I have not planned any investment as of now.Pls advise the right way of investment & also best tax saving schemes.Paying more tax every year.
I would advise you to divide your tax saving investment into following options:
However, there are various methods available for tax saving, from which you can choose, on basis of your needs:
Section 80 C : You can claim your investments/payments under section 80C, up to 1 lakh combined limit. You can invest in:
Sec 80D : Maximum deduction of up to 15,000 under mediclaim or health insurance offered by life insurers.
Sec 80DD : Deduction of 50,000 for maintenance of a disabled dependent. If the disability is severe, the deduction amount will be 100,000.
Sec 80E : Tax relief on interest payments on education loan taken for higher studies for self, spouse or child.
Sec 80G : The eligibility is 50% or 100% of the donation amount subject to overall ceiling of 10% of your gross total income to certain funds and charitable institutions.
Sec 24 : The maximum limit is of 1.5 lakh on interest payments of a home loan for a self-occupied house. There is no ceiling on the amount of deduction if the house is let out or deemed to be let out.
Sec 80CCF : You can invest up to 20,000 in infrastructure bonds and claim a rebate as per your tax slab. This deduction is over and above the existing overall limit of up to 1 lakh under Section 80C, 80CCC and 80CCD.
answered Feb 06 '11 at 03:26