Some of the Sections of Income Tax Act, 1961 are detailed below which detail few exemptions and categories of exempt income that you can take advantage of:Section 80C:Investment in specified instruments and expenses
Section 80C gives every income tax payer up to a maximum of Rs. 1,00,000 tax free income in a year if they invest in or buy the following instruments. Please not that this is a combined total of Rs. 1,00,000 and not an individual figure for every instrument:
Premium for Life Insurance or ULIP
Provident Fund (PF) contribution
Public Provident Fund (PPF) - only up to Rs. 70,000 in a year
Repayment of home loan principal
Equity Linked Savings Schemes (ELSS) of Mutual Fund Companies
Infrastructure Bonds
National Savings Certificates (NSC)
Tax Saving Fixed Deposits with Banks
Tuition Fees of children
Section 80C gives every income tax payer up to a maximum of Rs. 1,00,000 tax free income in a year if they invest in or buy the following instruments. Please not that this is a combined total of Rs. 1,00,000 and not an individual figure for every instrument:
Premium for Life Insurance or ULIP
Provident Fund (PF) contribution
Public Provident Fund (PPF) - only up to Rs. 70,000 in a year
Repayment of home loan principal
Equity Linked Savings Schemes (ELSS) of Mutual Fund Companies
Infrastructure Bonds
National Savings Certificates (NSC)
Tax Saving Fixed Deposits with Banks
Tuition Fees of children
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