Tax Saving Plans

1
Tax Saving Plans
2
Tax Saving Simplified
3

• Taxes are the compulsory charges levied on an
  individuals income, business profits,
  transactions and the cost of goods and services
  as a way to contribute to the state revenue. This
  revenue is then used to run government operations
  and run the economy in a better way. Hence, taxes
  do us all this good and yet when its time to
  make your own contribution, you find yourself
  cursing this system. There must be something you
  are doing wrong because taxes should ideally not
  be cause for you to start sweating. Section 80 of
  the Income Tax Act has numerous sub-sections that
  deal with tax saving instruments and methods in
  specific jurisdictions. Therefore, the first step
  when it comes to saving on tax payments is to get
  sufficiently acquainted with these provisions.
  Then you may proceed to plan your investments
  wisely so as to avail the maximum tax benefit
  which is a 1.5 lakh rupees deduction from your
  total income.
• Read up on Sections 80C, 80CCC and 80CCD of the
  Act which state all the ways you can avail tax
  deduction benefits for any investments you make,
  including life insurance policies such as Aegons
  iMax and pension plans such as iGuarantee plan.

4

• Tax deductions can also be availed on medical
  expenditures toward yourself, a handicapped
  relative, and a dependent relative as under
  sections 80D, 80DD and 80DDB respectively. To
  know about housing and taxes, study Section 80GG
  which deals with tax deductions availed on house
  rent and section 80EE which deals with deduction
  from interest on loan taken for first home.
• You are eligible to receive tax deductions, if
  you choose to make a contribution by means other
  than cash to a political party as an individual
  or a company. You may also indulge in
  philanthropy freely as deductions of 50-100 may
  be availed for donations made to support social
  causes as per section 80G of the Act.
• If you are looking to pursue higher studies or
  want the same for your children or spouse, learn
  about the deductions available on the loan taken
  under section 80E. The law is partial when it
  comes to enhancing public knowledge. It also
  makes allowances for persons with disability
  under section 80U wherein a tax deduction between
  50,000 to 1 lakh rupees may be availed by the
  individual, depending on the severity of the
  condition.
• By now you must have realized, by arming yourself
  with relevant information and making informed
  decisions, you can make the process of paying Tax
  Saving Plans much less taxing!

5
Follow us on
https//www.facebook.com/bajajallianzlifeinsurance
ltd
https//www.linkedin.com/company/bajaj-allianz-lif
e-insurance-co-ltd-
http//plus.google.com/bajajallianz/posts
https//twitter.com/bajajallianzLIC
https//www.youtube.com/user/jiyobefikar
https//instagram.com/bajajallianzlifeinsurance
6
Click to know more on Tax Saving Plans
https//www.bajajallianzlife.com/save-tax.jsp
Thank You