Top Tax Saving Instruments for the Year 2014

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Top Tax Saving Instruments


Top Tax Saving Instruments
Multiple options, contradictory expert advice, most of the taxpayers find it difficult to find the suitable Tax Saving Instrument for saving tax in a short span of time. Are you still confused in knowing with which Tax Saving instrument you should go? If yes, there are certain tax-saving instruments like Section 80 C.  One must choose an option on the basis of his risk appetite, the time at which he wants his returns, and the returns expectations.

How much should you have to save from taxes?

Check these points to find out if you already have ended up with your Section 80 C limit.

  • Check if you are covered by Provident Fund.
  • Are you paying the school fees of your children?
  • Are you paying the school fees of your children?
  • Are you paying House Loan EMIs?

All of these options are deductible under tax savings schemes.

Other Tax Saving Options available are:

Health Insurance

Section 80 D

Preventive Health care

Section 80 D

Home Loans

Section 24 B

Education Loans

Section 80 E

HRA

Section 80 GG

Donations

Section 80 G

Health Insurance:

Under Health Insurance, a person can pay a premium of Rs 15,000 for himself, his spouse, and children. This is eligible for the deduction under Section 80 D. If a person pays a premium for his parents an additional amount of Rs 15,000 is available for deduction.

Preventive Health Care: 

If a person is paying Rs 5,000 for your medical checkups for himself, his children and spouse, he is eligible for availing the deduction under Section 80 D. The deduction amount cannot exceed Rs 15,000 and Rs 20,000 for senior citizens.

Home Loan:

If you have paid interest of Rs 1.5 lakhs for your Housing Loan, the interest paid is eligible under Section 24 B.

Education Loans:  

The entire interest paid on the Education Loan for own child is eligible for availing the deduction under Section 80 E. The maximum deduction availed under this loan is available only for Eight financial years.

HRA (House Rented Allowance)

HRA is exempted when a person fulfills some of the eligibility criteria. If a person does not get any HRA, you can claim a deduction of Rs 2,000 under Section 80 GG. 

Donations: 

Donations that a person made to the recognized charitable institutions are eligible under Section 80 G.

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