Page 17 - Life Insurance Today December 2017

HOW CAN I

END UP

PAYING LESS

TAX?

I magine you've come home after a dog day afternoon X The most popular provision is Section 80C. Under this

and are keen to refuel your energies with a well-
section, you can claim tax deductions up to Rs 1.5
deserved triple-scoop ice cream. When you open the
freezer, you realize that one of the scoops is missing lakh. You are eligible if you invest in Provident Fund
(PF), National Savings Certificate (NSC), Equity Linked
because someone else ate it. You wouldn't feel great, Savings Scheme (ELSS), Unit-Linked Insurance Plan
right? This is essentially what income tax can do to you (ULIP), among others.Besides, you can also claim tax
too. deductions for children's tuition fees, repayment of
principal for home loan, stamp duty and registration
While income tax is a familiar term, not many are aware charges for house property and so on.
of tax-saving options. However, there are several ways you
can save taxes. Sweat not if you are not aware of them. X Under Section 80CCC, you can claim deductions for
premium paid for annuity plans.
This piece is intended to give a snapshot of the different
options that can help you pay less tax. X Section 80CCD gives you the privilege to claim
deductions for contributing to your pension account.
How to save taxes? X Another section is 80D, under which you could claim
The Income Tax Act of 1961 has multiple provisions that deductions for payments towards medical insurance
can help you claim tax deductions. premiums and health check-ups.

About the author X Section 80 CCG is applicable for people investing in listed
shares or mutual funds for that financial year. This is also
Poornima Venugopalan known as the Rajiv Gandhi Equity Savings Scheme.
Business Manager
X Section 24 of the Income Tax Act allows deductions
SEO
for interest on home loans.
Life Insurance Today December 2017 17

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