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Tax Planning

Tax Planning can be understood as the activity undertaken by the assesse to reduce the tax liability by making optimum use of all permissible allowances, deductions, concessions, exemptions, rebates, exclusions and so forth, available under the statute.

 

Think Beyond Section 80 (C) – An investor can save on taxes by investing under the following section of the Income  Tax Act, 1961

SectionQuick Description of Deduction
80C*Key investment instruments eligible for deduction under this Section include – Equity Linked Savings Scheme (ELSS) , Public Provident Fund (PPF), EPF (Employee Provident Fund), NSC (National Saving Certificate), Senior Citizen Savings Scheme (SCSS), 5-year tax saving bank fixed deposits, 5-year Post Office Time Deposit (POTD), premium paid for life insurance plans, housing loan principal repayment, etc.
80CCC*Contribution to Pension Fund of Life Insurance Corporation or any other insurer referred in section 10(23AAB).
80CCD*Contribution to Pension Scheme (National Pension Scheme) notified by Central Government. Additional deduction of up to Rs.50,000 is allowed for contribution towards NPS which is over and above the limit of Rs 1.5 lakh under section 80 CCD(1B).
80CCGRajiv Gandhi Equity Savings Scheme (RGESS)
80DPremium paid for medical insurance
80DDMaintenance including medical treatment of a handicapped dependent who is a person with disability
80DDBExpenditure incurred in respect of medical treatment
80EInterest on loan taken for pursuing higher education 
80GDonations to certain funds and charitable institutions
80GGRent paid in respect of property occupied for residential use
80GGACertain donations for scientific research or rural development
80GGCContribution made to any political parties or electoral trust
80TTADeduction in respect of interest earned  on savings bank deposits
80UPerson suffering from specified disability.
10(10D)                         Section 10(10D) of Income Tax exempts any income received from an Insurance Policy from Income Tax. This benefits policies such as Endowment Plans, Whole-life Plans and Unit Linked Plans, all of whose returns and bonuses become tax-free.