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Broadly/Practically, there are following Income tax sections under which we can claim the tax exemptions -
80C-Section 80C comprises of various investments and expenses that are eligible for tax deductions. A taxpayer can claim maximum tax deductions of Rs 1.5 lakh for a particular financial year (FY) from his/her taxable income through investments made by him/her under section 80C of the Income Tax Act, 1961.
5. Term deposits
It is advisable to claim maximum tax deductions of Rs 1.5 lakh by investment specified u/s 80C.
80CCD-To encourage the investors to invest for retirement in Nation Pension Scheme, the government allowed addition tax deduction of Rs 50,000 under section 80CCDD.
It is over and above Rs. 1.5 lakh limit.
80D-Deduction for the premium paid for Medical Insurance up to Rs. 50000 subject to conditions.
80G-The various donations specified in u/s 80G are eligible for deduction up to either 100% or 50% with or without restriction as provided in section 80G.
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