Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Top Headlines »
Open DEMAT Account in 24 hrs
 Delhi HC Rules GST Registration Cannot Be Cancelled Retrospectively Without a Clear Show Cause Notice (SCN)
 Belated income tax return AY 2026-27: How to file, late filing charges and what you may lose
 Major Financial Changes from August 1, 2026: ITR Deadline, RBI MPC Meeting, Tatkal Ticket Rules & More
 Government proposes to ease tax relief conditions for offshore funds
 TallyPrime Connected Banking: Automating Banking and Accounting
 ITR Filing Deadline 2026: Is July 31 the Last Date to File Your Income Tax Return? Latest Official Update
 ITR filing deadline nears: How to file income tax return online on e-filing portal - quick 15-step guide
 Will the ITR Filing Deadline Be Extended Beyond July 31 for FY 2025-26? Here's the Latest Update for Taxpayers
 Income Tax Refund Delayed for AY 2026-27? 5 Common Reasons Your Refund May Be Stuck and How to Fix It
 ITR Filing 2026: FM Nirmala Sitharaman Asks Tax Officials to Let Honest Taxpayers Correct Genuine Mistakes
 Will Your FCNR Deposit Stay Tax-Free After Returning to India? Tax Rules Explained for NRIs

How to maximise my income tax savings?
January, 27th 2021

It seems you are not fully exhausting the limit of 1.50 lakh under Section 80C. I would suggest you to start an SIP of 6,000 per month towards Axis Long Term Equity Fund, an ELSS scheme , for claiming tax benefits. For shortfall in the current year, you can invest the shortfall amount in three monthly installments starting from current month in the scheme suggested above.

For saving further tax you can consider putting up to 50,000 every year in an NPS account to claim an exclusive deduction under Section 80 CCD(1B). This will take your deduction to 2 lakh. It seems you do not have any health insurance which in my opinion is a must even when your employer provides you one. For your own health insurance you can pay and claim premium up to 25,000 for buying health insurance in a year. You can also pay the health insurance premium of your parents and claim deduction up to 25,000. In case your parents are senior citizen the deduction available is 50,000. In case your parents do not have health insurance policy or are not able to get one, you can claim deduction up to 50,000 for their regular medication expenses including expenses incurred for regular check up, day today medication and hospitalization under Section 80D. Within both the limits for your family and your parents, you can separately claim up to 5,000 spent on preventive health check up every year.

You can also save tax in case you borrow money to buy or construct a house but buying a house just for saving tax is not advisable unless you really need to buy one.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2026 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting