""
RESUME APPLICATION PAY PREMIUM
Fund Performance

Fund Performance

Knowledge Center

Knowledge Center

About Us

About Us

Tools and Calculators

Tools & Calculators

Quick links

Mobile (Download app)
  • Webpages
  • Documents
  • HDFC Life ClassicAssure PlusInvestment
  • HDFC Life ClassicAssure PlusInvestment
  • HDFC Life ClassicAssure PlusInvestment

For NRI Customers

(To Buy a Policy)

(If you're our existing customer)

For Online Policy Purchase

(New and Ongoing Applications)

Branch Locator

For Existing Customers

(Issued Policy)

Fund Performance Check

RESUME APPLICATION PAY PREMIUM

What do you want to do?

Quick links

Mobile (Download app)

Download HDFC Life App

Buy plans, track your policy, make renewal payments & monitor fund performance with HDFC Life App, Download Now!

Apple Logo Go to Google Play Store

How to Save Income Tax? - Complete Guide

down-arrow
How to Save Income Tax
November 05, 2018

Table of Content

 

There are so many ways of saving income tax slab rates and ensuring you are able to manage your income better.

Ways to save tax under sec 80c and 80d.

  1. Make investment of 1.5 lakh to reduce your taxable income, under section 80c.
  2. Buy Medical Insurance & claim a deduction up to Rs. 25,000 (Rs 50,000 for Senior Citizens) for medical insurance premium under Section 80D.
  3. Claim deduction upto Rs 50,000 on Home loan interest under Section 80EE.

Other investment options.

  1. Buy Medical Insurance & claim a deduction up to Rs. 25,000 (Rs 50,000 for Senior Citizens) for medical insurance premium
  2. Claim deduction upto Rs 50,000 on Home loan interest under Section 80EE
  3. A home loan would also help you in reducing your taxable income as the principal portion of home loan can be claimed under Section 80C up to Rs 1.5 lakhs and the interest portion can be claimed as a deduction from income from house property.

Use the following pointers to plan your tax-saving for the year:

  1. Check the tax-saving expenses that you're already making that you can claim. This includes expenses like insurance premium, children's tuition fees, EPF contribution, home loan repayment etc.
  2. Deduct this amount from 1.5 lakh to figure out how much to invest. The entire amount doesn't need to be invested if expenses are covering it.
  3. Choose tax-saving investments on the basis of your goals and profile. ELSS funds, PPF, NPS and fixed deposits are some of the popular options.

It will help you understand how much you need to invest to save taxes. It is advisable to spread your investments throughout the year. This will reduce the financial burden and help you make informed decisions.

Related Articles:

Calculate Income Tax Here

Show Full Article
Hide Full Article

Term Plan Articles Term Plan Articles

Investment Articles Investment Articles

Savings Articles Savings Articles

Life Insurance Articles Life Insurance Articles

Tax Articles Tax Articles

Retirement Articles Retirement Articles

ULIP Articles ULIP Articles

Health Plans Articles Health Plans Articles

Child Plans Articles Child Plans Articles

Popular Calculators Popular Calculators

Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

LinkedIn profile
Author Profile Written By:
Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

LinkedIn profile
Reviewed By Reviewed By:

Here's all you should know about life insurance.

We help you to make informed insurance decisions for a lifetime.

Income Tax Saving Tips for Young Earners

Income Tax Saving Tips for Young Earners

Many young earners are unaware of the whole tax system & its working. Here is a list of income tax saving tips for young earners to help them save more!

What is Tax Declaration Form? - Process to File Income Tax Declaration

Tax Savings Strategies for Salary above Rs 30 lakh in India

Best Investment Options for Senior Citizens in India

Find the best Investment Options For Senior Citizens in India with HDFC Life. Uncover senior citizen investment options tailored for stability and growth.

Best Investment Options for Senior Citizens in India
Top Ways to Save Income Tax In 2018-19 Previous
Must Known Income Tax Penalties in India Next
HDFC life
HDFC life

HDFC Life

Reviewed by Life Insurance Experts

HDFC LIFE IS A TRUSTED LIFE INSURANCE PARTNER

We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.

Popular Search

Popular Searches