Finotax wishes you Happy and Prosperous DIWALI and NEW YEAR
Modified on 09.09.2017
Maximise Tax Savings for AY 2018-19
You can plan to maximize your tax savings and reduce income tax liability by availing the benefit of provisions relating to deductions/exemptions from taxable income under various sections of Income Tax Act.
Pay No Tax on aggregate Income of Rs. 7,55,000/-
An resident individual assessee aged below 60 years having income of Rs.
from salary / business or profession / other sources including saving bank interest of Rs. 10,000 and living in house / flat acquired with borrowed funds will be required to pay no tax as under:
Income from salary / business or profession / other sources
Less : Interest on funds borrowed for aquiring the house property
Gross Total income
Less : Deduction available under Sec. 80C
Less : Deduction u/s 80CCD(1B) (Contribution to NPS scheme)
Less : Deduction u/s 80D for medical insurance of self, spouse and dependent children
Less : Deduction u/s 80D for medical insurance of parents (assumed both are senior citizens)
Less : Deduction u/s 80TTA for Saving account interest