INCOME TAX
Income Tax Section and Limit of Investments for Business and Salaried Individuals.
| . | Section | Investments | Limit |
| 1 | Section 80C | EPF/VPF – EMPLOYEE PROVIDENT FUND PPF- PUBLIC PROVIDENT FUND SUKANYA SAMRUDDHI ACCOUNT NSC – NATIONAL SAVINGS CERTIFICATE SCSS – SENIOR CITIZEN SAVINGS SCHEME 5 YEARS TAX-SAVING FIXED DEPOSITS LIFE INSURANCE PREMIUM SELECTED RETIREMENT FUNDS FROM MUTUAL FUNDS ELSS – EQUITY-LINKED SAVINGS SCHEME PRINCIPAL PAYMENT OF HOME LOAN TUITION FEE FOR TWO CHILDREN | Rs. 1,50,000/- |
| 2 | Section 80D | Medical Insurance for Self & parents | Below 60 years – Rs. 25,000/- Above 60 years – Rs. 50,000/- |
| 3 | Section 80CCD ( 1B) | Investments in NPS and Atal Pension Yojana | Rs. 50,000/- |
| 4 | Section 24 | Payment of Interest on Home Loan | Rs. 2,00,000/- |
| 5 | Section 80DDB | Treatment for Dependent for serious disease | Treatment for Senior Citizen – Rs. 1,00,000 treatment for others – Rs. 40,000/- |
| 6 | Section 80 G | Donations to Charitable Institutions | – |
| 7 | Section 80GG | House Rent in case HRA is not part of the salary | – |
| 8 | Section 80GGC | Donations to Political Parties | – |
| 9 | Section 80 E | Payment of Interest on education Loan taken for Higher Studies | – |
| 10 | Section 80U | Partially disabled Taxpayer | 40% more disability – Rs. 75,000/- 80% & more disability – Rs. 1,25,000/- |
| 11 | Section 80CCC | Investment in Pension Funds | – |
The above-given information is to give you an idea of various investments. Please refer to Government rules for more information.