Tax Savings – Debopam Financial

Tax Savings

Income from any source such as salary, a business, rents, investments, and more is taxable. Tax saving is a practice of saving tax by making investment declarations. However various sections of the Income-tax Act allow deductions as per the stipulated guidelines.

Section 80C reduces tax liabilities by allowing deductions from total taxable income in a financial year if your investments come under the following schemes and expenses:

Equity Linked Savings Scheme

Senior Citizen Savings Scheme

National Pension System

Term Life insurance premium

Public Provident Fund

National Savings Certificates

Tax-saving FDs

Home loan repayment

Tuition fees

Section 80CCD stipulates deductions for investments made in National Pension System (NPS) which brings about tax savings.
Section 80D allows deductions up to Rs. 1 lakh for Insurance premiums paid for self, spouse, children, and parents.
Section 80E allows for tax savings on education loan repayment.
Section 80EE allows for a deduction on home loan repayments for the first time buyer. This is in addition to the deduction for home loan repayments under Section 80C.
Section 80G allows for deductions made to charitable organizations approved under the Income-tax act.
Section 80GG allows for deductions for HRA received as part of salary or rent paid for furnished or unfurnished accommodations.
Section 80TTA allows you to claim a deduction of Rs. 10,000 on your interest income. This deduction is only available to individuals and HUFs conditionally.
Section 80DD deduction under if you have a dependent who is differently-abled and entirely dependent on you for maintenance.
Section 80DDB allows claim tax deductions on medical expenses incurred to treat specific ailments as specified under the section.
Section 80U allows individuals who have been certified to be at least 40% disabled (as stipulated under the section) by relevant medical authorities according to government rules to claim tax benefits.
Section 54EC allows taxpayers to save on Long-Term Capital Gains tax by investing in specified bonds issued by government-approved entities.

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Risk Factors – Investments in Mutual Funds are subject to Market Risks. Read all scheme related documents carefully before investing. Mutual Fund Schemes do not assure or guarantee any returns. Past performances of any Mutual Fund Scheme may or may not be sustained in future. There is no guarantee that the investment objective of any suggested scheme shall be achieved. All existing and prospective investors are advised to check and evaluate the Exit loads and other cost structure (TER) applicable at the time of making the investment before finalizing on any investment decision for Mutual Funds schemes. We deal in Regular Plans only for Mutual Fund Schemes and earn a Trailing Commission on client investments. Disclosure For Commission earnings is made to clients at the time of investments. Option of Direct Plan for every Mutual Fund Scheme is available to investors offering advantage of lower expense ratio. We are not entitled to earn any commission on Direct plans. Hence we do not deal in Direct Plans.

AMFI Registered Mutual Funds Distributor | ARN-318421 | Initial Registration: 09 Jan 2025 | Validity: 08 Jan 2028

AMFI Registered Mutual Fund Distributor

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