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  1. New income tax proposals: Save Rs 18,550, here’s how

New income tax proposals: Save Rs 18,550, here’s how

If you are in the highest tax bracket and below 60 years of age, you could save between Rs 12,360 and Rs 18,540 from the next financial year...

By: | Updated: March 5, 2015 2:00 PM

If you are in the highest income tax bracket and below 60 years of age, you could save between Rs 12,360 and Rs 18,540 from the next financial year.

For this, you would need to avail all of the deductions available  — Rs 1.5 lakh under Section 80C, Rs 25,000 on health insurance premium, Rs 2 lakh on housing loan interest payment for a self-occupied property and Rs 50,000 on the newly introduced Section 80CCD for investment in NPS.

If you avail just the combined tax deduction of Rs 2 lakh (Section 80C and Section 80CCD), you could save up to Rs 15,450 in taxes each year. If you come in the  10.3% bracket, you can save Rs 5,150; while those in the 20.6% bracket can save Rs 10,300.

Tax proposals 2015-16 | Create infographics

Tax proposals 2015-16 | Create infographics

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