Income Tax Calculator

The investments u/s 80C/80CCC that qualify for income tax deduction are:

✓ Term Insurance Policies

✓ Unit Linked Insurance Plans

✓ Traditional Savings/Endowment Insurance Policies

✓ Retirement Insurance Plans

✓ 5 year Fixed Deposits

✓ Public Provident Fund

✓ Pension Funds

✓ Unit Linked Insurance Plans

If you have invested in NPS, you can get additional deduction upto ₹50,000 u/s 80CCD(1B) which will be over and above deduction of ₹1,50,000 u/s 80C

The premiums paid towards health insurance policies taken for self, spouse, children or parents is eligible for deduction u/s 80D of Income Tax Act 1961:

✓ The maximum limit for deduction for health insurance policy premium taken for self, spouse or children is ₹ 25,000 (The maximum limit is increased to ₹ 50,000 if the age of the person insured is above 60 years.Additional deduction up to ₹ 25,000 is allowed on health insurance premium paid towards covering parents (The maximum limit is increased to ₹ 50,000 if the age of the person insured is above 60 years. So, if person buys medical insurance for, self and parents who are senior citizen he/she will be allowed deduction up to ₹ 75,000 (Self 25,000 + Parents 50,000).

✓ If person who is senior citizen buys medical insurance for self and parents who are senior citizen he/she will be allowed deduction up to ₹ 1,00,000 (Self 50,000 + Parents 50,000).

Interest paid on home loan is eligible for deduction

Interest on Home Loan u/s 24

This deduction is allowed on interest earned:

✓ From a savings account with a bank

✓ From a savings account with a co-operative society carrying on the business of banking

✓ From a savings account with a post office

This deduction is NOT allowed on interest earned on:

✓ Interest from fixed deposits

✓ Interest from recurring deposits

✓ Any other time deposits