Plan Your Taxes For Maximum Savings And Long-term Wealth Creation

Did you know that the Income Tax Act has tax-saving provisions?

It does. Plan your taxes and you can actually reduce your tax liability and save more. Know how.

Section 80C

Section 80C allows you to reduce your taxable income by up to Rs.1.5 lakhs and save tax up to Rs.45,000 (if you are in the 30% bracket)

Maximise the deduction limit of Section 80C by investing in eligible avenues like 5-year fixed deposits, public provident fund, ELSS, home loan and more.

Section 80TTA & 80TTB

The savings account interest is allowed as deduction under 80TTA up to Rs.10,000. For senior citizens, the limit is Rs.50,000 under 80TTB.

Section 80D

Health insurance premiums qualify for deduction under 80D. Claim up to Rs.1 lakh and save tax up to Rs.30,000 (if you fall in the 30% bracket).

Use these and other sections of the Act and plan your taxes. Invest in tax-saving avenues to create wealth and also enjoy a higher disposable income.

With IDFC FIRST Bank Savings Accounts, earn interest up to 7%* p.a. and claim the interest as deduction under Section 80TTA.