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🚨 India's Personal Income Tax Rates. 0-3 lakhs : 0% 3-7 lakhs : 5% 7-10 lakhs : 10% 10-12 lakhs : 15% 12-15 lakhs : 20% 15 lakhs + : 30%

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12. Additional Deduction: 80EEA - Available only to individuals  towards interest payments made on loan taken for acquisition of residential house property for the first time where the loan is sanctioned between 1st April 2019 to 31st March 2022. - Deduction limit of ₹ 1,50,000. 13. Deduction on Donations to Charity: Section 80G - Deduction towards Donations made to prescribed Funds, Charitable Institutions, etc. - Depending on the institution, 50% or 100% of the donation amount is deductible. - No deduction shall be allowed on donations made in cash exceeding  ₹ 2000/- 14. Deduction on Contributions to Political Parties: Section 80GGC - Deduction towards Donations made to Political Party or Electoral Trust - The entire donation amount is deductible. - Contributions or donations should be made to political parties through legitimate banking portals. 15. Deduction on Interest Income from Savings Account: Section 80TTA - Deduction of up to ₹10,000 on the interest earned from savings accounts in banks, post offices, or co-operative banks. - Available to individuals of age up to 60 years. 16. Deduction on Interest on Deposits for Senior Citizens: Section 80TTB - Available to senior citizens who earn interest from savings accounts, fixed deposits, and other deposits. - Maximum deduction available is ₹50,000. 17. Deduction for Electric Vehicles: Section 80EEB - Deduction towards interest payments made on loan for purchase of Electric Vehicle where the loan is sanctioned between 1st April 2019 to 31st March 2023. - Deduction limit of ₹ 1,50,000. 18. Deduction for Disabled Individuals: Section 80U - Deductions for a resident individual taxpayer with Disability - Flat ₹ 75,000 deduction for a person with Disability, irrespective of expense incurred - Flat ₹ 1,25,000 deduction for a person with Severe Disability (80% or more), irrespective of expense incurred - Form 10-IA to be filed along with the return. Note:- When claiming tax deductions under these sections, ensure you have adequate knowledge and proper documentation to support your claims. Only claim deductions if these sections are genuinely applicable to you.

Tax Deductions for Salaried Individuals. Most people only consider Sec 80C for tax saving. However, you can reduce your tax liability further by claiming deductions on rent, medical expenses, etc. key Sections to Maximize Your Tax Savings👇 1. Section 24 (b) Interest on Home loan upto *2 Lakhs* on a Financial Year. 2. Section 80 C Exemption up to 1.5 Lakhs with 80 "CCC" & 80 "CCD(1)" Investment Deductions Such as under 80 C >EPF :- Employee Provident Fund >PPF :- Public Provident Fund >NSC :- National Savings Certificate >ELSS:- Equity Linked Saving Scheme LIC:- Life Insurance Premiums >TF :- Tution Fees >Home Loan Principal :- Repayment of Home Loan Principal Amount (i) Section 80 "CCC" >Pension Contribution. Up to 1.5 Lakhs including Combined limit with 80 "CCD(1)" & 80 "C" (ii) Section 80 "CCD(1)" > NPS Contribution Combined limit Up to 1.5 Lakhs including 80 "CCC" & 80 "C" 2. Section 80 CCD (1B) Additional NPS Contribution up to Over and Above 80 "C" Limit of 50K 3. Employer's NPS Contribution: Section 80CCD(2) - Available to salaried individuals whose employers contribute to their NPS accounts. - A private sector employee can claim is 10% of Basic Salary+DA. Government employees can claim up to 14% of Basic Salary+DA. 4. Health Insurance Premiums and Preventive Health Checkup: Section 80D - Allows for deductions on premiums paid for health insurance. - The deduction is up to ₹25,000 (₹50,000 if parents are senior citizens) for insurance covering self, spouse, and dependent children. Additionally, an extra deduction of ₹25,000 is available for insurance of parents (₹50,000 if parents are senior citizens). - Furthermore, a preventive health check-up deduction of up to ₹5,000 is also available. 5. Medical Expenses for Disabled Dependents: Section 80DD - Deductions for medical treatment, training, and rehabilitation of a dependent with a disability. - ₹75,000 for a dependent with a disability and ₹1,25,000 for a dependent with severe disability. - Certification of disability is required from a prescribed medical authority. 6. Treatment of Specified Diseases: Section 80DDB - Deductions for the treatment of specified diseases for self or dependents. - The deduction is up to ₹40,000 (₹1,00,000 for senior citizens). 7. Interest Paid on Education Loan: Section 80E - Allows for deductions on the interest paid on education loans taken for themselves, their spouse, children, or a student for whom the individual is a legal guardian. - Available for a maximum period of 8 years or until the interest is fully paid, whichever is earlier. - The entire interest amount is deductible without any limit. 8. Rent Paid without HRA: Section 80GG - Allows for deductions on rent paid for accommodation. -Maximum deduction is ₹5,000 per month or 25% of total income or the amount by which rent exceeds 10% of total income, whichever is lower. - Available to individuals who do not receive House Rent Allowance (HRA) and do not own any residential property. 9. Tax Deductions on Home Loans: Sections 80C, 24(b), 80EE, 80EEA When you take a home loan, several tax benefits are available under various sections of the Income Tax Act. Here's a detailed breakdown: Deduction on Loan Repayment: 80C - Deduction of up to ₹1,50,000 for the principal repayment. - House property should not be sold within 5 years of possession. 10. Deduction for Interest Paid on a Home Loan: 24(b) - Deduction from Income from House Property on interest paid on housing loan & housing improvement loan. - Up to ₹2,00,000 per annum for a self-occupied property. There is no upper limit on the interest amount for let-out properties. - Construction or purchase must be completed within five years from the end of the financial year in which the loan was taken. 11. Additional Deduction for First-Time Home Buyers: 80EE - Additional deduction of up to Rs 50,000 made towards interest payment on loan taken for first-time home buyers. - The loan must have been sanctioned between 1st April 2016 to 31st March 2017.

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