• Tax Rebates under Indian Income Tax Act Specified Investment Schemes u/s 80C
Life insurance premium payments
Contributions to Employees Provident Fund/GPF
Public Provident Fund (maximum Rs 70,000 in a year)
National Saving Certificates. [NSC]
Unit Linked Insurance Plan (ULIP)
Repayment of Housing Loan (Principal)
Equity Linked Savings Scheme (ELSS)
Tuition Fees including admission fees or college fees paid for Full-time education of any two children of the assessee (Any Development fees or donation or payment of similar nature shall not be eligible for deduction).
Infrastructure Bonds issued by Institutions/ Banks such as IDBI, ICICI, REC, PFC etc.
Interest accrued in respect of NSC VIII issue.
• Deduction under section 80 CCC(1)
This section allows an individual a deduction of up to Rs. 10,000 in respect of contribution to the 'Pension' scheme of LIC of India or any other insurance company.
Tax saving Pension plans available in the market are LIC's Jeevan Suraksha, ICICI Pru Life Time Pension, Aviva Life Pension Plus, Max Easy Life policy, Tata AIG's Nirvana Plus etc.
• Deduction under Section 80 CCE
Aggregate deduction u/s 80 C, u/s 80 CCC and 80 CCD can not exceed Rs. 1,00,000. (One Lac)
• Deduction under Section 80D
Under this section, a deduction up to Rs 10,000 (Rs 15,000 in case of senior citizens) is allowed in respect of premium paid by cheque towards health insurance policy, like "Mediclaim". Such premium can be paid towards health insurance of spouse, dependent parents as well as dependent children.
• Deduction under section 24(b)
Under this section, Interest on borrowed capital for the purpose of house purchase or construction is deductible from taxable income up to Rs. 1,50,000 with some conditions to be fulfilled.
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