POSTED BY February 15, 2014 12:03 pm COMMENTS (2)ON
My average monthly income tax is 12500
current 80c proof is as below
PF – 65,952
LIC – 27,176
Child education – 40,000
This month onwards I have 6000pm in mutual fund, Planing for another 2000pm in MF and 5000pm in PPF
How much I can claim for IT proof in 80c/d ? Can I bring down my monthly income tax ?
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2 replies on this article “Can I bring down my monthly Income tax ?”
Dear Jayan, as your basic 1L Rs. limit in section 80C is over, you can not bring down your income tax liability from it. Please purchase health insurance policy for your and your family and claim the prem. amount under section 80D. 15K for you. If you purchase policy for your parents also additional 15K for non Sr. Citizen parent and 20K if one or both are Sr. citizen.