What is the Maximum Income Tax You can Save for FY 2018-19? With Automated Arrears Relief Calculator for F.Y.2018-19

 What is the Maximum Income Tax I can save for this Year (FY 2018-19)? 

A question I am often asked. Tax laws keep changing year on year, especially in Budget. In this post, we summarize all the tax saving sections.

  1. No.Tax Sections Description Maximum Tax Exemption Limit (Rs.)180C/ 80CCC/ 80CCDInvestment in EPF, ELSS, PPF, FD, NPS, NSC, Pension Plans, Life Insurance, SCSS, SSA and NPS. Also includes Home Loan Principal repayment, Tuition Fees, Stamp Duty.

Best Tax Saving Investments u/s 80C

150,000280CCD(1B)Investment in NPS

Should you Invest Rs 50,000 in NPS to Save Tax u/s 80CCD (1B)?

50,000324Interest paid on Home Loan for Self occupied homes.

You can claim Tax Benefit on both HRA & Home Loan – Know How?

200,000480EInterest paid on Education Loan. No Limit – Rs 50,000 is just an assumed value.

Download Automated 89(1) with Form 10E Arrears Relief Calculator AY 19-20 89(1) with Form 10E Arrears Relief Calculator AY 19-20

Tax Benefit on Education Loan (Sec 80E)

50,000580DPremium payment for medical insurance for self and parents. Includes Rs 5,000 limit for the preventive health checkup

Making Sense of Tax Benefit on Health Insurance u/s 80D

60,000680DDB Treatment of Serious illness for self and dependents (Limit of Rs 1,00,000 for Senior Citizens and Rs 40,000 for others)80,000780UPhysically Disabled Taxpayer (Rs 75,000 for 40% to 80% disability and Rs 1,25,000 for more than 80%)125,000880DDPhysically Disabled Dependent (Rs 75,000 for 40% to 80% disability and Rs 1,25,000 for more than 80%)125,000980GDonation to approved charitable funds like Prime Minister Relief Fund, etc (assumed value)50,0001080GGA Donations for scientific research or rural development (assumed value)50,0001180GGCDonations to political parties (assumed value)50,00012 A80TTAInterest received in Savings Account

Which bank offers the highest interest rate on the savings account?

10,00012 B80TTBInterest Income for Senior Citizens Only

How to Claim Tax Benefit for Rent Paid u/s 80GG?

60,000 Maximum Tax Exemption Possible (Rs.)1,117,000

Enter your email address:

Delivered by FeedBurner

PRANAB BANNERJE

Author

About Author

Hi, Welcome to a leading Income Tax and Accounts Providing Web Site merataxplan.com, merataxplan.com Blog is owned and maintained by Pranab Bandyopadhyay. Basic Idea behind Income Tax & it’s to help people in achieving excellence for save tax. Data shows that even urban Indian taxpayers are less aware about Income Tax and importance of financial planning.

I thought to start a blog and write about Articles related to Income Tax, Income Tax News, Income Tax  planning, Income Tax Easy Excel Based Software and other financial Software in Excel like as Gratuity Calculator, Pension Calculator, Central and Various State Employees Accounts Software in Excel that interest me most, and which I feel will help others make better financial decisions about their money with Tax. I have sound knowledge about in MS Excel, MS Access, Visual Basic, C++, JAVA and much more knowledge on the Computer Applications.

If you are seeking professional advice tailored to your situation – I am sure there are  good certified financial professionals doing that but at merataxplan.com we just try to educate people about how to calculate Income Tax.

There are much more products for sale here but all are related to Income tax And Account Software, and merataxplan.com is not affiliated with any agents or brokers, so I can help you sell any Income Tax & Accounts Software in Excel etc.

The purpose of this blog is to spread Taxation s awareness and help people in achieving excellence for Save Tax. Please note that the views expressed on this Blog/Comments are clarifications meant for reference and guidance of the readers to explore further on the topics. These should not be construed as investment advice or legal opinion.

Hope you find this site useful, in fulfilling your goal towards Income Tax.