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Tax Planning
- Multiple tax-saving products on one platform
- Ease of investing in suitable avenues
- Tax-saving for higher disposable income
Why do you need tax planning?
Choose tax regime & optimise in-hand salary.
Include right set of products based on needs from protection to investments.
Diversify investments to grow investments while saving Tax.
Tax saving options under old tax regime by ABCD
Health Insurance
Premiums paid qualify for deduction under Section 80D
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ELSS Mutual Fund
Investments up to ₹1.5 lakhs are eligible for deduction
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NPS
Invest in the National Pension System and claim an additional deduction of up to ₹50,000
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Tax Saver FD
Invest in tax saver FDs and claim deduction under section 80C.
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Table of Contents
What is tax planning?
Who is liable to pay tax on income?
Resident individuals with total income exceeding exemption limits as per new or old regime
Non-resident Indians having income in India
Hindu Undivided Families
Companies
Association of Persons
Body of Individuals
Partnership firms
What are the five heads of income ?
Salary income
Income earned as a salaried employee
Income from house property
Rental income from a let-out house property
Income from capital gains
Gains earned from selling capital assets
Income from business/profession
Income earned from a business or a profession
Income from other sources
Income not falling under any of the four heads
What are some of the popular deductions under the Income Tax Act?
- Section 80C - Deduction up to ₹1,50,000
- Section 80CCD (1B) - Deduction up to ₹50,000
- Section 80D - Deduction up to ₹1,00,000
- Section 80TTA - Deduction up to ₹10,000
- Section 80TTB - Deduction up to ₹50,000
- Section 80E - Deduction of education loan interest paid
- Section 24(b) - Deduction up to ₹2,00,000 on home loan interest
What is the difference between gross income and net income?
Gross income
Total aggregated income from all five heads of income
Net income
Gross income minus all the applicable deductions and exemptions allowed under the Income Tax Act
What are some tax-saving investment options?
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Life insurance plans - Premiums paid and benefits received are tax-free
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Health insurance plans - Premiums are allowed as a deduction
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Equity Linked Saving Scheme (ELSS) of mutual funds
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Public Provident Fund (PPF)
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Employees’ Provident Fund (EPF)
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National Pension System (NPS)
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Sukanya Smariddhi Yojana (SSY)
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Senior Citizens’ Saving Scheme (SCSS)
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National Saving Certificate (NSC)
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Kisan Vikas Patra (KVP)
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5-Year Fixed Deposits from banks and post-offices
FAQs On Tax Planning
To lower your taxable income, maximise deductions under Section 80C (investments like PPF, ELSS, ULIPs), Section 80D (health insurance premiums), and Section 80G (donations). Claiming your HRA allowance and travel reimbursements also helps.
You can claim deductions on home loan interest under Section 24(b) up to ₹2,00,000. The principal repaid is allowed as a deduction under Section 80C up to ₹1,50,000. Additionally, stamp duty and registration charges can also be deducted under Section 80C within the limit of ₹1,50,000.
Several options offer tax benefits for child education expenses. You can invest in Equity Linked Saving Schemes (ELSS), Units Linked Insurance Plans (ULIPs) for children, or open a Sukanya Samriddhi Yojana account, all offering deductions under Section 80C up to ₹1,50,000.
Yes, you can claim deductions under Section 80D for medical insurance premiums paid for yourself, your spouse, and your dependent parents.
Yes, donations to specified charitable organizations can be claimed as a deduction under Section 80G, subject to certain conditions and limits.
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