Total deduction under 80c

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Gentlemen,

My Income is 12 lacks from rendering consultancy service abroad to US

do I need to pay tax ? How Can Plan

I can not take home loan till 2 years 

what is maximum limit agains all ITR code like 80 c 80ccd  and others

plase guide me on this 

thanks

 

Replies (2)

Sir, 

 U cant avoide paying tax but u can reduce the tax burden by showing 1The total limit under this section is Rs 1.50 lakh from Financial year 2014-15 / Assessment Year 2015-16. Before FY 2014-15 the limit was Rs. 1 Lakh. But you need to have the following items out of the following list to claim deduction 

Payment of life insurance premiums and investment in specified government infrastructure bonds are also eligible for deduction under Section 80C.

Payments towards the education fees for children eligible for an income deduction.

Qualifying Investments

Provident Fund (PF) & Voluntary Provident Fund

Public Provident Fund (PPF)

Life Insurance Premiums

Equity Linked Savings Scheme (ELSS)

Infrastructure Bonds

Pension Funds

NABARD rural bonds

you are true,

but i think can i claim deduction of my mutual funds investment 

which is around 70 k via SIP every month 

I have some of them are tax saving funds which have three years lock in perioud 

i know i can claim those investmenet for tax saving . but want to know for other mutual funds investments too.

also if u can give with limit of saving as how much under including all applicable  section can be saved . 

thanks

 


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