80D (includes Health Insurance up to ₹25,000 for self and ₹25,000 for parents, including health check-up costs up to ₹50,000)
• Section 80TTA (Interest on Savings Account up to ₹10,000, excluding FD interest)
• Section 80CCD(1B) (NPS additional up to ₹50,000)
• Section 80GG (House Rent up to ₹60,000 for freelancers and HUF members; can be claimed if you own property and show it as self-occupied)
• Section 80DDB (Medical Expenses up to ₹40,000 for regular individuals and up to ₹1 lakh for senior citizen parents. Also, for specified illnesses like Dementia, Cancer, AIDS, Renal failure, Hematological disorders; can be claimed for dependent siblings, spouses, or children)
• Section 80G (for Charity Donations and Political Party Donations (check whether 100% or 50% of the amount can be claimed))
• Tax-Free Reimbursements (up to 25% of CTC)
• House Rent Allowance (HRA) (up to ₹50,000)
• Leave Travel Allowance (LTA) (can be claimed twice in 4 years)
• Section 80TTB (Senior Citizens get a deduction of up to ₹50,000 for saving account interest, deposits, etc.)
• Section 24B (Can be claimed by both spouses / co-applicants; includes interest component of EMI for a property with possession; if the house is not completed in 5 years from the loan commencement, this reduces to ₹30,000 per year)
• Section 80EEA (Can be claimed by both spouses / co-applicants; includes interest component of EMI for first-time borrowers with a property valued up to ₹45 lakh, and the loan taken between FY 19-20 to 21-22)
• women get a 1% concession on stamp duty payments

 

[17ysaurabh]

Just writing all the possible deductions like this won't help. If you want to help, I suggest listing down the possible tax deductions based on income type. For example,

• Salaried Employee
• Freelancer
• Businessmen/women
• Senior Citizen
• A person with Rental Income

 

[arpitsharma009]

Here are tax saving hacks that I am aware of. Please add more to this list so that we have it all in one place

• Standard Deduction of Rs 50000
• Section 80C (up to ₹1.5 lakh) (includes Term Insurance, ELSS, PPF, EPF, Sukanya Samriddhi Yojana, Principal component of EMI for fully constructed self-occupied property (Can be claimed by both spouses / co-applicants), 5 years lockin FD)
• Section 80D (includes Health Insurance up to ₹25,000 for self and ₹25,000 for parents, including health check-up costs up to ₹50,000)
• Section 80TTA (Interest on Savings Account up to ₹10,000, excluding FD interest)
• Section 80CCD(1B) (NPS additional up to ₹50,000)
• Section 80GG (House Rent up to ₹60,000 for freelancers and HUF members; can be claimed if you own property and show it as self-occupied)
• Section 80DDB (Medical Expenses up to ₹40,000 for regular individuals and up to ₹1 lakh for senior citizen parents. Also, for specified illnesses like Dementia, Cancer, AIDS, Renal failure, Hematological disorders; can be claimed for dependent siblings, spouses, or children)
• Section 80G (for Charity Donations and Political Party Donations (check whether 100% or 50% of the amount can be claimed))
• Tax-Free Reimbursements (up to 25% of CTC)
• House Rent Allowance (HRA) (up to ₹50,000)
• Leave Travel Allowance (LTA) (can be claimed twice in 4 years)
• Section 80TTB (Senior Citizens get a deduction of up to ₹50,000 for saving account interest, deposits, etc.)
• Section 24B (Can be claimed by both spouses / co-applicants; includes interest component of EMI for a property with possession; if the house is not completed in 5 years from the loan commencement, this reduces to ₹30,000 per year)
• Section 80EEA (Can be claimed by both spouses / co-applicants; includes interest component of EMI for first-time borrowers with a property valued up to ₹45 lakh, and the loan taken between FY 19-20 to 21-22)
• women get a 1% concession on stamp duty payments

Its good to write these. Also need to Mention All the Possible Tax Exemptions (in simple language). All the ways in which a Person receives money that fall under the Tax Exemption category(I guess Section 10 of Income Tax Act 1961).
This would also help a lot.

 

[shashwat]

Isn't most of this on the old regime? Anything in the new regime?

 

[Prince]

Isn't most of this on the old regime? Anything in the new regime?

It's all for Old Regime only, New Regime does not enjoy benefits of Sections 80 or Exemptions for Salaried employees such as LTA or any other.
The only benefit is for Standard Deduction 50K.

 

[arpitsharma009]

So a Person (salaried) has 50 lakh and he invested and now getting say 30k INR a month as pension premium in his bank account because of past investments. Then these are automatically exempted even in new scheme also right, the Policy exemptions

 

[Prince]

So a Person (salaried) has 50 lakh and he invested and now getting say 30k INR a month as pension premium in his bank account because of past investments. Then these are automatically exempted even in new scheme also right, the Policy exemptions

No that's not the case, Income earned from Investment is taxable in the year earned, subject to specific exemptions if any.
Here if the amount is received as income from ULIP covered in section 10, then only its exempted.

