Tax Saving
Section 80D: what the deduction actually covers
Most people claim the premium and stop. The parents' limit, the preventive check-up allowance and the senior citizen rules add…
Section 80C and its neighbours
Section 80C allows a deduction of up to ₹1.5 lakh a year under the old regime, across EPF, PPF, ELSS, life insurance premiums, principal repayment on a home loan, five-year tax-saving deposits and tuition fees for two children. Employer contributions to NPS under 80CCD(2) and an additional ₹50,000 under 80CCD(1B) sit outside that limit.
Health, education and donations #
Section 80D covers health insurance premiums for yourself and your parents, with a higher limit where the insured is a senior citizen. Section 80E allows interest on an education loan without a cap for eight years. Section 80G covers donations to approved institutions, at 50 or 100 per cent depending on the institution.
Do not buy a product for the deduction alone #
A traditional endowment policy bought each March for the 80C receipt usually returns less than a public provident fund account and locks money away for longer. Fill 80C with what you would hold anyway — EPF, home loan principal, an equity-linked savings scheme — before buying anything new.
What you will need
- EPF statement and PPF passbook
- ELSS and mutual fund statements
- Life and health insurance premium receipts
- Home loan certificate showing principal and interest
- Donation receipts with the institution's registration details
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Tax Saving
Section 80D: what the deduction actually covers
Most people claim the premium and stop. The parents' limit, the preventive check-up allowance and the senior citizen rules add…