Tax planning

The maximum tax you can save is Rs. 1.5 lac u/s 80C and Rs. 15,000/- u/s 80D for AY 2015-16.

For 80C benefit invest in LIC, housing loan, 5 year tax saving FDR, PPF or equity oriented mutual funds. One new addition u/s 80C is investment in Kanya Samridhi Yojna iniated by BJP Govt. this year for any girl child upto the age of 10 years.

For availing tax benefits u/s 80D, you will have to take a mediclaim policy in which max deduction is Rs. 15000/- in case policy covers your family. If a separate health insurance cover is taken for parents and any of them is senior citizen, you can take additional benefit of Rs. 20,000/-. For AY 2015-16 tax slab for an individual who is not a senior citizen is Rs. 2.5 lac.