Tag Archives: Deduction under chapter vi

How to claim deduction under section 80c on tuition fees

How to claim deduction under section 80c on tuition fees Sending kids to school has an inbuilt tax advantage for parents. This is because tuition fee qualifies for tax benefit under Section 80C of the Income-tax Act, 1961. The amount of tax benefit is within the overall limit of the section of Rs 1.5 lakh […]

Does the senior citizens savings scheme qualify for section 80C benefits?

Does the senior citizens savings scheme qualify for section 80C benefits? I am a retired government employee. In June 2017, I deposited Rs 15 lakh in the post office senior citizens saving scheme. Does it qualify under section 80C tax benefits? If so, do I need to save Rs 1.5 lakh as equity-linked savings scheme […]

Waiting for last minute investments to save tax ?

Waiting for last minute investments to save tax ? Here is the ending of financial year month of March where you can take your worst financial mistakes as investors rush to make tax ­saving investments. ELSS funds are top of the ranking of best tax­ saving options earlier this year. However, though financial planners recommend […]

Save tax under section 80C using ELSS fund

Save tax under section 80C using ELSS fund As You aware that this is the last month of the financial year sees investors rushing to save tax by investing in tax saving instruments. You can save tax by investing upto Rs 1.5 lakh in equity ­linked savings scheme (ELSS) under section 80C of the Income […]

Is your single premium life insurance policy eligible for tax benefits?

Is your single premium life insurance policy eligible for tax benefits? Life insurance doesn’t necessarily mean that you have to keep paying the premium every year. There are single premium life insurance (SPLI) policies as well, which provide similar benefits of protection and savings as the regular premium ones. The term of SPLI policies is […]

Why take Health insurance for family to save tax

Why take Health insurance for family to save tax Section 80D provides a deduction for contribution towards the health insurance premium to the extent of Rs 25,000 paid for self and family. If the policyholder is a senior citizen, the benefit can increase to Rs 30,000. Mostly people take only this benefit into account and […]