{"id":6118,"date":"2015-04-16T07:56:25","date_gmt":"2015-04-16T02:26:25","guid":{"rendered":"http:\/\/www.apnaplan.com\/?p=6118"},"modified":"2015-04-16T07:56:25","modified_gmt":"2015-04-16T02:26:25","slug":"max-income-tax-saving-fy2015","status":"publish","type":"post","link":"https:\/\/www.apnaplan.com\/max-income-tax-saving-fy2015\/","title":{"rendered":"What is the Maximum Income Tax You can Save for FY 2015-16?"},"content":{"rendered":"
\"Maximum
Maximum Income Tax You can Save for FY 2015-16<\/strong><\/figcaption><\/figure>\n

Paying taxes is painful and so we always want to avail all the tax saving options available. And related to this I often get this question \u2013 what is the maximum tax I can save?<\/strong><\/p>\n

A few days ago we\u00a0published an eBook on all Tax saving options available in India for FY 2015-16. The table below gives a summary of all the tax saving sections, investment options available along with the maximum tax benefit available for an individual tax payer.<\/p>\n

If you are able to avail all these sections you can make close to Rs 10.75 Lakhs income tax free.<\/p>\n

\"Maximum
Maximum Income Tax Exemption Limit in India for FY 2015-16<\/strong><\/figcaption><\/figure>\n

The Problem:<\/h3>\n

Though 10.5 Lakhs sounds big amount but most people would avail only few of the above. Here is the reason:<\/p>\n

    \n
  1. Rs 2 Lakhs exemption for donation:\u00a0 Now people donate for a cause and their passion\/empathy and not to save taxes. It\u2019s just that tax exemption sweetens the deal!<\/li>\n
  2. Rs 2.5 Lakhs exemption on account of tax payer or his dependent being physically disabled. This is a much needed exemption but applies to very few tax payers.<\/li>\n
  3. Rs 80,000 deduction for treatment of serious illness is something that very few tax payers would take advantage of.<\/li>\n<\/ol>\n

    So out of Rs 10.5 lakhs, around 5.3 lakhs exemption would be claimed by very few tax payers and in special cases only.<\/p>\n

    \n

    Most tax payers even after using all the tax saving sections would be able to claim tax benefit up to Rs 5 to 5.5 Lakhs.<\/strong><\/p>\n<\/blockquote>\n

    Tax Saving Sections Summary:<\/h2>\n

    Below is the recap of all tax saving sections for FY 2015-16:<\/p>\n

    Section 80C\/80CCC\/80CCD:<\/strong> Investment 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<\/p>\n

    Section 80CCD(1B):<\/strong> Investment in NPS<\/p>\n

    \"Save<\/a>
    Save Income Tax through Tax Planning for FY 2015-16<\/strong><\/figcaption><\/figure>\n

    Section 24:<\/strong> Interest paid on Home Loan for Self occupied homes. No Limit for Rented house<\/p>\n

    Section 80E:<\/strong> Interest paid on Education Loan. No Limit \u2013 Rs 50,000 is just an assumed value<\/p>\n

    Section 80CCG:<\/strong> 50% of investment in RGESS approved stocks & mutual funds. Max investment limit is Rs 50,000<\/p>\n

    Section 80D:<\/strong> Premium payment for medical insurance for self and parents. Also includes Rs 5,000 limit for preventive health checkup<\/p>\n

    Section 80DDB:<\/strong> Treatment of Serious illness for self and dependents (Limit of Rs 80,000 for person above 80 years, Rs 60,000 for person above 60 years and Rs 40,000 for rest)<\/p>\n

    Section 80U:<\/strong> Physically Disabled Tax payer (Rs 75,000 for 40% to 80% disability and Rs 1,25,000 for more than 80%)<\/p>\n

    Section 80DD:<\/strong> Physically Disabled Dependent (Rs 75,000 for 40% to 80% disability and Rs 1,25,000 for more than 80%)<\/p>\n

    Section 80G:<\/strong> Donation to approved charitable funds like Prime Minister Relief fund, etc<\/p>\n

    Section 80GGA:<\/strong> Donations for scientific research or rural development<\/p>\n

    Section 80GGC:<\/strong> Donations to political parties<\/p>\n

    Section 80TTA:<\/strong> Interest received in Savings Account<\/p>\n","protected":false},"excerpt":{"rendered":"

    Paying taxes is painful and so we always want to avail all the tax saving options available. And related to this I often get this question \u2013 what is the maximum tax I can save? A few days ago we\u00a0published an eBook on all Tax saving options available in India for FY 2015-16. The table […]<\/p>\n","protected":false},"author":1,"featured_media":6123,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[63,6],"tags":[2760,2062,465,887,891,2761,1943,2081,2095,2097,2065,2099,2105,2101,535,2107,2091],"uagb_featured_image_src":{"full":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2015\/04\/Maximum-Income-Tax-You-can-Save-for-FY-2015-16.png",599,348,false],"thumbnail":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2015\/04\/Maximum-Income-Tax-You-can-Save-for-FY-2015-16-150x150.png",150,150,true],"medium":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2015\/04\/Maximum-Income-Tax-You-can-Save-for-FY-2015-16-300x174.png",300,174,true],"medium_large":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2015\/04\/Maximum-Income-Tax-You-can-Save-for-FY-2015-16.png",599,348,false],"large":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2015\/04\/Maximum-Income-Tax-You-can-Save-for-FY-2015-16.png",599,348,false],"1536x1536":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2015\/04\/Maximum-Income-Tax-You-can-Save-for-FY-2015-16.png",599,348,false],"2048x2048":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2015\/04\/Maximum-Income-Tax-You-can-Save-for-FY-2015-16.png",599,348,false],"yarpp-thumbnail":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2015\/04\/Maximum-Income-Tax-You-can-Save-for-FY-2015-16.png",120,70,false]},"uagb_author_info":{"display_name":"Amit","author_link":"https:\/\/www.apnaplan.com\/author\/admin\/"},"uagb_comment_info":41,"uagb_excerpt":"Paying taxes is painful and so we always want to avail all the tax saving options available. And related to this I often get this question \u2013 what is the maximum tax I can save? A few days ago we\u00a0published an eBook on all Tax saving options available in India for FY 2015-16. The table…","_links":{"self":[{"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/posts\/6118"}],"collection":[{"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/comments?post=6118"}],"version-history":[{"count":0,"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/posts\/6118\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/media\/6123"}],"wp:attachment":[{"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/media?parent=6118"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/categories?post=6118"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/tags?post=6118"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}