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Tax Planning

Explore and invest in suitable avenues to save on taxes and build a good portfolio.

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Tax-saving for higher disposable income

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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

TAX DEDUCTION UPTO ₹1.5 LAKH

Life Insurance

Save tax under Section 80C on the premium paid

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TAX DEDUCTION UPTO ₹1 LAKH

Health Insurance

Premiums paid qualify for deduction under Section 80D

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TAX DEDUCTION UPTO ₹1.5 LAKH

ELSS Mutual Fund

Investments up to ₹1.5 lakhs are eligible for deduction

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INTEREST DEDUCTION UP TO ₹2 LAKH

Home Loan

Save tax on the principal and interest on loan.

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TAX DEDUCTION UPTO ₹50 K

NPS

Invest in the National Pension System and claim an additional deduction of up to ₹50,000

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TAX DEDUCTION UPTO ₹1.5 LAKH

Tax Saver FD

Invest in tax saver FDs and claim deduction under section 80C.

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Understanding Tax Planning

What is tax planning?Who is liable to pay tax on income?What are the five heads of income?What are some of the popular deductions under the Income Tax Act?What is the difference between gross income and net income?What are some tax-saving investment options?

What is tax planning?

Tax planning is an activity which aims to reduce your taxable income by utilising tax-saving investments, exempted expenses and filing your tax under the best tax regime.

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?

Life insurance plans - Premiums paid and benefits received are tax-free
Health insurance plans - Premiums are allowed as a deduction
Equity Linked Saving Scheme (ELSS) of mutual funds
Public Provident Fund (PPF)
Employees’ Provident Fund (EPF)
National Pension System (NPS)

Sukanya Smariddhi Yojana (SSY)
Senior Citizens’ Saving Scheme (SCSS)
National Saving Certificate (NSC)
Kisan Vikas Patra (KVP)
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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