HOW Can I Save Income tax !!!!!!!!

Savings/Deductions under Chapter VI-A:

• Section 80C (Amount paid towards life insurance premium, contributions in GPF, CPF, PPF, NPS, NSS etc, tuition fees, payment, Housing Loan principal repayment)

• Section 80CCC (Deduction in respect of contributions to certain pension funds)

• Section 80CCD (Deduction in respect of contributions to pension scheme of Central Government)

Note: Section 80CCE restricts aggregate amount of deduction under section 80C, 80CCC and 80CCD to one lakh rupees). The subscribers in New Pension Scheme (NPS) are allowed to deduct the entire government contribution in NPS without any
ceiling. In the last year (financial year 2010-11) Government contribution in NPS was also subjected to Rs. one lakh restriction under Section 80 CCE. This is really a welcome change

• Section 80D (Deduction in respect of Medical Insurance Premium) (Max. Rs. 20,000/- for Senior Citizens & Rs. 15,000/- for others).

• Deductions under Sec. 80D for Health Insurance of parents. (Max. Rs. 20,000/- if parents are Senior Citizen, otherwise Rs. 15,000/-).

• Section 80DD (Deduction in respect of maintenance including medical treatment of dependent who is a person with disability- Maximum amount- Rs. 1 lakh)

• Section 80DDB (Deduction in respect of medical treatment. Maximum amount – Rs.40,000)

• Section 80E (Deduction in respect of interest on loan taken for higher education)

• Section 80G (Deduction in respect of donations to certain funds, charitable institutions, etc.)

• Section 80GG (Deduction in respect of rents paid subject to ceiling if HRA not received)

• Section 80GGA (Deduction in respect of certain donations for scientific research or rural development)

• Section 80GGC (Deduction in respect of contributions given by any person to political parties)

• Section 80U (Deduction in case of a person with disability-An amount of Rs.50,000 and Rs. 1 lakh in the case of self is physically disabled and severely physically disabled respectively)