 

[saurabh7777777]

Here are tax saving hacks that I am aware of. Please add more to this list so that we have it all in one place

• Standard Deduction of Rs 50000
• Section 80C (up to ₹1.5 lakh) (includes Term Insurance, ELSS, PPF, EPF, Sukanya Samriddhi Yojana, Principal component of EMI for fully constructed self-occupied property (Can be claimed by both spouses / co-applicants), 5 years lockin FD)
• Section 80D (includes Health Insurance up to ₹25,000 for self and ₹25,000 for parents, including health check-up costs up to ₹50,000)
• Section 80TTA (Interest on Savings Account up to ₹10,000, excluding FD interest)
• Section 80CCD(1B) (NPS additional up to ₹50,000)
• Section 80GG (House Rent up to ₹60,000 for freelancers and HUF members; can be claimed if you own property and show it as self-occupied)
• Section 80DDB (Medical Expenses up to ₹40,000 for regular individuals and up to ₹1 lakh for senior citizen parents. Also, for specified illnesses like Dementia, Cancer, AIDS, Renal failure, Hematological disorders; can be claimed for dependent siblings, spouses, or children)
• Section 80G (for Charity Donations and Political Party Donations (check whether 100% or 50% of the amount can be claimed))
• Tax-Free Reimbursements (up to 25% of CTC)
• House Rent Allowance (HRA) (up to ₹50,000)
• Leave Travel Allowance (LTA) (can be claimed twice in 4 years)
• Section 80TTB (Senior Citizens get a deduction of up to ₹50,000 for saving account interest, deposits, etc.)
• Section 24B (Can be claimed by both spouses / co-applicants; includes interest component of EMI for a property with possession; if the house is not completed in 5 years from the loan commencement, this reduces to ₹30,000 per year)
• Section 80EEA (Can be claimed by both spouses / co-applicants; includes interest component of EMI for first-time borrowers with a property valued up to ₹45 lakh, and the loan taken between FY 19-20 to 21-22)
• women get a 1% concession on stamp duty payments

how about 80 GGC if i want to make use as salaried person ??

 

[Pahulpreet Kaur]

how about 80 GGC if i want to make use as salaried person ??

80GGC is for donations...you can avail that with valid proofs or receipts of donations

 

[Tax with Ria]

Here are tax saving hacks that I am aware of. Please add more to this list so that we have it all in one place

• Standard Deduction of Rs 50000
• Section 80C (up to ₹1.5 lakh) (includes Term Insurance, ELSS, PPF, EPF, Sukanya Samriddhi Yojana, Principal component of EMI for fully constructed self-occupied property (Can be claimed by both spouses / co-applicants), 5 years lockin FD)
• Section 80D (includes Health Insurance up to ₹25,000 for self and ₹25,000 for parents, including health check-up costs up to ₹50,000)
• Section 80TTA (Interest on Savings Account up to ₹10,000, excluding FD interest)
• Section 80CCD(1B) (NPS additional up to ₹50,000)
• Section 80GG (House Rent up to ₹60,000 for freelancers and HUF members; can be claimed if you own property and show it as self-occupied)
• Section 80DDB (Medical Expenses up to ₹40,000 for regular individuals and up to ₹1 lakh for senior citizen parents. Also, for specified illnesses like Dementia, Cancer, AIDS, Renal failure, Hematological disorders; can be claimed for dependent siblings, spouses, or children)
• Section 80G (for Charity Donations and Political Party Donations (check whether 100% or 50% of the amount can be claimed))
• Tax-Free Reimbursements (up to 25% of CTC)
• House Rent Allowance (HRA) (up to ₹50,000)
• Leave Travel Allowance (LTA) (can be claimed twice in 4 years)
• Section 80TTB (Senior Citizens get a deduction of up to ₹50,000 for saving account interest, deposits, etc.)
• Section 24B (Can be claimed by both spouses / co-applicants; includes interest component of EMI for a property with possession; if the house is not completed in 5 years from the loan commencement, this reduces to ₹30,000 per year)
• Section 80EEA (Can be claimed by both spouses / co-applicants; includes interest component of EMI for first-time borrowers with a property valued up to ₹45 lakh, and the loan taken between FY 19-20 to 21-22)
• women get a 1% concession on stamp duty payments

Well done, quite exhaustive list. Covered various deductions of Chapter VI-A. HRA is quite ellborative, for which one should use HRA CALCULATOR in google.

 

[arpitsharma009]

How about 10 10 D income has any Limit ?

Like profit from Partnership firm is already tax paid in firm and owners cma have the Money a sits tax paid so does it has a upper limit ?