15. Professional tax

Professional tax is the tax that the state levy on the income the individual earns. Every person who is liable for this tax is shall apply for professional tax registration.

16. Provident fund

Provident fund comes under section 80C of the income tax act, which has an overall investment limit of 1, 00,000 and the deductions that are made from the employees’ s salary are tax exempt.

17. Section 80CCG

If your income level is less than 1 lakh, you can invest in Rajiv Gandhi Equity Savings Scheme where you can claim 50 per cent of the investment. The investment will have a lock in period of 3-years. 

The RGES benefits include stocks listed on the BSE-100, CNX 100 indices, Maharatna, Navratna or Miniratna PSU companies, IPOs of PSUs with an annual turnover of more than 4,000 crore.

18. Section 80TTA

A deduction in the income tax has been introduced by the budget. Introduction of this new scheme has helped undivided families save money on interests on saving bank account that was always a taxable income with no corresponding tax benefits.

The budget has introduced a new scheme of deducting on income tax and interests on saving account. The deduction of up to 10, 000 per annum is allowed under section 80TTA.

Also Read:

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11 Countries with Highest Financial Aid for Developing Nations