80C / 80D / 80G Tax Saving AdvisoryHandled by experts

80C, 80D, and 80G are sections in the Indian Income Tax Act that allows taxpayers to save tax.

Here are few advisory tips for utilizing these sections:

1. **Section 80C**: This section permits to save tax of up to ₹1.5 lakh on various items like life insurance premium, ELSS mutual funds, tuition fees, PPF deposits, etc. You should maintain and plan these investments in such a way that you can claim the maximum limit and thus, reduce your tax.

2. **Section 80D**: It provides deductions on medical insurance premiums. Under this section, a deduction of up to ₹25,000 is available for insurance premiums paid for self, spouse, and kids. For senior citizens, the limit is ₹50,000. Consider taking a health insurance policy, not just to avail tax benefits but also to secure yourself and your family against medical emergencies.

3. **Section 80G**: It provides a tax benefit on donations made to certain charitable institutions. Donations to certain funds and charitable institutions can get you a 50% or 100% tax deduction. However, remember that not all donations qualify for deductions under Section 80G.

4. It's advisable to diversify investments across these sections to maximize tax savings. Do not invest just for tax benefits, consider factors like risk, return, and liquidity.

5. Record and maintain proof of all your tax-saving investments and expenditures. This will help you in easy and trouble-free calculation and filing of your income tax returns.

6. Plan your tax-saving investments well in advance, instead of waiting until the last moment. This will help you choose the best options and avoid mistakes due to last-minute rush.

7. Consult with a tax advisor if you are not sure about the best way to save tax for your financial situation. They can guide you and provide you with the best investment strategy tailored for you.

DOCUMENTS REQUIRED

• Investment Proofs

• Insurance Policy

• Donation Receipts