With FY 2018-19 soon coming to a close, taxpayers will be busy looking at best tax saving investment options to save income tax in FY 2018-2019. All tax planning investments for FY 2018-19 should be made before 31st March 2019. Through such investments, smart investors can both reduce their tax liability as well as ensure high returns on their investments
Which are the top best tax saving investments available in 2019 in India that help to save tax and provide amazing returns to you? TAKE A LOOK HERE!!!
| # | Section | Deduction on | The maximum allowable limit in FY 18-19 |
| 1 | Sec 80C | Contribution to :
– Provident fund – LIC – Mediclaim – Tuition fees of children – Repayment of housing loan – Unit Linked Insurance Plan (ULIPS) – Equity Linked Savings Scheme (ELSS) – Senior citizens savings scheme – Sukanya Samridhi Account – National Savings Certificates – Tax saver bank FD scheme – Notified bonds of NABARD |
The actual amount spent subject to a maximum of Rs.1,50,000 |
| 2 | 80CCC | Premium paid for annuity plan of LIC or other insurers | |
| 3 | 80CCD(1) | Contribution to pension account (Max 10% of salary or 20% of GTI if self-employed) | |
| 4 | 80CCD(1B) | Contribution to the National Pension Scheme | Up to R.50,000 |
| 5 | 80CCD(2) | Employer’s contribution to the pension scheme | Up to 10% of salary |
| 6 | 80CCG | Rajiv Gandhi Equity Scheme for investment in equities | Lower of 50% of the amount invested or Rs.25,000 |
|
7 |
80D | Medical insurance premium | Rs.25,000 for self /spouse /children. If any of the above people is a senior citizen, the deduction is Rs.30,000
Additional deduction of Rs.30,000 for parents who are senior citizens |
| 8 | 80D | Preventive health checkup to individuals | Additional Rs.5,000 |
|
9 |
80G | Donations | Donation in cash – up to Rs.2,000
Other than cash – 100% or 50% of donation or subject to 10% of adjusted GTI |