Here is a guide to help your Tax Planning.
·
80 C:- Max limit 150000/-
(Life Insurance Premium, MF , FD , NSC, PPF , Home Loan Principal , etc.)
·
80CCD:-50000/- (NPS)
·
80CCG:- 25000/- or 50%
of your investment whichever is less.
·
80D:-25000/- (
Mediclaim Policy for self, spouse, children)
·
30000/- for dependent parents u/s-80D. Medical reimbursement: -
15000/- US 17(2)
·
80DDB:- Medical expense
occurred on dependent for specified illment
·
80TTA:- Up to 10000/-
for Interest saving bank account
·
Gift tax :- Exempted upto 50000/-. Above 50k full amount taxable (FY)
from other than Blood relation. Gift from Blood relation is 100%Exempted.
·
HRA :- as per the
calculation
·
24(b) :- 200000/- (home
loan interest)
·
80G :- full amount in
few selected organisation. This exemption is 50%
·
80GGB :- 100% exemption
for political parties
·
80EE :- unlimited (interest
on education loan)
·
80U :- 75000/- (in
case of taking care of a Handicapped depends)
So Plan Your Financial Year 2016-17
Income Tax Exemption.
New slab rate for income tax 2017-18 income:
Till 3L - NIL
3L - 5L - 5%
5L - 10L - 20%
Over 10L - 30%
Rebate of 87A reduced to 2.5K from 5K