Tax Saving For SunTec Employees

Other Tax saving options

HRA

Deductions on rent. Note: Staying with parents? You can still claim HRA

Tax Benefit:

50% of the basic salary (metro)

40% of the basic salary (Non metro)

Medical Insurance

Health insurance premiums are tax deductible

Tax Benefit:

₹ 25,000 for self

₹ 50,000 for parents (60+ years)

Education Loan

You can avail a tax deduction on the interest paid on your education loan

Tax Benefit:Total interest of the EMI paid during the financial year

House Loan

Tax deduction on housing loan

Tax Benefit:

Upto ₹ 2 Lakhs

Know more about tax saving investments

Frequently asked questions
  • Tax saving mutual funds benefits
  • Investments in tax-saving mutual funds, also known as Equity Linked Savings Schemes (ELSS), can get you a tax break of up to ₹1.5 lakh under Section 80C of the Income Tax Act.
  • How much should I invest to save on taxes
  • You can invest up to ₹ 1.5 Lakh under section 80C. When you invest money in Tax Saving funds during the year, the amount of tax you have to pay in the year is decreased. Also, you keep earning returns in the amount invested.
  • What are the different tax saving options
  • You have many options like PPF, Insurance, Tax Saving FDs, Tax Saving Mutual funds (also called ELSS) etc.
  • Do ELSS funds have an additional tax benefit
  • Tax-saving mutual funds come with the dual benefit of tax saving and wealth creation. They help you not only save taxes but build wealth over the long-term as well, because these mutual funds invest primarily in equities and earn higher returns than traditional tax-saving investments like PPF, FDs and NSC
  • Lock-in period for ELSS funds
  • Not only ELSS funds, but all tax-saving investments come with a lock-in period. But tax-saving mutual funds have the lowest lock-in period of only 3 years. In comparison, PPF has a lock-in of 15 years, while NPS and EPF require you to be invested till you retire.

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